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Neurostimulation Device Market Overview
The global neurostimulation device market is expected to generate $13,154.1 million revenue by 2022, advancing at a CAGR of 12.9% during 2016–2022 (forecast period). Some of the notable factors driving the market are the increasing aging population, surge in the incidence of neurological conditions and certain other chronic diseases, increasing prevalence of chronic pain, and rising awareness about the treatments available for mental diseases.
Based on geography, North America occupies the leading position in the neurostimulation device market, globally. The region is expected to continue displaying this trend during the forecast period. The rise in the number of cases of pain and the greater prevalence of chronic diseases, and neurological disorders than before are the major factors responsible for the growth of the North American market. The U.S., which is the larger market for neurostimulation devices in the region currently, is expected to hold over 80.0% share by 2022. It is also likely to be the faster growing market in the region during the forecast period.
Based on product, the neurostimulation device market is classified into implantable/internal and external neurostimulation devices. Of these, the implantable/internal category is expected to be larger, with an expected revenue contribution of 82.0% by 2022. It is also likely to be the faster growing category during the forecast period.
Neurostimulation Device Market Dynamics
Globally, the prevalence of chronic pain is increasing, which is a major reason for the growth of the neurostimulation device market. These devices are helpful in the management of the pain caused due to various injuries and chronic diseases, by blocking the pain signals before they reach the brain. Besides, the increasing geriatric population is also raising the demand for these devices, as the elderly are more susceptible to chronic pain and neurological disorders, such as Alzheimer’s disease, epilepsy, and Parkinson’s disease, as compared to people in the younger age groups.
Other than the factors mentioned above, the increasing research and development (R&D) investments by manufactures for the development of technologically advanced products are also fueling the growth of the neurostimulation device market.
Further, the widespread prevalence of neurological disorders and other diseases, which require these devices for management, is also adding to the demand in the neurostimulation device market, as most of these diseases have pain as a symptom. Also, the growing demand for minimally invasive treatments by patients is also expected to drive the market progress, as many now are opting for treatments that cause minimal pain and are effective; neurostimulation devices provide immediate relief from pain to patients. All these factors are expected to drive the growth in the market for neurostimulation devices in the forecast period.
The growth in the neurostimulation device market is expected to be impeded by factors such as the high cost and side-effects associated with these devices. The high cost of these devices often drives patients to opt for alternative treatments, such as oral medication. Additionally, patients find alternative treatments easily accessible and affordable, which is also hindering the demand for neurostimulation devices.
Neurostimulation Device Market Competitive Landscape
The global neurostimulation device market is marked by the presence of players, such as Aleva Neurotherapeutics SA, St. Jude Medical Inc., Medtronic PLC, Boston Scientific Corporation, LivaNova PLC, Cochlear Ltd., Neuropace Inc., Neurosigma Inc., MED-EL GmbH, Synapse Biomedical Inc., Neuronetics Inc., NDI Medical LLC, EnteroMedics Inc., and ImThera Medical.
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