Neurostimulation Market to Expand with Significant CAGR During 2015-2025
The global neurostimulation market is analyzed based on the therapies in which neurostimulation systems are utilized. This includes the following segments:
Deep brain stimulation (DBS)
Spinal cord stimulation (SCS)
Vagus nerve stimulation (VNS)
Sacral nerve stimulation (SNS)
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Spinal cord stimulation therapy accounts for the largest share in the global neurostimulation market owing to the presence of a large number of SNS neurostimulators in treating diabetic neuropathy, pain, postherpetic neuralgia, ischemic limb pain and acute herpes zoster pain. Deep brain stimulators are currently approved for the treatment of neurological disorders such as Parkinson’s disease, epilepsy, dystonia, obsessive-compulsive disorder (OCD), essential tremors and depression. However, extensive research and advancement in technology leading to new, exciting applications such as stroke, obesity, autism, sleep disorders and many others will expand the deep brain stimulator market at a faster pace.
There is a rising need for devices with improved outcome, ability to pre-sense a neurological episode on-set, optimize the inter-device communication and better user interface. Developing technologies sufficing the treatment objective and market demand will lead to an increase in the demand for neurostimulation therapy and devices. Moreover, aging population driving rise in the incidence of neurological disorders such as Parkinson’s disease, epilepsy, essential tremors and depression related disorders will lead to an increase in demand for neurostimulation. In addition, neurostimulation devices and systems are gaining acceptance for the treatment of chronic pain especially in the developing economies such as India, China, Brazil, Mexico and Russia. Furthermore, increase in FDA approvals for novel neurostimulators with new applications, will expedite the growth of the global neurostimulation market in the near future. However, lack of a reliable measuring systems which can provide the expected outcome of neurostimulation therapies is a major challenge for manufacturers. High cost of the therapy is a deterring factor for the neurostimulation market, which can be subsided by gaining reimbursement for such devices.
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The neurostimulation market, currently, is strong in North America and Europe, but is experiencing faster growth in Asia-Pacific region, mainly across China, Brazil and India. Growth in the Asia-Pacific region will be mainly driven by increase in patient awareness and acceptance of neurostimulation as an alternative treatment for chronic pain and neurological disorders. Neurostimulation device manufacturing companies and their research affiliates are continuously working on developing novel devices and technologies which can enhance the therapeutic outcome of existing devices and simultaneously gain market advantage. The strategic approaches followed by these companies are focusing on creating new markets and increasing their existing market share.
The global neurological market is characterized by few dominating players which pose a challenge for the new entrants in the global neurostimulation market. The major players in the neurostimulation market include Boston Scientific Corporation, Cyberonics Inc., St. Jude Medical Inc., Medtronic Inc., NeuroPace Inc., and NeuroSigma, Inc.
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