Neurostimulation Devices Market to Exceed US$ 10,445.7 Mn in 2020
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Neurostimulation technology involves the use of microelectrodes to activate elements of the nervous system. It involves the use of a neurostimulation device - a battery-powered stopwatch-sized device - which is surgically implanted in the brain and delivers electric signals at scheduled time intervals to the nervous system. These electric signals develop tingling sensations (paresthesia) in the damaged nerve and helps chronic pain and neurological disorders. In chronic pain conditions, these electric signals block the pain messages from the damaged nerve from reaching the brain. These devices are gaining importance in the management of chronic conditions such neuropathic pain, nociceptive pain, Parkinson’s disease, epilepsy, and depression. Neuropathic pain occurs due to nerve damage, while nociceptive pain arises from diseases such as diabetes, cancer, and arthritis. These devices are mostly used in cases where systemic drug therapies are not effective.
The global neurostimulation devices market is witnessing significant growth due to increasing prevalence of chronic pain and rising incidences of neurological diseases. Moreover, rising awareness about various neurological diseases, growing geriatric population, and increasing investments in research and development of innovative neurostimulation devices are also driving the market. However, availability of alternative treatment therapies for neurological diseases and side-effects of neurostimulation therapy inhibit the growth of the market. The global neurostimulation devices market is anticipated to grow from an estimated US$ 5,088.9 Mn in 2014 to US$ 10,445.7 Mn by 2020 at a CAGR of 12.7% during the forecast period.
In North America, the neurostimulation devices market is growing due to increasing incidence of neurological diseases such as Alzheimer and Parkinson’s disease. Moreover, initiatives taken by various government and private associations for increasing awareness about various chronic pain and neurological disorders and rising investments in the research and development of novel neurostimulation devices in North America is driving the market in the region.
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The neurostimulation devices market in Europe is growing due to initiatives taken by various governments to improve healthcare facilities in the region. Furthermore, increasing incidences of chronic pain and neurological diseases and growing aging population are also boosting the growth of the Europe neurostimulation devices market. According to WHO, every year, neurological disorders affect one-third of the population in Europe, and approximately 1% to 2% of the population is diagnosed with psychotic disorders. According to the NHS England - a government organization primarily involved in the improvement of healthcare services in England - approximately 8 million people suffered from chronic pain in the U.K. in 2010, and the number reached 14 million in 2012.
Asia Pacific represents the fastest-growing region in the neurostimulation devices market. This is primarily due to growing aging population in various countries such as India and China. According to the National Institutes of Health (NIH) - an organization involved in biomedical and health related research activities - approximately 110 million people in China were aged 65 years and above in 2011 and the number is expected to reach 330 million by 2050. In India, approximately 60 million people were aged 65 years and above in 2011 and the number is expected to reach 227 million by 2050.
Medtronic, plc, St. Jude Medical, Inc, Boston Scientific Corporation, and Cyberonics, Inc. are some of the leading players in the neurostimulation devices market. Other major players of neurostimulation devices market include Cochlear, Ltd., NDI Medical, LLC, NeuroPace, Inc., NeuroSigma, Inc., and MED-EL.
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