Neurostimulation devices are implanted inside the body for modifying or modulating neural activities for therapeutic purposes. It delivers electric stimulation to intended sections of the brain, spinal cord, and peripheral nervous system. The global neurostimulation devices market report by Market Research Future (MRFR) consider the drivers and challenges for the industry coupled with implications of the sudden outbreak of the COVID-19 virus for the period of 2015 to 2022 (forecast period).
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The global neurostimulation devices market size can touch USD 11.5 billion by 2022. It is majorly driven by the prevalence of neurological disorders. According to the World Health Organization (WHO), neurological disorders accounted for 4.5%-11.5% of diseases in low-income countries. Introduction of advanced products, the large geriatric population, and unmet patient needs are prime drivers of the market. In 2017, Nuvectra gained recognition for its proprietary product, Algovita, a spinal cord stimulation (SCS) system used in treating chronic pain in the spinal cord. In addition, investments in research and development and preference of non-invasive devices can shape the market size by the end of the forecast period.
The Global Neurostimulation Devices Market has been segmented based on type, application, and end user.
By type, the global neurostimulation decides market has been segmented into implantable devices and external devices. The implantable devices segment has been further segmented into deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, gastric electric stimulators, cochlear implants, and vagus nerve stimulators. The external devices segment has been further segmented into transcutaneous electrical nerve stimulator, and transcranial magnetic stimulator.
By application, the global neurostimulation devices market has been segmented into dystonia, epilepsy, Parkinson's disease, depression, gastroparesis, pain management, tremors, urinary and fecal incontinence, and others.
By region, the Global Neurostimulation Devices Market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The high incidence rate of neurological disorders coupled with high expenditure on healthcare creates a conducive environment for the growth of the Americas market. Substantial development made in the field of neurostimulation devices facilitated by high investment in R&D, funded by the government in the region has helped the Americas command the largest share the market.
APAC is an emerging market for neurostimulation devices and is expected to exhibit rapid growth over the forecast period. The untapped markets of the region present a host of opportunities for the growth of the market which has encouraged manufacturers to direct their activities in the region. The increasing occurrence of neurological disorders in the region along with increasing healthcare expenditure is favoring the growth of the market.
Autonomic Technologies, LivaNova (Cyberonics), Medtronic, SPR Therapeutics, St.Jude Medical, NeuroMetrix, NeuroSigma, Synapse Biomedical, ElectroCore, ImThera Medical, Neuros Medical, Boston Scientific, Nevro Corporation, NeuroPace, and Inspire Medical Systems are key players of the global neurostimulation devices market. The market is characterized by mergers, acquisitions, product launches, alliances, and joint ventures.
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