The global neurostimulation device market generated $5,656.1 million revenue in 2015 and is expected to advance at a CAGR of 12.9% during the forecast period. The increasing aging population, surging incidence of neurological conditions and other chronic diseases, growing prevalence of chronic pain, and rising awareness about the overall mental health are some major factors supporting the prosperity of the market.
Insights into Market Segments
Based on application, the neurostimulation device market is categorized into pain management, Parkinson’s disease, neurologic urinary and fecal incontinence, epilepsy, hearing loss, gastroparesis, and depression. Among these, the pain management category is expected to lead the market throughout the period of analysis, in terms of size as well as growth.
Implantable/internal and external neurostimulation devices are the two types of products available in the neurostimulation device market. Of these, the implantable/internal category is expected to be the faster growing in the market in the forecast period.
Increasing Prevalence of Chronic Pain and Development of Advanced Devices to Drive the Growth of the Neurostimulation Device Market
The increasing prevalence of chronic pain is a major factor responsible for the growth of the neurostimulation device market. These devices play an important role in the management of pain, which may be associated with various medical conditions. The players in the market are investing heavily in the research and development (R&D) activities aimed at coming up with novel and advanced devices.
Besides, the increasing prevalence of neurological disorders is also driving the growth of the neurostimulation device market, as these devices provide considerable relief from the pain and discomfort caused due to these diseases.
Neurostimulation Device Market Competitiveness
Some of the key companies present 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.
NEUROSTIMULATION DEVICE MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
North America Neurostimulation Device Market
Europe Neurostimulation Device Market
Asia Neurostimulation Device Market
Rest of the World (RoW) Neurostimulation Device Market