Neurostimulation is a modulation of the nervous system’s activity. It is deliberately carried out by using invasive and non-invasive techniques. Implantable stimulation devices are most commonly used in the treatment of the neurological conditions such as epilepsy, Parkinson’s disease, dystonia, tremors, depression, obsessive compulsive disorder, diabetic neuropathy, and few other conditions. Increasing cases of the neurological disorders such as chronic pain and depression high adoption of the neurostimulation therapy are likely to improve the market of neurostimulation devices. Globally, this market is growing steadily, and it is anticipated to show an exponential growth reaching approximately $11.5 billion in 2022
According to the World Health Organization (WHO) neurological disorders are responsible for 4.5%-11% of all illnesses including in low- or high-income economies. This is far higher as compared to the number of respiratory ailments, gastrointestinal disorders, or cancers, and the burden is expected to rise further over the coming years.
The Market for Neurostimulation Devices is growing rapidly due to an increase in the number of cases of neurological diseases which is the result of changing lifestyle along with it increase in patient’s awareness about neurological disease, related surgeries and therapies. Increasing obese population, strong encouragement from government, steady increasing medical expenditure and continuous increasing demand for the neurostimulation devices has also contributed in the growth of the market.
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Global Neurostimulation Devices Market – Competitive Analysis
Key strategic approaches undertaken by the major players in the market are merger, acquisition, partnership, collaborations, new product launches. This strategy determines the growth of the companies, thus strengthening their position in the market. Other strategies are geographical expansion, help the key players to enhance their geographical presence, and serve customers across the globe.
Key Players:
Some of the key players in this market are: Autonomic Technologies, Boston Scientific, ElectroCore, ImThera Medical, Inspire Medical Systems, LivaNova (Cyberonics), Medtronic, NeuroMetrix, NeuroPace, Neuros Medical, NeuroSigma, Nevro Corporation, SPR Therapeutics, St.Jude Medical, Synapse Biomedical, and others.
Global Neurostimulation Devices Market – Segments
Neurostimulation Devices Market has been segmented on the basis of type which comprises implantable devices, and external devices. Implantable devices include deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, gastric electric stimulators, cochlear implants, and vagus nerve stimulators; whereas external devices include transcutaneous electrical nerve stimulator, and transcranial magnetic stimulator. On the basis of application, the market is segmented into dystonia, epilepsy, Parkinson’s disease, depression, gastroparesis, pain management, tremors, urinary and fecal incontinence, and others. On the basis of end user, market is segmented into hospitals/clinics, cognitive care centers, research institutes and others.
Industry News:
Boston Scientific Corporation:
Boston Scientific Corporation one of the leading medical device manufacturing company.
Precision Montage and Precision Spectra are the major devices offered by the company.
Medtronic:
Medtronic is a public limited medical device company. Its headquarters are in Dublin, Ireland. This company is investing heavily in neuromodulation devices.
Activa PC+S, a first-of-its-kind brain stimulator is introduced by the company.
St. Jude Medical:
St. Jude Medical, an U.S. headquartered companies has introduced many of the neuromodulation devices. AXIUM neurostimulator system, BurstDR and ProclaimTM are other major product of the company used widely across the world.
Neurometrix:
Neurometrix, an U.S. based company has introduced Quell, a wearable pain relief technology in 2017.
Synapse Biomedical, Inc. an US headquartered company has introduced euRx DPS for the treatment of pain.
Cyberonics:
Cyberonics, U.S. headquartered medical device manufacturing company. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy system which has approved by FDA. They introduced PERCEVAL for Vagus Nerve Stimulation
Global Neurostimulation Devices Market – Regional Analysis
America account for the largest market share in neurostimulation devices market. The growth is attributed to an increasing demand for cardiovascular devices for the treatment of cardiovascular diseases and increasing prevalence of neurological diseases in the market. Additionally, the market growth is also boosted by increasing expenditure on neurostimulation devices in North America.
Additionally, invention of new technology, increasing awareness, and investments in research and development have boosted the neurostimulation market. However, high cost associated with monitoring and diagnosis of disease may restrain the market growth.
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Additionally, rising geriatric population across the globe also fuels the growth of the market. According to World Population Ageing Report, in 2017, there are an estimated 962 million people aged 60 or over globally, which is 13% of the total global population. According to the population reference bureau, the number of Americans ageing 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060. According to the StastsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of Canadian population.
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