Neurostimulation Market Boosting the Healthcare Industry Worldwide
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Medical devices manufacturing companies and their technological affiliates or subsidiaries are continuously working on developing novel devices and technologies which can enhance the efficacy of existing treatments and devices, and simultaneously gain market advantage. The strategic approaches followed by these companies are focusing on creating new markets and increasing the existing market share. The market is driven by rising cases of neurological disorders such as Parkinson’s disease, epilepsy, chronic pain and incidences of depression related disorders.
The need for devices with better user interface, ability to pre-sense a neurological episode on-set, optimize the inter-device communication, and many more such features which can increase the therapeutic efficacy of the therapy, is driving the neurostimulation market growth. However, lack of a reliable measuring system which can define the expected outcome of neurostimulation therapies is a major challenge for manufacturers to develop a solution with defined outcome.
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The neurostimulation market based on therapies is broadly categorized into the following segments: Deep Brain Stimulation (DBS), Spinal Cord Stimulation (SCS), and Vagus Nerve Stimulation (VNS). The slow pace of technological developments in the field is limiting the market growth, and in the current global market has the following technologies – Navigated Brain Stimulation (NBS), Transcranial Magnetic Stimulation (TMS), VNS, DBS, and SCS. However, with stringent IP regulations and increase in FDA approvals, the market is set to see quick growth in the near future.
The market for neurostimulation currently has strong presence in North America and Europe, but is experiencing fast growth in Asia Pacific regions, mainly across China, Brazil and the Indian markets.
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The global neurological market currently has few players who are largely present in Western markets. The leading players dominating the market are – Boston Scientific Corp., Cyberonics Inc., St. Jude Medical Inc., Medtronic Inc., Neuropace Inc., and CVRx Inc.
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