Neurostimulation Devices Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
Robust development in neurostimulation technologies is likely to spur neurostimulation devices market share as these technologies have been providing relief to patients affected by debilitating neurologic disorders.
There has been a notable spike the use of neurostimulation therapies, majorly attributed to recent developments in neuroimaging, neuroethologies. Neurostimulation tends to provide pain relief and can accommodate changes with various stimulation settings. With the demand for minimally invasive surgeries soaring, favorable business outlook is projected.
Investment in emerging technologies is likely to unfold lucrative growth opportunities with stakeholders vying to expand their footprints. Leading manufacturers are infusing funds in R&D activities to introduce sophisticated products, including implantable neurostimulation devices.
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In the latest research report compiled by GMI, neurostimulation devices market size has been projected to surpass US$22 billion by 2026.
With an upsurge in spinal cord injuries, traction for spinal cord stimulator will potentially witness an upswing across the globe. According to The National Spinal Cord Injury Database, there are around 54 cases per one million people in the U.S., which translates into 17,810 new spinal cord injuries cases each year.
Spinal cord stimulators are gaining traction in light of surge in the number of minimally invasive procedures. A notable spike in the number of individuals suffering from chronic back pain has further triggered the growth of spinal cord stimulators. Spinal cord stimulators segment is poised to expand at a CAGR of around 12% through 2026.
Production of deep brain stimulators has surged in recent years following its trend in treating Parkinson’s disease. Deep brain stimulators will be highly desirable to treat psychiatric conditions, dystonia and Parkinson’s disease.
There has also been an upsurge in Parkinson’s disease that has furthered the use of neurostimulation devices. The Parkinson’s disease portfolio accounted for approximately 7% market share in 2019, an upsurge is projected in the next five years. According to the Parkinson’s Foundation, around 60,000 Americans are diagnosed with Parkinson’s disease every year. Rampant Parkinson’s disease is likely to augur well for the stakeholders eyeing to expand their penetration in the untapped areas.
Stakeholders are likely to infuse funds in Europe neurostimulation devices market as countries such as the U.K., Germany, Italy and France witness an uptick in the use of minimally invasive techniques. For instance, U.K. neurostimulation devices market value was pegged at around US$400 million in 2019.
Europe is witnessing an uptick in the number of neuropsychiatric disorders, making neurostimulation devices highly sought-after in the region. Favorable government policies and concerted efforts by private agencies are expected to foster neurostimulation devices market outlook.
Forward-looking companies are likely to focus on the product roll outs, mergers & acquisitions and partnerships. For instance, Medtronic received green signal from FDA for the use of Percept PC deep brain stimulation system (DBS) in June 2020. Sone of the leading companies profiled in the report are IntraPace, Medtronic, Abbott, Boston Scientific, Bayer AG, LivaNova, Laborie and IntraPace, among others.
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Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Neurostimulation devices industry 3600 synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Neurostimulation Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026 (USD Million)
3.3. Industry impact forces
3.3.1. Growth drivers
184.108.40.206. Increasing demand for minimally invasive surgery in developed countries
220.127.116.11. Increasing prevalence of neurological disorders in the U.S. and Europe
18.104.22.168. Growing adoption of innovative and technologically advanced products
22.214.171.124. Increasing number of elderly patients with neurological disorders
126.96.36.199. Technological advancements in neurostimulation devices
3.3.2. Industry pitfalls & challenges
188.8.131.52. Complications associated with neurostimulation devices
184.108.40.206. Lack of skilled healthcare practitioners
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.5. Impact of COVID-19
3.6. Pricing analysis
3.7. Regulatory landscape
3.8. Porter’s analysis
3.9. Company market share analysis, 2019
3.10. PESTEL analysis