Product Code: RP-ID-10326626 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10326626
Market Overview:
Global Neurostimulation Device Market Size study, by Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Others), by Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, Others) and Regional Forecasts 2020-2027
Global Neurostimulation Device Market is valued at approximately USD 4.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.5% over the forecast period 2020-2027. Neurostimulation devices are surgically implanted devices used in the patient and functioning through thin wires or leads. They are an effective therapeutic solution for pain management on numerous medical conditions, such as diabetic neuropathy or failed back surgery. These devices often help in the electrical stimulation delivered to the intended parts of the patient’s brain, spinal cord, and peripheral nervous system. These devices deliberately carried out via using invasive and non-invasive procedures. Recently, the global burden of the COVID-19 pandemic has led to a rise in demand for neurostimulation devices and other essential medical supplies in identifying or monitoring and diagnosis of the patient's medical condition to prevent or mitigate the risk of a novel coronavirus, as well as provide optimum care to the patient. This is likely to promote market growth all over the world. Furthermore, these devices are specifically used for the treatment of various diseases, including epilepsy, Parkinson’s disease, chronic pain, and depression. Therefore, the increasing prevalence of diseases, particularly Parkinson's and epilepsy with a growing geriatric population, and the introduction of technologically advanced neurostimulators are few other factors responsible for the market growth over the forecast period. According to the study of Global Burden of Disease 2015, the global prevalence of Parkinson’s diseases to be approximately 6.2 million people and it would reach almost 13 million people with Parkinson’s by 2040. Also, the Parkinson’s Disease Foundation revealed that nearly 60,000 Americans are diagnosed with Parkinson’s disease every year. This, in turn, is projected to leverage the demand for neurostimulation devices across the globe. However, the presence of strict regulatory guidelines for product-approval and adverse effects and risks related to neurostimulation devices are the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Neurostimulation Device market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing prevalence of neurological disorder, along with the presence of new technology-based solution providers in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the presence of unmet medical needs and the rising incidence of osteoporosis and neurological disorder would create lucrative growth prospects for the Neurostimulation Device market across the Asia-Pacific region.
Major market player included in this report are:
Abbott Laboratories
Aleva Neurotherapeutics SA
Boston scientific corporation
ElectroCore Inc.
EndoStim Inc.
Medtronic plc
NeuroPace Inc.
Nevro Corporation
Neuronetics Inc.
Synapse Biomedical Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Device Type:
Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Others
By Application:
Pain Management
Hearing Loss
Urinary Incontinence
Parkinson's Disease
Epilepsy
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Neurostimulation Device Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Aleva Neurotherapeutics SA
Boston scientific corporation
ElectroCore Inc.
EndoStim Inc.
Medtronic plc
NeuroPace Inc.
Nevro Corporation
Neuronetics Inc.
Synapse Biomedical Inc.
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