Selbyville, Delaware, Aug. 05, 2020 (GLOBE NEWSWIRE) --
According to latest report “Neurostimulation Devices Market by Product (Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator), Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of neurostimulation devices will cross $22 billion by 2026. Rising geriatric population base will drive the overall industry growth.
The adoption of technologically advanced neurostimulation devices has increased significantly in developed countries and moderately in developing countries. Emerging technologies have the potential to restore vision and movement after paralysis and traumatic injury, thus holding vast growth opportunities for the product. Several manufacturers are investing in R&D activities for developing advanced products such as implantable neurostimulation devices, leading to rise in adoption of neurostimulation devices.
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Spinal cord stimulators segment in the neurostimulation devices market is projected to witness around 12% growth rate through 2026. Surging usage of spinal cord stimulators for treating spinal injuries and neuropathic pain boosts the segment growth. Additionally, rise in number of minimally invasive procedures increases the demand for spinal cord stimulators. Moreover, increasing number of people suffering from chronic back pain along with increasing awareness regarding spinal cord stimulators will accelerate the market growth.
UK neurostimulation devices market size exceeded USD 400 million in 2019 owing to increasing adoption of minimally invasive techniques over traditional surgical procedures. Government as well as private initiatives to increase awareness regarding mental health as well as rising incidence of neurological disorders will favor the market size.
The Parkinson’s disease segment accounted for over 7% market share in 2019. As per the Parkinson’s Foundation, about 60,000 Americans are diagnosed with Parkinson’s disease every year. These numbers are expected to rise significantly over the coming years considering demographic changes. Increasing prevalence of Parkinson’s disease will consequently augment the market expansion. Additionally, neurostimulation devices are beneficial for early stages of Parkinson’s disease.
Some of the prominent players operating in neurostimulation devices market include Abbott, Bayer AG, Boston Scientific, IntraPace, Laborie, LivaNova, Medtronic, Neuronetics, among others. These market leaders are focusing on developing innovative products that helps the company expand its business globally. For instance, in June 2020, Medtronic received FDA approval for its Percept PC deep brain stimulation system (DBS). This development helped the company in broadening its product portfolio.
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Table of Contents (ToC) of the report:
Chapter 3. Neurostimulation Devices Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026 (USD Million)
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.5. Impact of COVID-19
3.6. Pricing analysis
3.7. Regulatory landscape
3.7.1. U.S.
3.7.2. Europe
3.8. Porter’s analysis
3.9. Company market share analysis, 2019
3.10. PESTEL analysis
Chapter 4. Neurostimulation Devices Market, By Product
4.1. Key segment trends
4.2. Deep brain stimulators
4.2.1. Market size, by region, 2015-2026 (USD Million)
4.3. Gastric electric stimulators
4.3.1. Market size, by region, 2015-2026 (USD Million)
4.4. Spinal cord stimulators
4.4.1. Market size, by region, 2015-2026 (USD Million)
4.5. Sacral nerve stimulators
4.5.1. Market size, by region, 2015-2026 (USD Million)
4.6. Vagus nerve stimulators
4.6.1. Market size, by region, 2015-2026 (USD Million)
4.6.2. Invasive
4.6.2.1. Market size, by region, 2015-2026 (USD Million)
4.6.3. Non-invasive
4.6.3.1. Market size, by region, 2015-2026 (USD Million)
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.