Global Neurostimulation Device Market – Analysis and Forecast (2018-2024)
The global neurostimulation device market is predicted to grow at 11.2% CAGR during the forecast period with the market size reaching USD 12.2 billion by 2024. Neurostimulation is the technology to deliver low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. It is a therapeutic tool used to treat neuropathic pain or to modulate motor function and for a range of different diseases such as epilepsy, migraine, and Parkinsonu2019s disease. The global neurostimulation device market is growing at significant rate due to increasing prevalence of neurological diseases and growing geriatric population. The market has witnessed high demand for internal neurostimulation over the last few years, due to the increasing prevalence of neurological disorders. Neurostimulation Device Market Highlights Market Segmentation Insight by Product There are two types of neurostimulation devices, internal and external. Of both, internal neurostimulation device market accounted for the major share in the global market, due to the increasing prevalence of the neurological disorder. The internal neurostimulation segment is further segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, cochear implant and gastric electrical stimulation. Spinal cord stimulation segment is estimated to account the largest share in the internal neurostimulation device market due to increasing awareness of spinal cord stimulator and increasing number of people suffering from chronic leg and back pain. The external neurostimulation segment is segmented into transcranial magnetic stimulation and transcranial electric nerve stimulation. Insight by Application The different applications of neurostimulation device are pain management, essential tremor, Parkinsonu2019s disease, urinary and fecal incontinence, depression, epilepsy, gastroparesis, hearing loss, dystonia and others. The pain management segment is estimated to account the largest share in the neurostimulation device market due to the increasing number of product launches and approvals of devices to reduce chronic pain. In addition, the epilepsy segment is expected to grow at the fastest rate due to the availability of new therapeutic procedures. According to the World Health Organization (WHO), globally approximately 50 million people have epilepsy and approximately 2.4 million people are diagnosed with epilepsy each year. Industry Dynamics Growth Drivers The growing prevalence of neurological disorders, increasing prevalence of lifestyle associated diseases, robust product pipeline and mounting geriatric population are the primary growth drivers for neurostimulation device market. Neuromodulation devices have shown to be very effective in treating Parkinsonu2019s and other chronic illnesses induced by old age. According to the WHO, globally depression is a common mental disorder and approximately 300 million people of all age group suffer from depression. Expanded target applications and new indications, increasing healthcare expenditure, increasing demand for minimally invasive surgeries, and increasing adoption of technologically advanced products are also fueling the growth of the neurostimulation device market. Challenges The lack of trained professionals and unfavorable reimbursement scenario are the major challenges for the growth of the neurostimulation device market. In addition, the availability of alternative options of treatment for neurological disorders and side effects and risks associated with neurostimulation therapy are also some of the factors hindering the growth of the market. Industry Ecosystem The key challenge for the new entrants is the survival in capital intensive and highly regulated neurostimulation device market. However, various large neurostimulation companies can enter the neurostimulation device market through mergers and acquisitions of smaller companies. Geographic Overview Geographically, North America is the largest neurostimulation device market as the region has a high prevalence of chronic diseases and the growing geriatric population. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes. In addition according to National Institutes of Health, in the U.S. approximately one million people have Parkinsonu2019s disease. As per the Alzheimer's Association in 2017, 5.5 million Americans had Alzheimer and about 5.3 million of this patient populationu2019s age was 65 years or more. In addition, according to Alzheimer's Association approximately 14 million people are expected to suffer from Alzheimer in 2050. Asia-Pacific is observed to witness the fastest growth in the market. Largest population, increasing prevalence of diabetes, growing geriatric population and rising adoption of neurostimulation devices is creating a positive impact on the neurostimulation device market growth in the region. Competitive Insight Key players in the neurostimulation device industry are investing in the development of innovative and advanced neurostimulation device products, which is strengthening their position in the market. In September 2017, Medtronic, Inc. received FDA approval and launched the Intellis platform for the management of certain types of chronic intractable pain. Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices.
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