Press release
Neurostimulation Devices Market Revenue Forecast 2020-2026
The neurostimulation devices market is projected to garner significant growth on account of rising cases of neurological disorders and proliferating demand for minimally invasive surgeries. Growing prevalence of epilepsy, urinary incontinence and Parkinson’s disease, especially among the geriatric population base, could drive the demand for these devices.
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Technological developments in neurostimulation instruments have broaden the horizon for minimally invasive surgery options across developed as well as developing economies. Patients nowadays are choosing minimally invasive procedures as they reduce complexities and are more accurate than conventional procedures. With increasing awareness about the benefits of non-invasive surgeries, a huge section of the population may spend on minimally invasive procedures, a prominent factor that would boost product demand.
Newly developed neurostimulation devices pose the potential to restore movement and vision after traumatic injury or paralysis. As a result, various manufacturers are heavily investing in R&D projects to progress the development of advanced neurostimulation products like implantable neurostimulation devices. Considering these factors, GMI, estimates that the neurostimulation devices market could reach USD 22 billion by the year 2026.
Neurostimulation devices play a key role in treating Parkinson’s disease, a clinical issue that affects nearly 60,000 Americans every year according to the Parkinson’s Foundation. The disease is anticipated to impact more people over the predicted timeframe across different regions. Back in 2019, the Parkinson’s disease application segment accounted for almost 7% market share.
Neurostimulation instruments are crucial in the initial stages of Parkinson’s disease. Apart from helping treat Parkinson’s disease, these devices are also used to help recovery from essential tremor, pain management, depression, epilepsy, gastroparesis, dystonia, urinary & fecal incontinence.
Growing inclination towards minimally invasive procedures over conventional surgical techniques could boost the demand for neurostimulation devices across UK. In 2019, the regional market was accounted around nearly USD 400 million. Over the years, both private, as well as government institutions, are adopting pioneering initiatives to raise awareness on mental health and other neurological disorders.
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Additionally, the local government is laying significant emphasis on healthcare development by introducing new subsidies and policies. Reports suggest that in 2017, the UK government spent a total of £197.4 billion in the healthcare sector, which rounds up to 9.6% of the country’s GDP.
Companies operating in the neurostimulation devices market are focused on implementing organic as well as inorganic business strategies like acquisitions, marketing campaigns and product launches to enhance their market presence. Taking August 2020 for instance, Neurolief, announced that the FDA has awarded it with a breakthrough device designation for its Relivion®DP system. For the uninitiated, Relivion® is the first multi-channel non-invasive brain neuromodulation solution suitable for treating major depression.
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