Neurostimulation Devices Market 2020 Global Industry Analysis To 2022, is latest research report on Global Airway Management Industry Size, Share, Trends, Growth, And Regional Forecast.
Neurostimulation Devices Market Overview
Neurostimulation is an intentional and precisely targeted modulation of the nervous system’s activities. The process is purposefully carried out with the help of invasive and non-invasive techniques. Implantable stimulation devices are commonly used for the treatment of various neurological conditions like dystonia, Parkinson’s disease, epilepsy, tremors, obsessive compulsive disorders, depression, diabetic neuropathy, and so on.
The Global Neurostimulation Devices Market is expected to garner an impressive CAGR percentage over the forecast period as suggested in the report published by Market Research Future. The market valuation is projected to reach USD 11.5 million by the end of the forecast period in 2022.
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The market is identified to be driven by factors such as increasing prevalence of neurological disorders like chronic pain and depression and high rate of adoption of neurostimulation therapy. The statistics published by the World Health Organization (WHO) places an accurate picture of the global landscape. It is reported that about 4.5% to 11% of all illness can be attributed to solely neurological disorders; the statistic includes both low- and high-income economies. This percentage is massively higher than other threatening diseases like gastrointestinal disorders, respiratory ailments, or cancers. The burden associated with this disorder is expected to only increase further in the coming years.
The Global Neurostimulation Devices Market is growing at a rapid scale due to the increase in the number of neurological diseases. This increase in prevalence is a result of shifting lifestyle and awareness amongst patients concerning neurological diseases, relevant surgeries, and therapies. The market is also driven by factors such as steadily increasing medical expenditure, increasing obese population, strong rate of encouragement from the government, and continuous increasing demand for neurostimulation devices.
Neurostimulation Devices Market Competitive Landscape
The Global Neurostimulation Market comprises a number of leading players, including Inspire Medical Systems, Autonomic Technologies, ElectroCore, LivaNova (Cyberonics), Neuros Medical, Synapse Biomedical, Medtronic, NeuroMetrix, Boston Scientific, NeuroSigma, SPR Therapeutics, Nevro Corporation, ImThera Medical, NeuroPace, St.Jude Medical, and others.
Neurostimulation Devices Market Segmentation
The Global Neurostimulation Devices Market segmentation is done on the basis of application, type, and end-user.
By application, the market includes Parkinson’s disease, epilepsy, dystonia, urinary and fecal incontinence, depression, tremors, gastroparesis, pain management, and others.
By end-user, the market divides into external devices and implantable devices. External devices segment breaks down transcranial magnetic stimulator and transcutaneous electrical nerve stimulator. Implantable devices segment comprises of spinal cord simulators, sacral nerve stimulators, cochlear implants, vagus nerve stimulators, and deep brain stimulators gastric electric stimulators.
By end-user, the market includes research institutes, hospitals & clinics, cognitive care centers, and others.
Neurostimulation Devices Market Regional Analysis
The global geographical segmentation of the covers the following regions: Europe, Americas, Asia Pacific, and the Middle East & Africa.
After studying the global scenario and the market landscape, the Americas region is reported as the largest market share holder of neurostimulation devices. The growth herein can be attributed to the growing demand for cardiovascular devices for the treatment of cardiovascular diseases and prevalence of neurological diseases in this region. Add to this, the market growth in North America is also fueled further due to the increasing expenditure on neurostimulation devices. However, the high cost linked with the monitoring and diagnosis of such diseases can cause the market growth to decline.
The European region stands second in terms of market share standings and is quickly catching up to the Americas due to a number of factors. The Asia Pacific region is projected to increase at the fastest pace in global market of neurostimulation devices during the forecast period. Lastly, the Middle East & Africa region is expected to garner the least market share and attain a steady growth in the forthcoming assessment period.
Neurostimulation Devices Industry News
March 21st, 2019, it was announced that the world’s first ever wireless miniature implantable long-term therapy to be now available in Canada. The pain-relief neurostimulator has been changing the lives of many and is expected to continue its proliferation in the Canada region as well.
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