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Neurostimulation is an intentional and precisely targeted modulation of the nervous system’s activities. The process is purposefully carried out with the help of invasive and non-invasive techniques. Implantable stimulation devices are commonly used for the treatment of various neurological conditions like dystonia, Parkinson’s disease, epilepsy, tremors, obsessive compulsive disorders, depression, diabetic neuropathy, and so on.The market is identified to be driven by factors such as increasing prevalence of neurological disorders like chronic pain and depression and high rate of adoption of neurostimulation therapy. The statistics published by the World Health Organization (WHO) places an accurate picture of the global landscape. It is reported that about 4.5% to 11% of all illness can be attributed to solely neurological disorders; the statistic includes both low- and high-income economies. This percentage is massively higher than other threatening diseases like gastrointestinal disorders, respiratory ailments, or cancers. The burden associated with this disorder is expected to only increase further in the coming years.
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Global Neurostimulation Devices Market - Key Players
Some of the key players in this market are: Autonomic Technologies, Boston Scientific, ElectroCore, ImThera Medical, Inspire Medical Systems, LivaNova (Cyberonics), Medtronic, NeuroMetrix, NeuroPace, Neuros Medical, NeuroSigma, Nevro Corporation, SPR Therapeutics, St.Jude Medical, Synapse Biomedical, and others.
Global Neurostimulation Devices Market - Segments
Neurostimulation Devices Market has been segmented on the basis of type which comprises implantable devices, and external devices. Implantable devices include deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, gastric electric stimulators, cochlear implants, and vagus nerve stimulators; whereas external devices include transcutaneous electrical nerve stimulator, and transcranial magnetic stimulator. On the basis of application, the market is segmented into dystonia, epilepsy, Parkinson's disease, depression, gastroparesis, pain management, tremors, urinary and fecal incontinence, and others. On the basis of end user, market is segmented into hospitals/clinics, cognitive care centers, research institutes and others.
Global Neurostimulation Devices Market - Regional Analysis
America account for the largest market share in neurostimulation devices market. The growth is attributed to an increasing demand for cardiovascular devices for the treatment of cardiovascular diseases and increasing prevalence of neurological diseases in the market. Additionally, the market growth is also boosted by increasing expenditure on neurostimulation devices in North America.
Additionally, invention of new technology, increasing awareness, and investments in research and development have boosted the neurostimulation market. However, high cost associated with monitoring and diagnosis of disease may restrain the market growth.
Additionally, rising geriatric population across the globe also fuels the growth of the market. According to World Population Ageing Report, in 2017, there are an estimated 962 million people aged 60 or over globally, which is 13% of the total global population. According to the population reference bureau, the number of Americans ageing 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060. According to the StastsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of Canadian population.
Industry News:
Boston Scientific Corporation:
Boston Scientific Corporation one of the leading medical device manufacturing company.
Precision Montage and Precision Spectra are the major devices offered by the company.
Medtronic:
Medtronic is a public limited medical device company. Its headquarters are in Dublin, Ireland. This company is investing heavily in neuromodulation devices.
Activa PC+S, a first-of-its-kind brain stimulator is introduced by the company.
St. Jude Medical:
St. Jude Medical, an U.S. headquartered companies has introduced many of the neuromodulation devices. AXIUM neurostimulator system, BurstDR and ProclaimTM are other major product of the company used widely across the world.
Neurometrix:
Neurometrix, an U.S. based company has introduced Quell, a wearable pain relief technology in 2017.
Synapse Biomedical, Inc. an US headquartered company has introduced euRx DPS for the treatment of pain.
Cyberonics:
Cyberonics, U.S. headquartered medical device manufacturing company. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy system which has approved by FDA. They introduced PERCEVAL for Vagus Nerve Stimulation
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