Impact Of Covid-19 on Neurostimulation Devices Market 2021 Industry Market Challenges, Business Overview and Forecast Research Study 2027
Neurostimulation Devices Market Information, by Type (Implantable, External), by Application (Dystonia, Epilepsy, Parkinson's disease, Depression, Gastroparesis, Pain Management, Tremors, Urinary And Fecal Incontinence, And Others), by End User (Hospitals/Clinics, Cognitive Care Centers, Research Institutes, And Others) - Forecast to 2027
Neurostimulation Devices Market Highlights
Patients suffering through psychiatric and neurologic disorders have experienced relief with advanced neurostimulation technologies. The therapies comprise invasive and noninvasive techniques that engage electrical stimulation that operate the neural function in the circuit. Market Research Future predicted that theglobal neurostimulation devices marketis expected to grow exponentially during the forecast period (2015-2022). It can touch a value of USD 11.5 billion by 2022.
Rising awareness and growing geriatric population with neurological disease, improvement in manufacturing process and technology advancement in neurostimulation devices, and investor spending aggressively in research and developments are some of the key factors responsible for the growth of the global neurostimulation devices market. Similarly, current consolidation, product cost pressure, enhanced customer sophistication, digitization in the healthcare sector are some of the aspects paving lucrative opportunities in the global for the leading players. Wide application of the devices in treating majority of the neurological diseases such as obsessive-compulsive disorder, depression, diabetic neuropathy, and Parkinson’s disease has increased the demand for the neurostimulator and is driving the growth of the global market.
Industry players focusing on new business model innovation, organized mergers and acquisitions, and sturdy emphasis on operational superiority has helped them to sustain in the competitive global neurostimulation devices market.
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The global neurostimulation devices market is segmented based on various factors such as type, application, and end-users.
The type segment is segmented into implantable and external.
Based on application, the global neurostimulation devices market is classified as epilepsy, dystonia, Parkinson’s disease, gastroparesis, depression, urinary, pain management, tremors, and fecal incontinence.
Based on the end-users, the global neurostimulation devices market is segmented as cognitive care centers, hospitals/clinics, and research institutes.
Geographically, the Americas lead the neurostimulation devices market in terms of market share. Growing occurrence of neurological diseases and demand for cardiovascular devices for treatment has supported the growth of the neurostimulation devices market growth in the region. This progressive trend is expected to sustain during the forecast period, owing to increased spending on neurostimulation devices in North America.
Advanced technologies and pioneering treatment methods have spurred the adoption of neurostimulators in the region, thus maintaining the momentum for the European neurostimulation devices market.
Asia Pacific region is expected to witness moderate growth trend owing to the growing prevalence of neurological diseases and health concerns. Various governments inclining more healthcare expenditure and enhancement in healthcare infrastructure are poised to flourish the Asia Pacific market.
The key players contributing with their product and service offering in the global neurostimulation devices market include Medtronic, ImThera Medicalm, NeuroSigma, Synapse Biomedical, St.Jude Medical, Boston Scientific, Nevro Corporation, Inspire Medical Systems, NeuroPace, Autonomic Technologies, NeuroMetrix, SPR Therapeutics, ElectroCore, Neuros Medical, and LivaNova (Cyberonics), and others.
In 2019, a neurosurgeon and neurologist have joined forces to operate on first-ever deep brain stimulation process in North Carolina for epilepsy. This work would open new options for patients who go through seizures that cannot be handled efficiently through medical therapies. Neurostimulators have been used for a long time now for patients suffering from movement disorders. Neurosurgeon, Derek Southwell MD, Ph.D., and Neurologist, Saurabh Sinha, MD, Ph.D., performed four DBS procedure in the current year. The experts claimed that thalamic DBS might provide better therapy for epilepsy treatment in contrast to other neurostimulation methods.
In the same year, a California-based Humm launched a wearable band that offers neurostimulation, which it claims if you wear for 15 minutes a day will help to enhance your cognition skills.
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