Dublin, June 28, 2023 (GLOBE NEWSWIRE) -- The "Neurostimulation Devices Market Report 2023-2033" report has been added to ResearchAndMarkets.com's offering.
Neurostimulation Devices Market will surpass US$9 billion in 2023
Favourable Regulatory and Reimbursement Scenario will Accelerate Neurostimulation Devices Market Growth
Presence of regulatory bodies such as MHRA and NICE for clinical and safety guidelines and enabling regulatory approval of neurostimulation devices under Class III devices will favour industry growth in the future.
Growing focus of regulatory authorities in addressing the need for effective drug development for neurological disorders will accelerate business growth. For instance, Stimwave Technologies was granted the authorization to decide on the reimbursement with healthcare insurers over and above of the DRG payment limits for its chronic pain management products.
Complications Associated with Usage of Neurostimulation Devices
The complications in neurostimulation devices are majorly categorized into hardware complications, biological complications, and programming or therapy-related complications. Some of the hardware-related complications include battery depletion, flipping, lead migration, and recharging difficulties.
Biological complications include the pain related to device components, wound infections, skin erosion, complications related to device removal, and accidental dural puncture. Programming related complications include loss of paranesthesia or painful paranesthesia. Complications related to programming are not very frequent, however it could result in device removal due to therapy failure.
These aforementioned complications act as challenges in the adoption of neurostimulation devices, thereby restraining the growth of the market.
Lack of Skilled Healthcare Practitioners
The inadequate number of healthcare practitioners with the required skills to manage and treat neurological diseases will hamper industry growth over the coming years.
Treatment and assessment are required to support diagnosis in a few cases. In most of cases, individual test results need to be interpreted carefully that requires skilled expertise. In most of the low and middle-income countries, access to healthcare services is challenging due to financial constraints, there is a shortage of skilled nurses and doctors, neurologists are rare, and neurological diagnostic services are not present.
Even when neurological diseases are diagnosed, lack of patient information, and usage of traditional medicine delay the initiation of treatment.
Market Dynamics
Market Driving Factors
- Increasing Prevalence of Neurological Disorders
- Growing Investments by Companies and Organizations Across the Globe
- Technological Advancements in Neurostimulation Devices
Market Restraining Factors
- Complications Associated with Usage of Neurostimulation Devices
- Lack of Skilled Healthcare Practitioners
Market Opportunities
- Rising Demand for Minimally Invasive Surgeries in Developed Countries
- Increasing Number of Elderly Patients with Neurological Disorders
COVID-19 Impact Analysis
Porter's Five Forces Analysis
PEST Analysis
Leading companies and the potential for market growth
- Abbott Laboratories
- Advanced Bionics AG (Sonova)
- Boston Scientific Corporation
- BrainCo, Inc
- Cochlear Limited
- ElectroCore Inc.
- Helbling Holding AG
- Innovative Health Solutions, Inc.
- LivaNova PLC
- Medtronic
- MicroTransponder
- Neuronetics, Inc.
- Nihon Kohden Corporation
- Natus medical Incorporated
- Parasym Ltd.
- Synapse Biomedical Inc
- tVNS Technologies GmbH (Cerbomed)
Segments Covered in the Report
By Product
- Deep Brain Stimulator
- Gastric Electric Stimulator
- Spinal Cord Stimulator
- Sacral Nerve Stimulator
- Vagus Nerve Stimulator
- Transcutaneous Electrical Nerve Stimulation
By Application
- Pain Management
- Epilepsy
- Essential Tremor
- Urinary and Fecal Incontinence
- Depression
- Dystonia
- Gastroparesis
- Parkinson's Disease
North America
- U.S.
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
MEA
- GCC
- South Africa
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/tgzr4p
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