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Neurostimulation Devices Market Analysis Report| Key Players: Medtronic, Boston Scientific Corporation, Abbott
Neurostimulation Devices Market
Growing prevalence of neurological disorders coupled with adoption of innovative and technologically advanced products should drive the neurostimulation devices market size. Innovative technologies in neurological field can attempt to restore vision, help in movement after paralysis and recover easily from traumatic injury. Technologies for electrically stimulating the nervous system has allowed the patients to be treated for many types of nerve damage thereby augmenting the growth of the neurostimulation devices.
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With the advancements in minimally invasive technologies, the demand for minimally invasive neurostimulation procedures is also witnessing rise in demand. Patients with neurological diseases using minimally invasive techniques experience reduced costs of treatment, less pain, and recovery time. This increasing use will provide future growth opportunity and advance the field of neurostimulation devices.
Development of technologically advanced products coupled with increasing equity funding by major industry players will accelerate adoption of neurostimulators and upsurge overall revenue size. However, hardware, biological and programming or therapy related complications associated with neurostimulation devices along with dearth of skilled healthcare professionals will hinder industry growth over the coming years.
Sacral nerve stimulators are poised to be the fastest growing segment owing to increasing number of people suffering from incontinence disorder coupled with increasing efforts undertaken by industry players to develop advanced sacral nerve stimulators. For instance, Medtronic developed sacral neuromodulation system (SNS) (Interstim) that stimulates the sacral nerve with the help of electric impulse and improve bladder and bowel function.
Parkinson’s disease will witness significant growth over the coming years. This is attributable to increasing prevalence of such neurodegenerative disorder that becomes more prevalent with age. In addition, rising adoption of deep brain stimulation (DBS) for the treatment of such disease in earlier stages will augment segmental growth.
U.S. will lead the global neurostimulation devices market over the forecast period. Increasing prevalence of neurological disorders including Parkinson’s disease, unruptured brain aneurysm, chronic lower back pain and Alzheimer disease will stimulate demand for neurostimulation devices propelling regional growth. Furthermore, rapid technological advancement by well-established industry players along with favorable reimbursement scenario will fuel regional market size.
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Some of the major industry players operating in global neurostimulation devices market are Medtronic, Boston Scientific Corporation, Abbott (St. Jude Medical) and Cyberonics. The industry players attempt to develop innovative solutions for treatment of neurological disorders. For instance, in September 2017, Medtronic launched new product such as Compact Intellis implantable neurostimulation system that is intended to be used as either peripheral nerve or spinal cord neurostimulator for relieving chronic pain. This strategic move extends the existing product portfolio offered by the firm and strengthens revenue growth.
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