Dallas, March 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global neurostimulation devices market is expected to grow from USD 6.41 Billion in 2020 to USD 22.49 Billion by 2028 at a CAGR of 15.53% during the forecast period 2021-2028.
Increasing demand for minimally invasive technologies in the developed countries and growing geriatric populationare some of the factors fuelling the neurostimulation devices market.
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Neurostimulation usually refers to the electromagnetic tactics to neuromodulation. It helps as an important part of neural prosthetics for hearing aids, artificial limbs, artificial vision and brain-machine interfaces. Neurostimulation technology can help the life quality of those who are severely paralyzed or suffering from intense losses to various sense organs, as also for permanent reduction of severe, chronic pain which would otherwise require regular high-dose opioid therapy. In the case of neural stimulation, electrical stimulation is mostly used, and charge-balanced biphasic constant current waveforms or capacitively coupled charge injection tactics are adopted. Alternatively, transcranial electric stimulation and transcranial magnetic stimulation have been offered as non-invasive methods where a magnetic field or transcranially applied electric currents would result in neurostimulation. Neurostimulation devices are most commonly used for diagnosing and treating disorders of central nerves system (CNS), autonomic nerves system (ANS), and peripheral nervous system (PNS). There is an increase in demand for such devices, especially for handling chronic neurological conditions such as nociceptive pain, neuropathic pain, epilepsy, depression and Parkinson disease. Moreover, there is an increasing cases of nociceptive pain arising from diseases such as cancer, arthritis and diabetes is pushing healthcare experts and manufacturers to together work on developing enhanced models of neurostimulation devices.
The allergic reaction and tingling or prickling of the skin due to implantation of neurostimulation are some of the restraining forces. The side effects caused by the implantation of neurostimulation device is one of the factors that is restraining the market. The side effects like allergic reaction and tingling or prickling of the skin are caused due to implantation of neurostimulation device, which is the main restraint.
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Key players for the global Neurostimulation Devices market include NeuroSigma, Inc., Boston Scientific Corporation, LivaNova PLC., Cochlear Ltd., EndostimInc, Medtronic, Autonomic Technologies, AlevaNeurotherapeutics SA, Synapse Biomedical Inc., BioControl Medical, NeuroPaceInc and Allergan among others. To improve their market position in the global Neurostimulation Devices market, the key players are now concentrating on adopting strategies such as product innovations, mergers & acquisitions, etc..
• In June 2018, US-based medical technology company NeuroPace had launched its Next Gen RNS System to treat seizures in patients suffering from refractory epilepsy.
• In April 2018, Allergan plc, a leading global pharmaceutical company, announced the official launch of TrueTear, the first and only FDA-cleared device developed to temporarily increase tear production during neurostimulation in adult patients.
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The implantable devices segment is dominating the market with the market value of USD 4.4 Billion in 2020
The device type segment is divided into implantable devices and external devices. As of 2020, implantable devices is the leading device type segment of the global neurostimulation devices market with a market value of USD 4.4 Billion. On the basis device type, the neurostimulation devices market is divided into implantable and external devices. Some of the implantable devices are sacral nerve stimulators, deep brain stimulators, gastric electric stimulators, spinal cord stimulators, vagus nerve stimulators, and others. The external devices include transcranial magnetic stimulator and transcutaneous electrical nerve stimulator.
The pain management segment is dominating the market with the highest market value of USD 4.57 Billion in 2020
The application segment includes Parkinson disease, essential tremor, depression, gastroparesis, urinary &fecal incontinence, epilepsy, pain management, dystonia and others. As of 2020, pain management is the leading application segment of the global neurostimulation devices market with a market value of USD 4.57 Billion, owing to increasing cases of chronic pain disorders. The growing use of product for pain management for its high therapeutic value are factors driving the segment. Some of the diseases under this segment include chronic pain, leg pain, disk surgery pain etc.
The hospital segment is dominating the market with the market value of USD 2.44 Billion in 2020
The end-user segment includes rehabilitation centers, hospitals and medical clinic. The hospital segment is expected to have the highest market value of USD 2.44 Billion in 2020. This is attributed to the availability of neurostimulation devices in hospitals and better facilities and services.
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Regional Segment Analysis of the Neurostimulation Devices Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The North America region emerged as the largest market for the neurostimulation devices market with a market value of USD 2.23 Billion in 2020. North America had the largest revenue share in the past and is projected to maintain dominance in the future years. However, stringent government policy and an increase in the average number of days required for the FDA approval process may hinder the region’s growth.Asia Pacific would be having the maximum CAGR in the forecasting period becausethe bigger international player are shifting their production base in this region due to the presence of unmet medical needs and untapped growth opportunities.
About the report:
The global neurostimulation devices market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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