New York, Jan. 08, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Neurostimulation Devices market was valued at USD 4.98 Billion in 2018 and is expected to reach USD 12.7 Billion by the year 2026, at a CAGR of 12.4 %. Neurostimulation Devices - Neurostimulator or Neurostimulation are equipment that is used for neuromodulation. The process of making use of an implantable medical device to alter and modulate neural activities for therapeutic purposes is called neuromodulation. The recent emergence of Neurostimulation Devices as a neural activity modulator is a major disruptive finding in the healthcare sector. In line with this, market leaders, as well as emerging players, are developing mechanisms that can be used for neural activities modulation. For instance, Medtronic plc US-based medical device company launched EnterraII gastric neurostimulator, a programmable device that generates mild electrical pulses for gastric electrical stimulation to treat chronic, intractable nausea and vomiting due to gastroparesis.
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Rising prevalence of chronic diseases and lifestyle health disorders, unmet needs of patients are pushing the technological development, significant focus of healthcare companies on development of novel mechanisms, upcoming patent expiry, availability of private as well public funds for research, and affirmative regulatory scenario all over the globe, are some of the notable factors boosting market growth in the industry. According to the American Academy of Neurology, stroke is listed as the third leading cause of death in U.S., with Alzheimer’s being ranked as the sixth leading cause of death. Statistics from the same source indicate that Parkinson’s affects nearly 1 million Americans annually with at least a minimum of 60,000 new cases that are reported annually. However, associated adverse effects and availability of advanced alternative options are the major hindrances for Neurostimulation devices market growth during 2019-2026.
Further key findings from the report suggest
- Neurostimulation Devices market is growing at a CAGR of 13.6% in the Asia Pacific, followed by North America and Europe, with 12.3 % and 12.1% CAGR, respectively. Rising chronic disease prevalence across the globe is the prominent factor to accelerate the Neurostimulation Devices market growth during forecast period across all regions
- As of 2018, Spinal Cord Stimulators is the dominating Neurostimulation Devices, which holds 35.5% of the global market. European regional market is the chief revenue-generating source for this product segment, followed by North America, Asia-Pacific, and other regions
- Sacral Nerve Stimulators is expected to be the fastest-growing market segment during the forecast period 2019-2026, with a CAGR of 13.2%. However, associated stringent government regulation is a major challenge for the Neurostimulation Devices market growth of this market segment
- Pain Management application type segment was valued at USD 2.03 billion in 2018 and is expected to reach USD 5.3 billion by 2026
- The Asia Pacific is expected to account for 19.4% of the global Neurostimulation Devices market. Developing nations such as China and India are likely to observe high growth
- Associated adverse effects related to Neurostimulation Devices and Availability of external substitutes is expected to hinder the market growth during the forecast period
- Key participants in Neurostimulation Devices include Medtronic PLC, BioControl Medical, St. Jude Medical, Spinal Modulation, Boston Scientific Corp., Synapse Biomedical Inc., Cochlear, Cyberonics, Inc., and Nevro Corp.
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this report, Reports and Data has segmented the Neurostimulation Devices market on the basis of type, Product type, Application type, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electric Stimulators
Application Type (Revenue, USD Million; 2016–2026)
- Pain Management
- Epilepsy
- Essential Tremor
- Urinary and Fecal Incontinence
- Depression
- Dystonia
- Gastroparesis
- Parkinson's Disease
- Others
Type (Revenue, USD Million; 2016–2026)
- Implantable
- External
End Use (Revenue, USD Million; 2016–2026)
- Hospitals/Clinics
- Cognitive Care Centers
- Research Institutes
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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