Growing demand for safer, more efficient, minimally invasive and more cost-effective procedures for neurological disorders are expected to are expected to drive the adoption rates of neurostimulation devices in the coming years – GMI Research
The global neurostimulation market exhibited a value of USD 5,716.5 million in 2017 and is projected to reach USD 14,476.4 million by 2025, growing at a CAGR of 12.6% during 2018–2025 on account of factors, such as growing prevalence of diseases treatable with neurostimulation, increasing R&D activities for the development of innovative neurostimulation products coupled with rising awareness and high unmet medical needs.
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Neurostimulation is gaining traction over conventional pain management procedures due to minimally invasive nature of the surgeries and huge investments for the development of novel technologies that can help in improving healthcare systems for patients.
The key factors bolstering the market growth are increasing prevalence of neurological disorders, such as epilepsy, Parkinson’s disease, dystonia, depression, migraine, and chronic pain. In addition, strong clinical needs, expanding research activities and advancement in neural stimulation technology in combination with a deeper understanding of the nervous system are also likely to drive the market growth during the forecast period.
Implantable spinal cord stimulator segment held the largest revenue share in 2017 and is expected to exhibit significant revenue share during the forecast period owing to increasing number of people suffering from chronic pain and rising awareness about spinal cord stimulator. Introduction of advanced technologies and products, such as adaptiveStim technology, neurowave medical technologies, MRI safety incorporated devices and rechargeable spinal cord stimulators are likely to aid the market growth in the coming years.
Hospital segment captured the largest share in 2017 and is predicted to grow at a CAGR 13.1% during the forecast period owing to rising patient emphasis on timely and effective pain management and increasing number of hospitals and neurology clinics in developing countries. Also, significant healthcare spending and increasing government & private investments for healthcare facilities infrastructure are expected to boost the growth of global neurostimulation market during the forecast period.
“Major companies are focussing on research & development activities in order to develop innovative neurostimulation devices that are technologically advanced and are more efficient. The introduction of next-generation Senza II spinal cord stimulation system, portable neuromodulation stimulator (PoNS™) device and MRI safety incorporated devices in the market are expected to boost the demand during the forecast period.” —-GMI Research
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Based on geography, North America held the largest share in the market in 2017 due to the presence of well-developed healthcare infrastructure, growing awareness among individuals about neurostimulation, and increasing adoption of neurostimulation procedures in the region. In 2017, Europe registered a significant growth rate in global neurostimulation market. Asia-Pacific is the fastest growing region in global neurostimulation market and is projected to exhibit a CAGR of 14.2% during 2018-2025 due to the presence of a large patient pool, rising disposable income, etc.
• The implantable spinal cord stimulator product type segment is expected to grow by 2.4X by 2025 compared to 2017.
• The companies are focussing on research and development activities through strategic research collaborations. For instance, in August 2018, ElectroCore, Inc. and Massachusetts General Hospital collaborated for research on Non-Invasive Vagus Nerve Stimulation.
• Boston Scientific Corporation, Medtronic plc, Abbott laboratories, Nevro Corp are the leading players holding the maximum market share.
Some of the key players operating in global neurostimulation market include Boston Scientific Corporation, Medtronic plc, Cyberonics Inc., Nevro Corp, NeuroPace, Inc., Depuy Synthes, NeuroSigma, Inc., Synapse Biomedical Inc., MED-EL. among others.
The global neurostimulation market has been segmented on the basis of product type, indication type, end users and key geographies. Based on the product type, global neurostimulation market has been segmented into implantable and non-implantable. Wherein, implantable segment includes deep brain stimulators, sacral nerve stimulator, spinal cord stimulators, vagus nerve stimulators and others and non-implantable segment includes transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS).
Based on indication type, global neurostimulation market has been segmented into chronic pain, movement disorders, epilepsy and others.
Based on end user, the market has been segmented into hospitals, ambulatory surgical centers and specialty clinics.
The research report “global neurostimulation market” provides in-depth analysis of neurostimulation market across the globe, based on product type, indication, end use and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for neurostimulation market. The report also analyzes the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
For more details, browse the Table of Contents: https://www.gmiresearch.com/report/global-neurostimulation-market-product-type-indication-end-user-opportunities-forecast-share-trends-industry-analysis.html
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