Neurostimulation Devices Market Shows A Rapid Growth by 2028 | Industry Trends, Size, Key Players, COVID-19 Impact, Forecast
Global Neurostimulation Devices Market - Overview
Neurostimulation is a modulation of the nervous system’s activity. It is deliberately carried out by using invasive and non-invasive techniques. Implantable stimulation devices are most used in the treatment of the neurological conditions such as epilepsy, Parkinson’s disease, dystonia, tremors, depression, obsessive compulsive disorder, diabetic neuropathy, and few other conditions. Increasing cases of the neurological disorders such as chronic pain and depression high adoption of the neurostimulation therapy are likely to improve the market of neurostimulation devices. According to the World Health Organisation (WHO) neurological disorders are responsible for 4.5%-11% of all illnesses including in low- or high-income economies. This is far higher as compared to the number of respiratory ailments, gastrointestinal disorders, or cancers, and the burden is expected to rise further over the coming years.
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The market for neurostimulation devices is growing rapidly due to an increase in the number of cases of neurological diseases which is the result of changing lifestyle along with it increase in patient’s awareness about neurological disease, related surgeries and therapies. Increasing obese population, strong encouragement from government, steady increasing medical expenditure and continuous increasing demand for the neurostimulation devices has also contributed in the growth of the market.
Global Neurostimulation Devices Market- Competitive Analysis
Autonomic Technologies, Boston Scientific Corporation, 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.
Key strategic approaches undertaken by the major players in the market are merger, acquisition, partnership, collaborations, new product launches. These strategies determine the growth of the companies, thus strengthening their position in the market. Other strategies are geographical expansion, help the key players to enhance their geographical presence, and serve customers across the globe.
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.
According to Centre for Disease Control and Prevention (CDC), in 2015, 1.2% of the total U.S. population had active epilepsy accounting for about 3.4 million people with epilepsy nationwide which includes 3 million adults and 470,000 children. The total indirect and direct cost of epilepsy in the U.S. is estimated to be USD 15.5 billion yearly. Huge number of patients suffer with other neurological disorders.
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.
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