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Value Chain Analysis 2019 - Neurostimulation Devices Market with Key Players: Medtronic, Boston Scientific Corporation, Abbott

03-28-2019 03:39 PM CET | Health & Medicine

Press release from: Global Market Insights, Inc.

Neurostimulation Devices Market

Neurostimulation Devices Market

The Neurostimulation Devices Market is set to exceed USD 16 billion by 2024; according to a new research report by Global Market Insights. Pain management segment held the largest revenue share in 2016 and should show a similar trend in the future. Increasing number of new product launch and approvals of devices to reduce chronic pain will accelerate market growth.

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Epilepsy segment will also witness significant growth in the future. Lifestyle factors such as increasing number of patient population, availability of new therapeutic procedures further escalates the growth of this segment over the forecast timeframe.

Spinal cord stimulator dominated market in 2016 and is anticipated to grow at approximately 12.2% CAGR over the forecast period. This growth is attributed to increasing number of people suffering from chronic leg and back pain as well as rising awareness about spinal cord stimulator. Technological advancements such as AdaptiveStim technology and rechargeable spinal cord stimulators will favour segmental growth.

Deep brain stimulators market size will witness robust growth over the forecast timeframe. Rising incidences of neurological diseases coupled with increasing investment towards development of deep brain stimulators will further proper industry growth. According to Parkinson’s Foundation, over 10 million people globally suffer from Parkinson’s disease and over 60,000 people in the U.S. are diagnosed with the disease every year.

U.S. Neurostimulation devices market accounted for largest regional share in 2016 owing to high prevalence of neurological disorders. Neurostimulation devices market in Canada witness considerable growth over the forecast period. Rapid technological innovation and its adoption are some of the major features of Canadian health system. Modern solutions for neurological disorders such as neurostimulation devices are amongst the rapidly evolving healthcare offerings in the country.

UK neurostimulation devices market should grow at robust rate due to increasing geriatric population along with rising incidences of neurological disorders that fuels the adoption of neurostimulation devices. Growing demand for minimally invasive procedures, technological advancements pertaining to neurostimulation devices and modernization of healthcare infrastructure will further boost market growth.

Germany Neurostimulation devices market accounted largest regional share in 2016 and is expected to witness considerable growth over the forecast period. Short market approval period and cost-effectiveness of clinical research in the country enable medical devices companies to rapidly introduce new technology-based devices into the German neurostimulation devices market. Moreover, favourable reimbursements on neurostimulation devices should augment adoption rate in coming years. Also, high per capita income should enable people to avail the advantages of minimally invasive neurostimulators, resulting in growing demand during the forecast period.

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Neurostimulation Devices Market by Product

Sacral nerve stimulators
Spinal cord stimulators
Gastric electric stimulators
Deep brain stimulators
Vagus nerve stimulators

Neurostimulation Devices Market by Application

Epilepsy
Depression
Dystonia
Pain management
Parkinson’s Disease
Gastroparesis
Urinary and fecal incontinence
Essential tremor

Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.

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