BANGALORE, India, Aug. 9, 2021 /PRNewswire/ -- Neurostimulation Devices Market is segmented by Product-Type: Spinal Cord Stimulation (SCS), Gastric Electrical Stimulation (GES), Deep Brain Stimulation (DBS), Sacral Nerve Stimulation (SNS), Vagus Nerve Stimulation (VNS), Other, Application: Pain Management, Parkinson's Disease, Urinary and Fecal Incontinence, Epilepsy, Gastroparesis, Other, Global Opportunity Analysis and Industry Forecast, 2021 - 2027. It is published in Valuates Reports under the Health Conditions Category.
In 2020, the global Neurostimulation Devices market size was USD 5981 million and it is expected to reach USD 12620 million by the end of 2027, with a CAGR of 11.3% during 2021-2027.
Neurostimulation is a therapeutic activation of part of the nervous system using microelectrodes. The electrodes are used to interface with excitable tissue in order to either restore sensation, such as a cochlear implant for hearing or control an organ, such as a heart pacemaker.
Major factors driving the growth of the Neurostimulation Devices Market are:
Features such as precise targeting of the pain area, reduced or eliminated the need for pain management medications, patient-controlled programming that allows for customized pain relief, and a renewed ability to sit, stand or walk without discomfort are all contributing to the growth of Neurostimulation Devices Market.
The rise in prevalence of neurological disorders such as pain, epilepsy, Parkinson's disease, depression, obsessive-compulsive disorder, dystonia, and tremors and increase in the geriatric population is expected to further propel the Neurostimulation Devices Market.
TRENDS INFLUENCING THE GROWTH OF THE NEUROSTIMULATION DEVICE MARKET
The increasing need for minimal invasive and drug-free treatment is expected to drive the Neurostimulation Devices Market. Neurostimulation works by altering pain signals as they travel to the brain. Neurostimulation aims to reduce the user's perception and experience of certain types of pain inside the body.
An increase in the geriatric population and patients suffering from neurological disorders coupled with growing healthcare spending is expected to further fuel the Neurostimulation Devices Market.
In addition, research and development operations to create new technologies to manage pain and neurological illnesses such as Parkinson's disease, dystonia, and epilepsy are likely to expand patients' and surgeons' treatment options thereby driving the neurostimulation device market.
Based on region, North America is the largest market, with a share of over 40%, followed by China, and Europe, both have a share of about 40 percent. Development of innovative neurostimulators, approvals by health authorities for novel techniques in neurostimulators, and mergers & acquisitions to acquire novel technologies & products are driving North America's market share.
Based on type, Spinal Cord Stimulation (SCS) is the largest segment, with a share of over 55%. The increased use of spinal cord stimulators for treating neuropathic pain and spinal injuries is contributing to this segment's growth.
Based on application, the largest segment is Pain Management, followed by Parkinson's Disease, Epilepsy, Urinary, and Fecal Incontinence, etc. due to an increase in the usage of neurostimulation devices for treating chronic and acute pain.
- Global Internal Neurostimulation Devices Sales Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Internal Neurostimulation Devices, Product-Type: Neurostimulators, Implantable Cardiac Pacemakers, Cochlear Implants, Ventricular Assist Devices, Others, Application: Hospitals and Clinics, Ambulatory Surgical Centers, Specialty Clinics, Others.
- External Neurostimulation Device market is segmented by region (country), players, by Type, and by Application. Players, stakeholders, and other participants in the global External Neurostimulation Device market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by region (country), by Type and by Application in terms of revenue and forecast for the period 2016-2027.
Neurosurgery is a complex medical specialty concerned with individuals suffering from neuro-related diseases and disorders. The nervous system is prone to several diseases that affect the brain, spine, peripheral nerves, and spinal cord. The factors such as increased prevalence of neurological disorders, increasing awareness about new technologies, presence of large pool of patients in emerging markets, and advent of new innovative neurosurgical devices such as flow diversion devices, neuroendovascular stents, liquid embolic, clot retrieval, and balloon catheters are expected to drive the market growth during the forecast period.
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