The global neurostimulation devices market size is expected to reach USD 12.6 billion by 2026 registering a CAGR of 12.5%, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases, such as migraine and epilepsy, due to unhealthy diet and lifestyle and rising geriatric population is expected to be the major growth-driving factor for the neurostimulation devices market. However, adverse effects and risks associated with neurostimulation devices and stringent regulations regarding product approval are expected to hamper the growth.
Increasing incidence of Road Traffic Accidents (RTAs) is another factor driving the product demand. Moreover, manufacturers are investing in R&D to develop new products with advance technology, such as MRI safety incorporated devices by Medtronic Inc. and minimally invasive transdermal neuromodulation technology by Neurowave Medical Technologies.
Asia Pacific is projected to be the fastest-growing regional market on account of rising healthcare expenditures and rapid economic growth in emerging countries, such as India and China. Presence of unmet medical needs and untapped markets are also boosting the market growth in the region. Moreover, changing lifestyle and eating habits resulting in various lifestyle-related diseases will contribute to the growth. Increasing RTAs and resultant nerve injuries, which require neurostimulation postoperatively, are also likely to boost product demand.
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Neurostimulation Devices Market Report Highlights
• North America is estimated to lead the neurostimulation devices market over the forecast period due to rising product demand as an add-on therapy and high disposable incomes and patient awareness levels
• Presence of sophisticated healthcare infrastructure and growing prevalence of target diseases, such as epilepsy, Parkinson’s disease, and incontinence, are expected to drive the market further
• Spinal cord stimulation products led the market in 2018 as they were the prime neurostimulation products to be commercialized. The segment further is estimated to maintain the dominance throughout the forecast period
• Pain management was the dominant application segment, in terms of revenue share, in 2018 due to high prevalence of chronic pain disorders and extensive product usage for pain management
• Some of the key companies are Medtronic PLC; St. Jude Medical; Boston Scientific Corp.; Cyberonics, Inc.; and Nevro Corp.
• New product and technological development is the key business strategy followed by most if these companies
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Neurostimulation Devices Market Segmentation
Grand View Research has segmented the global neurostimulation devices market on the basis of product, application, and region:
Neurostimulation Devices Product Outlook (Volume, 000 units; Revenue, USD Million, 2015 – 2026)
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Gastric Electric Stimulators
Neurostimulation Devices Application Outlook (Revenue, USD Million, 2015 – 2026)
• Pain Management
• Essential Tremor
• Urinary and Fecal Incontinence
• Parkinson’s Disease
Neurostimulation Devices Regional Outlook (Revenue, USD Million, 2015 – 2026)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
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Browse More Related Report:
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About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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