Vancouver, British Columbia, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The Global Neurostimulation Devices Market will be worth USD 13.70 Billion by 2027, according to the latest analysis by Emergen Research. The growth of this market can be attributed to the growing incidences of health disorders due to unhealthy lifestyle habits and is expected to drive the growth of the neurostimulation devices market. Recent developments in neurotechnology are resulting in the rapid utilization of neurostimulation therapies in treating patients suffering from neurological disorders. The economic development and increasing Healthcare Budgetary Allocation in developing countries is expected to drive the growth of the neurostimulation devices market.
The high cost of neurostimulation devices and the presence of alternative therapeutic procedures is likely to hamper the demand for neurostimulation devices over the forecast period. Adverse effects and risks pertaining to the use of neurostimulation devices, such as allergic reactions or prickling of skin, might restrict the utilization of neurostimulation devices. Moreover, stringent government regulations on device approval might act as a barrier to the growth of the market.
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Key Highlights From The Report
- In September 2019, the U.S. Food and Drug Administration (FDA) approved Abbott’s Proclaim XR™ recharge free neurostimulation platform for people living with chronic pain. The approval helped Abbott to secure a higher market share and increase its neurostimulation devices product portfolio.
- Deep brain stimulators held the second largest market share of 19.8% in 2019. The rising incidence of neurological disorders among the rising global geriatric population is expected to boost the demand for Deep brain stimulators.
- Urinary and fecal Incontinence is expected to register steady growth over the forecast period. Increasing utilization of the sacral nerve stimulators for the treatment of Urinary and fecal Incontinence is expected to drive the growth of the neurostimulation devices market.
- North America accounted for the largest market share of the Neurostimulation Devices market in 2019 due to the improved healthcare system and government funding for the research and development of neurostimulation devices.
- Key participants include Boston Scientific Corporation, St. Jude Medical, Medtronic, Neuronetics, Inc., Codman & Shurtleff, Inc., Nevro Corporation, Intrapace, Abbott Laboratories, LivaNova PLC, and Bayer AG, among others.
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Emergen Research has segmented the global Neurostimulation Devices Market on the basis of product, application, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Sacral Nerve stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- Gastric Electric Stimulators
- Deep Brain Stimulators
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Epilepsy
- Depression
- Dystonia
- Gastroparesis
- Pain management
- Urinary and Fecal Incontinence
- Essential Tremor
- Parkinson’s Disease
- Others
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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