The Global Neurostimulation Device Market Forecast 2017-2025
LONDON, July 20, 2017 /PRNewswire/ -- KEY FINDINGS
The global neurostimulation device market which was worth $1902 million in 2016 is anticipated to grow at a CAGR of 8.67% during the forecast period of 2017-2025. Its net worth is estimated to rise up to $4004 million by the end of 2025. The fact that these devices aid in the therapeutic activation for many neurological diseases is majorly driving the market.
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Other factors include:
• High occurrence of diseases
• Second-line of treatment
• Increased populace of elderly people
• Developments in technology
MARKET INSIGHTS
The global neurostimulation device market can be segmented on the basis of the type of system and by the application type.
The type of systems include:
• Global SCS system market
• Global DBS system market
• Global SNS system market
• Global VNS system market
• Others
The application of the neurostimulation devices can be seen in:
• Pain management market
• Epilepsy market
• Essential tremor market
• Urinary and fecal incontinence market
• Depression market
• Dystonia market
• Gastroparesis market
• Parkinson's disease market
Albeit such wide range of applications, safety concerns remain to be one of the major market challenges. Patients might be at a risk of contracting infections at the time of implantation or may face issues if they are in contact with or near to electromagnetic radiation and electrical and gas-powered appliances. Also, the malfunction of implanted device might go unnoticed by the patient leading to higher risks.
REGIONAL INSIGHTS
Geographically, the market can be divided into 4 major regions:
• North America - U.S. & Canada
• Asia-Pacific – China, India, Japan, Australia, Rest of APAC
• Europe - UK, France, Germany, Spain, and Rest of Europe
• Rest of World
The Asia-Pacific market is predicted to show the fastest growth over the forecast period. Factors like a large patient base and the rising investments in healthcare sectors in countries like China and Japan are proving conducive for the market growth in this region.
At present, however, the North America region is leading the market scene. The United States is a major revenue contributor to the global neurostimulation device market. The North American region is expected to continue this dominance and hold the highest share by 2025 in the global market. The market is wildly attracting investors from all over the globe because of profitable aspects like advances in technology and the US government's increased focus on improving patient safety and procedure efficiency by using neurostimulation devices
COMPETITIVE INSIGHTS
St. Jude Medical is a global medical device manufacturer that develops medical technology, products, and services for the treatment of neurological, chronic pain, and cardiac patients. Another company, Boston Scientific caters to high-quality medical devices used in the treatment of a large number of medical conditions.
Medtronic Inc. manufactures and sells device-centered medicinal treatments globally along with assembling intra-operative imaging systems and image-guided surgery. It also offers web-based therapy management software solutions. The other major players in the market include Aleva Neurotherapeutics SA, Cogentix Medical Inc, Depuy Synthes Companies, Dr. Langer Medical GMBH, EBS Technologies Gmbh, Intrapace Inc, Neurological Surgery PC, Neuronetics Inc, Nevro Corp, and the Magstim Company Limited.
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