According to the latest report published by Credence Research, Inc. “Neurostimulation Devices Market(Device Type: Spinal Cord Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator & Gastric Electric Stimulators; Therapeutic Areas: Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression Dystonia, Gastroparesis, Parkinson’s Disease & Others): Growth, Future Prospects and Competitive Analysis, 2016-2024,” the global neurostimulation devices market was valued at US$ 4,904.9 Mn in 2015, and is expected to reach US$ 17,017.1 Mn by 2024, expanding at a CAGR of 13.0% from 2016 to 2024.
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Market Insights
The steady rise in demand for neurostimulation treatment is majorly driven by growing increasing incidence of neurological disorders worldwide, significant gap in the outcomes of existing treatments, and growing demand for improving quality of life, containing treatment costs and side-effects. Neurosurgeons are increasingly seeking further efficient surgical modalities that offer lesser treatment complexities and are minimally invasive in nature and have longer efficacy than the conventional treatments. This report studies the global neurostimulation devices market based on device types, therapeutic areas and geographic distribution.
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Among the various device types, spinal cord stimulators currently offer the most significant market potential and the growth of this segment is driven by its growing applications in treating chronic pain. In addition, sacral nerve stimulators is anticipated to be the fastest progressing segment during the forecast period due to increasing prevalence of incontinence patient base worldwide. Deep brain stimulators are used in treatment of degenerative disorders such as Alzheimer’s and Parkinson’s disease. These stimulators are currently based on bourgeoning technologies and further innovation in the nature of these systems and their treatment outcomes will offer promising growth opportunities to this segment. Their anticipated extension in treating conditions such as refractory epilepsy, Tourette syndrome, cluster headache, movement dysfunctions and trigeminal neuralgia will fuel market growth.
Pain management constitutes the largest therapeutic area where neurostimulation devices find the widest application. High global prevalence of pain disorders, such as chronic pain, surgical pain and others that interfere with the quality of life and growing adoption of neurostimulation devices on the ground of their better therapeutic value are some of the key drivers of this segment. Other therapeutic areas such as neurostimulation devices market for Parkinson’s disease, epilepsy, gastric conditions are also anticipated to undergo impressive growth rate during the forecast period on the ground of improved treatment efficiency, rising disease prevalence in the senescent population base and continuous product innovations.
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Geographically, North America and Western Europe together capture the largest market in 2015 and North America is anticipated to maintain its lead throughout the forecast period. Existence of evolved healthcare system, higher patient base and availability of favorable reimbursement policies will remain the chief growth drivers in North America market. On the other hand, Asia Pacific and Latin America are expected to be the fastest progressing regional markets during the forecast period. Prevalence of huge geriatric population in countries such as Japan, India, China, Mexico and others who bear a high risk and incidence of neurological and neurodegenerative diseases and perpetual evolution of healthcare infrastructure in the regions, along with rising awareness about management of these diseases are the key growth drivers in Latin America and Asia Pacific markets.
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