SELBYVILLE, Del., Oct. 15, 2019 /PRNewswire/ -- Revenue for the global Neurostimulation Devices Market is expected to cross USD 19 billion by 2025; according to a new research report by Global Market Insights, Inc., increasing preference towards minimally invasive surgical techniques in developed economies should render positive impact on market growth for neurostimulator devices. Advents in technology have led to reduced treatment costs, less pain, and faster recovery time for patients undergoing minimally invasive treatments. Additionally, other advantages including smaller incision length, minimum discomfort and less blood loss during surgery make it a preferable treatment option. Thus, developments in neurostimulation techniques will upsurge growth of the market. However, complications associated with neuromodulation may restrict demand for neurostimulation devices over the coming years.
Technological advancements coupled with growing adoption of innovative neurostimulators will accelerate demand for the neuro stimulation devices market. Industry players' focus on introducing technologically advanced and cost-effective devices to improve patient convenience will favor business growth. Rising demand for detection of different illnesses including gastroparesis, Parkinson's disease, dystonia and depression among others will boost the demand for neuromodulation devices.
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The spinal cord stimulators segment was valued at around 3.5 billion in 2018 and will witness lucrative growth during the forecast period. Rising adoption of spinal cord stimulators and several efforts undertaken by business players to develop progressive products should propel implantable neurostimulation devices market growth. For instance, the rechargeable spinal cord stimulator for chronic pain reduces the requirement for repetition of surgical procedures, thereby improving the patient's quality of life. The Above-mentioned factor will thus prove beneficial for segment growth during the forthcoming years.
The pain management segment accounted for over 60% revenue share in 2018 and will show substantially CAGR by 2025. Increasing incidences of chronic pain along with the approval and launch of novel devices that aid in reducing chronic pain will boost segment growth. Moreover, awareness regarding the availability of different pain management devices will further augment the market growth.
Neurostimulation Devices Market Statistics, By Application
1.1. Key segment trends
1.2. Pain management
1.2.1. Market size, by region, 2014-2025 (USD Million)
1.3.1. Market size, by region, 2014-2025 (USD Million)
1.4. Essential tremor
1.4.1. Market size, by region, 2014-2025 (USD Million)
1.5. Urinary and fecal incontinence
1.5.1. Market size, by region, 2014-2025 (USD Million)
1.6.1. Market size, by region, 2014-2025 (USD Million)
1.7.1. Market size, by region, 2014-2025 (USD Million)
1.8.1. Market size, by region, 2014-2025 (USD Million)
1.9. Parkinson's Disease
1.9.1. Market size, by region, 2014-2025 (USD Million)
1.10.1. Market size, by region, 2014-2025 (USD Million)
Browse key industry insights spread across 130 pages with 124 market data tables & 8 figures & charts from the report, "Neurostimulation Devices Market Size By Product (Deep Brain, Gastric Electric, Spinal Cord, Sacral Nerve, Vagus Nerve), By Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson's Disease), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, Japan, India, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
The North America neurostimulation devices market is poised to show lucrative CAGR of more than 13.5% over the forecast period. The timely introduction of novel devices along with the rapidly rising incidence of neurological diseases in the region is the key factor driving demand for these devices. Moreover, growing demand for minimally invasive treatments will favor North American market growth.
Some of the notable industry players functioning in the neurostimulation devices market include Boston Scientific, Medtronic, Bayer, IntraPace, Neuronetics, Nevro, ImThera Medical, Uroplasty and St. Jude Medical. Several initiatives undertaken by business players including collaborations and partnerships will prove beneficial for overall industry growth. For instance, in December 2017, Boston Scientific Corporation's Vercise Deep Brain Stimulation (DBS) System received U.S. FDA approval for treating symptoms of Parkinson's disease (PD). This enabled the company to strengthen its existing product portfolio. Furthermore, in September 2017, Medtronic launched the Intellis platform for managing certain types of chronic intractable pain in the U.S. This platform can record and track patient activity, enabling physicians to address the cause. The launch enabled the company to gain more revenue share.
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Neurostimulation Devices Market Statistics 2025
The neurostimulation devices market is projected to achieve over 15% growth rate in the coming years, owing to growing adoption of advanced neurostimulation devices.
SOURCE Global Market Insights, Inc.