Press release
Neurostimulation Devices Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023
Neurostimulation Devices Market
Market for Neurostimulation devices was valued around US$ 3.7 bn in 2015 and projected to expand around 8% CAGR over 2017 to 2023
Market Outline: Neurostimulation Devices Market
Neurostimulation is the process of modulating the nervous system by means of neurostimulation devices to improve quality of life (QOL) patients suffering from epilepsy, pain, depression, parkinsonism etc., Neurostimulation devices work by intervening the body’s nervous system by effecting the nerve signal conduction.
Market Dynamics: Neurostimulation Devices Market
Increasing demand for minimally invasive devices coupled with availability of technologically advanced products expected to propel the market revenue for Neurostimulation devices over the forecast period. Apart from above drivers, market for neuromodulation devices affected by rising aging population across the globe, growing interest of healthcare professionals for alternative treatment and ability of the neurostimulation devices to provide safe and effective treatments alternative for the patients who are resistant to therapeutic options is driving the market revenue in positive traction. However, higher cost of neuromodulation in developing economies, cumbersome regulatory processes expected to impede the market revenue growth of over the forecast period.
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Market Scope: Neurostimulation Devices Market
Neurostimulation Devices Market has been segmented on the basis of product type, application, and end user
Based on the product type, Neurostimulation devices market has been segmented into the following:
• Deep Brain Stimulators (DBS)
• Gastric Electric Stimulators (GES)
• Spinal Cord Stimulators (SCS)
• Sacral Nerve Stimulators (SNS)
• Vagus Nerve Stimulators (VNS)
Based on application, Neurostimulation devices market has been segmented into the following:
• Management of Pain
• Parkinson’s Disease
• Epilepsy
• Gastroparesis
• Tremors
• Urinary & Fecal Incontinence
• Depression
• Dystonia
• Others
Based on device type, Neurostimulation devices market has been segmented into the following:
• Invasive Devices
• Non-Invasive Devices
Based on end users, Neurostimulation devices market has been segmented into the following:
• Hospitals
• Ambulatory Surgical Centers
• Neuro Clinics
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Market Summary: Neurostimulation Devices Market
Neurostimulation devices market is oligopolistic in nature, where larger market revenue is with top four players in Neurostimulation devices market. Smaller and emerging players in the market developing cutting edge innovations and becoming the target for merger and acquisitions by top players in the Neurostimulation devices market. Development of newer technologies and expanded applications for the neurostimulation devices expected to fuel market demand for the devices over forecast period. For instance in 2014, Medtronic plc acquired Sapiens Steering Brain Stimulation (Sapiens SBS), a privately held developer of deep brain stimulation (DBS) technologies, Sapiens Steering developed SureStim-1System that helps in averting side effects stems for stimulating the non-target area.
Region Analysis: Neurostimulation Devices Market
Geographically market has been segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America and Europe markets accounted for a major market revenue share of Neurostimulation devices market and projected to hold larger market share over the forecast period. Favourable reimbursement policies for neurostimulation devices like new category 1 CPT code for Percutaneous Tibial Nerve Stimulation (PTNS) in U.S. and product approvals in Europe (CE Mark) for EndoStim’s LES Stimulation System etc. expected to drive the market. Market for Neurostimulation devices in Asia Pacific region forecasted to grow at significant growth rate owing to increased localized development of the neurostimulation devices. For instance in china based Jingyu Medical Device independently developed Deep Brain Stimulation (DBS) device in 2015. Apart from that, large patient pool, and improving healthcare infrastructure in the region expected to drive the market.
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Market Participants: Neurostimulation Devices Market
Global Neurostimulation devices market dominated by key players such as Boston Scientific, Cyberonics, Medtronic and St. Jude Medical, and Nevro Corporation to name a few. Market players majorly focused on developing newer technologies, new product introductions, and geographical expansion to cater larger market. For instance, in 2016, St. Jude medical unveiled Deep Brain Stimulator (DBS) in Europe market to treat patients suffering from Dystonia, Parkinson’s disease, and tremor.
Notable Market Developments: Neurostimulation Devices Market
• Development of closed loop – modulation technologies is major technological breakthrough in neurostimulation devices market.
• In 2016, Medtronic plc got regulatory clearance for world first complete portfolio of full-body MR conditional neurotransmitter system for chronic pain.
Key Features of the Report:
• The report provides granular level information about the market size, regional market share, historic market (2012-2016) and forecast (2017-2023)
• The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
• The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
• The report tracks recent innovations, key developments and startup’s details that are actively working in the market
• The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
• The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
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