According to a study by the Transparency Market Research, the global neurostimulation devices market was evaluated at US$ 6.3 billion in the year of 2018. The global neurostimulation devices market is projected to grow at a stellar CAGR of 10 % over the forecast period of 2019 to 2027, reaching the evaluation of US$ 15.3 billion at the end of the forecast period i.e. 2027. The rising trend of adopting implantable neurostimulation technologies is anticipated to drive the demand in the global neurostimulation devices market over the next few years.
Integration of emerging technologies such as machine learning and artificial intelligence in bid to better understand the neural targets is driving the innovation as well as growth in the global neurostimulation devices market. Types of products offered by the players and manufacturers in the global neurostimulation devices market include deep brain stimulators, vagus nerve stimulators, sacral nerve stimulators, transcranial magnetic stimulators, spinal cord stimulators, cochlear implants, and percutaneous tibial nerve stimulators. The segment likely to dominate the global neurostimulation devices market in coming years in spinal cord stimulators. This trend can be attributed to rise in the incidence rate of chronic pain and high prevalence of chronic pain disorders.
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Chronic Pain Application Segment Leads the Neurostimulation Devices Market
Cost effectiveness and time efficient nature of smart implants is attracting further attention in the global neurostimulation devices market, particularly for the treatment of Parkinson’s disease. Segments in the global neurostimulation devices market based on the application include movement disorders, epilepsy, major depressive disorders, chronic pain, hearing impairment, and urinary incontinence. The chronic pain segment held the largest share in the global neurostimulation devices market in the year of 2018. The same is anticipated to lead the global neurostimulation devices market in coming years. The second largest share of the global neurostimulation devices market was attributed to cochlear implants, with over 50,560 units implanted over the globe in 2018. Major end users for the products in the global neurostimulation devices market include hospitals, specialty clinics, and ambulatory surgery centers or ASCs. The hospitals segment dominated the global neurostimulation devices market in 2018 and the same is projected to dominate the industry over the forecast period.
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North America to Dominate Neurostimulation Devices Market over the Forecast Period
Key regions evaluated in the research report on the global neurostimulation devices market include Europe, Latin America, North America, Asia Pacific, and Middle East and Africa. Regionally, North America is anticipated to continue its dominant position in the global neurostimulation devices market over the forecast period. This leading market position can be attributed to rising prevalence as well as high incidence of chronic pain movement disorders as well as increasing cases of urinary incontinence in Canada and the United States. Other factors fueling the demand in the North America neurostimulation devices market include high per capita expenditure on health care, well established medical and healthcare facilities in the region, early adoption of technologically enhanced medical products, and presence of favorable reimbursement medical policies in the region.
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Players in Neurostimulation Devices Market Engaged in R&D and Novel Drug Manufacturing
Leading players and manufacturers assessed in the business intelligence study on the global neurostimulation devices market include Boston Scientific Corporation, Nevro Corp, Axonics Modulation Technologies, Inc., EndoStim, Inc., Cochlear Limited, Medtronic PLC, Abbott Laboratories, LivaNova PLC, Neurospace, Inc., Neuronetics, Inc., and NDI Medical. Among these, Medtronic PLC, Abbott Laboratories, and Boston Scientific Corporation combined amounted for the leading share in the global neurostimulation devices market in the year of 2018. Majority of the players and vendors in the global neurostimulation devices market are adopting various organic as well as inorganic development strategies to strengthen their industry positioning. Strategies and techniques adopted by the players in the global neurostimulation devices market include collaborations, geographical expansion, manufacturing of novel drugs, acquisitions, and rising investments in research and development activities.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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