Neurostimulation Device Market Overview
The global neurostimulation device market is projected to reach $13,154.1 million by 2022, growing at a CAGR of 12.9% during the forecast period. The market is growing at a significant rate due to increasing prevalence of chronic pain, growing geriatric population and increasing incidents of neurological disorders. In addition, the growing awareness about mental diseases and their treatment is also increasing the demand of neurostimulation devices.
In terms of product, the global neurostimulation device market has been segmented into implantable/internal devices and external devices. The implantable/internal device segment accounted for a major share in the global market during the historical period and is expected to hold a market share of more than 80% by 2022. The segment is also expected to witness the fastest growth during the forecast period.
Geographically, North America held the largest share in the global neurostimulation device market and it is projected to remain the largest market during the forecast period as well. The North American market is growing due to the increasing prevalence of neurological disorders and growth of geriatric population in the region. In addition, the increasing incidence of chronic pain is also driving the growth of the neurostimulation device market in the region. Among the North American nations, the U.S. market for neurostimulation devices is the largest and it is projected to hold a market share of 82% by 2022.
Neurostimulation Device Market Dynamics
The growth of the neurostimulation device market is driven by increasing prevalence of chronic pain as it is generally associated with a wide range of injuries and diseases lasts for longer than an year. The neurostimulation devices help in reducing pain by blocking the pain signals before they reach the brain. Also, the increase in geriatric population is bolstering the growth of the market as the elderly people are more susceptible to chronic pain and neurological disorders, such as Alzheimer’s disease, epilepsy and Parkinson’s disease as compared to adults. Moreover, the increasing demand for minimally invasive treatments and increasing R&D investments for the development of novel and innovative neurostimulation devices is also increasing their demand.
The increasing prevalence of various diseases, including neurological disorders is driving the demand for effective and minimally invasive treatment procedures. Neurostimulation surgery requires minimally invasive procedures to implant the device as compared to other surgeries. In addition, as the prevalence of chronic pain and neurological disorders is increasing globally, the demand for minimally-invasive treatments is also growing. This in turn is increasing the demand for new and effective medical technologies, including neurostimulation devices for the treatment of damaged nerve and relieving chronic pain and thus driving the neurostimulation device market.
The side effects caused by internal/implanted neurostimulation devices and high cost of neurostimulation devices acts as the major barriers in the growth of the neurostimulation device market. The high cost of these devices makes them less affordable by the patient pool suffering from neurological disorders or chronic pain, in comparison to medications. Also, the availability of alternative treatment options, including drug therapies and other surgeries are inhibiting the growth of the neurostimulation device market.
Neurostimulation Device Market Competitive Landscape
Some of the key companies operating in the global neurostimulation device market include 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.