May 2020 | Report Format: Electronic (PDF)
The global neurostimulation devices market size is expected to reach USD 12.6 billion by 2026 registering a CAGR of 12.5%, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases, such as migraine and epilepsy, due to unhealthy diet and lifestyle and rising geriatric population is expected to be the major growth-driving factor for the neurostimulation devices market. However, adverse effects and risks associated with neurostimulation devices and stringent regulations regarding product approval are expected to hamper the growth.
Increasing incidence of Road Traffic Accidents (RTAs) is another factor driving the product demand. Moreover, manufacturers are investing in R&D to develop new products with advance technology, such as MRI safety incorporated devices by Medtronic Inc. and minimally invasive transdermal neuromodulation technology by Neurowave Medical Technologies.
Asia Pacific is projected to be the fastest-growing regional market on account of rising healthcare expenditures and rapid economic growth in emerging countries, such as India and China. Presence of unmet medical needs and untapped markets are also boosting the market growth in the region. Moreover, changing lifestyle and eating habits resulting in various lifestyle-related diseases will contribute to the growth. Increasing RTAs and resultant nerve injuries, which require neurostimulation postoperatively, are also likely to boost product demand.
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www.grandviewresearch.com/industry-analysis/neurostimulation-devices-industry
Further key findings from the study suggest:
- North America is estimated to lead the neurostimulation devices market over the forecast period due to rising product demand as an add-on therapy and high disposable incomes and patient awareness levels
- Presence of sophisticated healthcare infrastructure and growing prevalence of target diseases, such as epilepsy, Parkinson’s disease, and incontinence, are expected to drive the market further
- Spinal cord stimulation products led the market in 2018 as they were the prime neurostimulation products to be commercialized. The segment further is estimated to maintain the dominance throughout the forecast period
- Pain management was the dominant application segment, in terms of revenue share, in 2018 due to high prevalence of chronic pain disorders and extensive product usage for pain management
- Some of the key companies are Medtronic PLC; St. Jude Medical; Boston Scientific Corp.; Cyberonics, Inc.; and Nevro Corp.
- New product and technological development is the key business strategy followed by most if these companies
