Neurostimulation Devices Market Size, Trends, Shares, Insights and Forecast – 2018-2026
Neurostimulation Devices Market Report Analyses competitive environment such as key players, future trends, growths, challenges and acquisitions in the market.
Neurostimulation therapy is used for treatment and diagnosis of disorders of the nervous system. It reduces chronic pain associated with conditions such as Parkinson's disease, epilepsy, nociceptive pain, neuropathic pain, and depression. It helps to improve quality of life of patients suffering from paralysis, obesity, and severe loss of sensory organs. A neurostimulation device is a key element used in neural prosthetics for artificial vision, artificial limbs, and hearing aids. They include implantable and non-implantable devices which deliver chemical, electrical or other agents that reversibly modify nerve cell activity and brain cells. They are surgically inserted into the patient's organs and are operated with the help of thin wires and leads.
Intracranial stimulation, peripheral nerve stimulation (PNS), spinal cord stimulation (SCS), deep brain stimulation, and motor cortex stimulation are among the most widely used neurostimulation devices.
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Global Neurostimulation Devices Market – Dynamics
Factors such as increasing prevalence of Parkinson's disease is expected to fuel growth of neurostimulation devices market. According to the Parkinson's Foundation, around 1 million people in the U.S. will suffer from Parkinson's disease by 2020. It also reports that around 60,000 Americans are diagnosed with Parkinson's disease each year. The Parkinson's Foundation also estimates that 1.2 million people in the U.S. are expected to develop Parkinson's disease by 2030.
Product recalls are one of the restraining factor of the neurostimulation market. For instance, in November 2014 U.S. FDA recalls Medtronics' external neurostimulator due to enabled cycling feature which allows stimulation output to be toggled on and off based on the programmed settings and it fails to provide accurate information.
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Asia Pacific is expected to witness significant growth over the forecast period owing to the rising prevalence of neurological disorders. According to the Alzheimer's disease International, in 2015, 23 million individuals in Asia Pacific had dementia, and the number is expected to increase to 71 million by 2050.
Global Neurostimulation Devices Market: Competitive Landscape
Key players operating in the global neurostimulation devices market include Virtual Medical Centre Inc., Neurosigma, Boston Scientific Corporation, St. Jude Medical Inc. (Abbott), NDI Medical, electroCore LLC, Electro Medics, Endostim Inc., and NeuroPace, Inc.
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