Health & Safety Industry Today

Global Neurostimulation Devices to Register 12.7% CAGR during 2014-2020 owing to Increasing Prevalence of Neurological Diseases

The neurostimulation devices market in North America is anticipated to grow from an estimated US$ 2,449.9 Mn in 2014 to US$ 4,892.9 Mn by 2020 at a CAGR of 12.2% during the forecast period.
Published 25 August 2015

New York City, New York, August 25, 2015: A new market research report published by Persistence Market Research analyses the global market for neurostimulation devices, the devices that deliver mild electrical signals to the nervous system and help treat a variety of neurological diseases. The report is titled “Global Market Study on Neurostimulation Devices: Deep Brain Stimulation Devices to Witness Highest Growth by 2020”

The report states that the global market for neurostimulation devices is expected to develop at a healthy CAGR of 12.7% between 2014 and 2020. The market was valued at US$5,088.9 million in 2014 and will rise to US$10,445.7 million by 2020.

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The market is witnessing a significant growth over the past few years and also exhibits excellent growth prospects for the future owing to many factors. Increasing prevalence of chronic pain and neurological diseases and the rising awareness about benefits of neurostimulation devices are key factors expected to propel the demand from the market in the near future. A surge in demand for these devices is also observed due to rising investments in the field of research and development of innovative neurostimulation devices. The market is also anticipated to benefit from the rising geriatric population around the world.

However, the availability of alternate treatment methods for neurological diseases and some side-effects associated with neurostimulation are hindering the overall growth of the global neurostimulation devices market. The market is also witnessing challenges such as low rate of penetration and lack of availability of a number of blockbuster neurostimulation devices in developing economies.

The report categorizes the global neurostimulation devices market on the basis of device type, applications, and key regional markets. Based on the types of neurostimulation devices, the report segments the market into implantable and external stimulation devices.

Market share held by implantable simulation neurostimulation devices such as devices used for vagus nerve stimulation, deep brain stimulation, spinal cord stimulation, gastric electric stimulation, sacral nerve stimulation, and cochlear implants are also analyzed in the report. In the category of external simulation devices, devices for transcutaneous electrical nerve and transcranial magnetic stimulation are analyzed.

Among the types of neurostimulation devices studied in the report, the segment of spinal cord stimulation is the largest, while the segment of deep brain stimulation is the fastest growing implantable neurostimulation device segment in the market. In the external devices segment, transcutaneous electrical nerve stimulation devices holds the largest share of the market and it is also the fastest growing in the segment.

Application-wise, the market is studied from the perspective of depression, pain management, epilepsy, urinary and fecal incontinence, gastroparesis, and hearing loss. Based on regional distribution, the report segments the global market into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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The market for neurostimulation devices in North America was the largest market in 2014 with a value of US$ 2,449.9 million. Developing at a 12.2% CAGR over the report’s forecast period, the North America market for neurostimulation devices is anticipated to rise to US$4,892.9 million by 2020. The regional market of Asia Pacific is anticipated to emerge as the fastest growing market for neurostimulation devices over the report’s forecast period.

The report also analyzes the competitive landscape of the global neurostimulation devices market and profiles of some of the key businesses operating in the market. Some of the companies profiled in the report are Boston Scientific Corporation, Cochlear, Ltd., Medtronic plc, NeuroSigma, Inc., NeuroPace, Inc., Cyberonics, Inc., St. Jude Medical, Inc., NDI Medical, LLC., and MED-EL.

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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.

PMR stands committed to bringing more accuracy and speed to clients’ business decisions. From ready-to-purchase market research reports to customized research solutions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.


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