COVID 19 Analysis: Neurostimulation Devices Market Share, Global Overview, Business Growth, Sales Revenue, Competitive Landscape And Industry Expansion Strategies 2022
Neurostimulation Devices Market Analysis
Neurostimulation Devices are used in the treatment of neurologic and neuropsychiatric disorders. They apply electromagnetic energy to specific target areas to induce neuromodulation. Advancements in neurostimulation technologies have resulted in the development of various invasive and, non-invasive devices which have the potential to provide relief to debilitating neurological and psychiatric disorders.
Evolving electrical stimulation technologies, advances in neuroimaging, and increased understanding of neurocircuitry have spurred the demand for neurostimulation therapies. In addition, recent years has witnessed a surge in the number of FDA approvals for novel neurostimulation devices which are driving growth within the global neurostimulation devices market.
The surge in the incidence rate of disorders such as epilepsy, Parkinson’s disease, obsessive-compulsive disorder, diabetic neuropathy, dystonia, tremors, depression, and others have led to the adoption of neurostimulation devices, which has favored the market growth positively.
The rise in the global geriatric demographic, who are more susceptible to neurological disorders is also a key factor motivating the growth of the market. Other factors substantiating the growth of the market include R&D activities and subsequent product innovations. The steady increase in healthcare expenditure in developing countries and growing awareness regarding neurological disorders further support market growth.
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Neurostimulation Devices Market Segmentation
The Global Neurostimulation Devices Market has been segmented based on type, application, and end user.
By type, the global neurostimulation decides market has been segmented into implantable devices and external devices. The implantable devices segment has been further segmented into deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, gastric electric stimulators, cochlear implants, and vagus nerve stimulators. The external devices segment has been further segmented into transcutaneous electrical nerve stimulator, and transcranial magnetic stimulator.
By application, the global neurostimulation devices market has been segmented into dystonia, epilepsy, Parkinson's disease, depression, gastroparesis, pain management, tremors, urinary and fecal incontinence, and others.
By end user, the global neurostimulation devices market has been segmented into hospitals/clinics, cognitive care centers, research institutes, and others.
Neurostimulation Devices Market Regional Analysis
By region, the Global Neurostimulation Devices Market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The high incidence rate of neurological disorders coupled with high expenditure on healthcare creates a conducive environment for the growth of the Americas market. Substantial development made in the field of neurostimulation devices facilitated by high investment in R&D, funded by the government in the region has helped the Americas command the largest share the market.
Europe too is an important revenue pocket for neurostimulation devices. Availability of advanced treatment facilities and high incidence rate of neurological disorders is driving the growth of the market.
APAC is an emerging market for neurostimulation devices and is expected to exhibit rapid growth over the forecast period. The untapped markets of the region present a host of opportunities for the growth of the market which has encouraged manufacturers to direct their activities in the region. The increasing occurrence of neurological disorders in the region along with increasing healthcare expenditure is favoring the growth of the market.
Neurostimulation Devices Market Competitive Landscape
ElectroCore, Neuros Medical, Medtronic, Nevro Corporation, NeuroMetrix, St.Jude Medical, SPR Therapeutics, Inspire Medical Systems, Autonomic Technologies, LivaNova (Cyberonics), Boston Scientific, ImThera Medical, NeuroPace, Synapse Biomedical, NeuroSigma, and others are the key players in the global neurostimulation devices market.
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Neurostimulation Devices Industry Updates
March 2019- Stimwave Technologies, Inc., a leading innovator of wireless medical devices, has introduced the world's first wireless, miniature implantable neurostimulator. The technological breakthrough device is fully programmable and small in size. The device is available in Canada for commercial use.