Global Neurostimulation Devices Market overview

Neurostimulation devices are commonly used to diagnose and treat disorders of the autonomic nervous system, the central nervous system (CNS) and the peripheral nervous system (PNS). Neurostimulation devices are used to stimulate brain cells and administer medications. Diseases that do not respond to routine pharmacological treatments require advanced stimulation devices to treat them. The demand for such devices is increasing, particularly for the treatment of chronic neurological conditions such as nociceptive pain, neuropathic pain, epilepsy, depression and Parkinson's disease. In addition, the most significant cases of nociceptive pain resulting from diseases such as cancer, arthritis and diabetes are forcing health experts and manufacturers to work together to develop improved models of neurostimulation devices. The Neurostimulation Devices Market was USD 3.28 billion in 2014 and is expected to reach approximately USD 8.87 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 11.70% during the forecast period.

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Drivers and restrictions:
The global market of neurostimulation devices will depend mainly on the increasing incidence of neurological diseases and the increase in the frequency of chronic pain and discomfort. On the contrary, factors such as the growth in the geriatric population, the greater awareness of a better neurological treatment and the improvement of the functionality of neurostimulation devices should also influence the overall market growth during the prognosis period. In contrast, the side effects and risks associated with neurostimulation therapy and the availability of other treatment options for neurological disorders are among the negative factors that can hamper market growth.

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Geographic Segmentation:
Based on geography, the global neurostimulation devices market is segmented into four key regions namely North America, Asia Pacific, Europe and rest of the world (RoW). North America is in pole position of the global neurostimulation devices market, which is largely attributed to the growing prevalence of neurological disorders in the region. In addition, various private and government organizations in the region are frequently running awareness campaigns on neurological disorders and associated health impediments. Likewise, availability of advanced treatments is also adding up significantly to the market growth in the region. The neurostimulation devices market in Europe, is largely expanding due to several healthcare initiatives taken by various public organizations to improve the healthcare sector in the region. Further, the market in Asia Pacific is expected to register the fastest growth rate during the forecast period primarily due to the increasing incidences of neurological disorders such as arthritis and osteoporosis in countries such as Japan and China.

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Key Players for Neurostimulation Devices Market:

Key manufacturers identified in the global neurostimulation devices market include Boston Scientific Corporation, St. Jude Medical, Inc., Cochlear, Ltd., Medtronic, Plc, NDI Medical, LLC, MED-EL., Cyberonics, Inc., NeuroSigma, Inc., and NeuroPace, Inc.

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