Published Date: Aug 2020 | Report ID: GMI436 | Authors: Sumant Ugalmugle, Rupali Swain



Report Format: PDF | Pages: 122 | Base Year: 2019

Industry trends

Neurostimulation Devices Market size valued at over USD 8 billion in 2019 and is expected to witness 15.4% CAGR from 2020 to 2026.



Technological advancements in neurostimulation devices are providing relief to large number of patients affected by debilitating psychiatric and neurological disorders. Different non-invasive and invasive approaches are involved in the utilization of neurostimulation devices to drive neural function, and thus neurostimulation has become one of the most promising therapies globally.



Get more details on this report - Request Free Sample PDF

The rising focus of healthcare providers on the treatment of COVID-19 affected people, several surgical procedures that involves use of neurostimulation devices have been postponed over the past few months. Hence, the neurostimulation devices are expected to witness slightly sluggish demand in the early months of 2020. Restrictions imposed by the government has slowed down the neurostimulation devices supply chain and distribution network of various companies. However, the supply is expected resume in the second half of 2020. It can be concluded that the pandemic will have minuscule impact on long term market growth.



Neurostimulation Devices Market Report Coverage Report Coverage Details Base Year: 2019 Market Size in 2019: 8.2 Billion (USD) Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026 Forecast Period 2020 to 2026 CAGR: 15.4% 2026 Value Projection: 22.2 Billion (USD) Pages: 122 Tables, Charts & Figures: 177 Geographies covered (14): U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Brazil, Mexico, South Africa, Saudi Arabia Segments covered: Product, Application and Region Companies covered (11): Abbott, Bayer AG, Boston Scientific Corporation, IntraPace Inc., Laborie Inc., LivaNova PLC, Medtronic, Neuronetics Inc, NeuroPace, Nevro Corp, SPR Therapeutics Growth Drivers: Increasing demand for minimally invasive surgery in developed countries

Increasing prevalence of neurological disorders in U.S. and Europe

Growing adoption of innovative and technologically advanced products

Increasing number of elderly patients with neurological disorders

Technological advancements in neurostimulation devices Pitfalls & Challenges: Complications associated with neurostimulation devices

Lack of skilled healthcare practitioners

Get more details on this report - Request Free Sample PDF



Advancements in minimally invasive neurosurgical procedures will propel the neurostimulation devices market growth

Minimally invasive neurosurgical techniques use light electrical currents to incite the nerves associated with pain signals. With the developments in minimally invasive surgical technologies, the minimally invasive neurostimulation procedures are expected to witness significant rise. Neurological patients using minimally invasive techniques have experienced low treatment costs, less pain and speedy recovery.



Similarly, other advantages including less discomfort, smaller incision length, low blood loss make it a preferable treatment option among patients that secures the market expansion. Increasing necessity for neurostimulation therapies across the U.S. with increasing adoption rate of these surgeries, the demand for neurostimulation devices will rise. However, complications associated with neurostimulation devices may restrict the market growth to some extent in the coming years.



Surging demand for deep brain stimulators will favor the industry growth

Get more details on this report - Request Free Sample PDF



Deep brain stimulator (DBS) segment in the neurostimulation devices market is poised to register around 18% growth rate during the forecast period. Growing research and developmental activities to develop advanced deep brain stimulators coupled with launch of innovative devices are few factors driving the market size.



Moreover, recent advances in deep brain stimulation for Parkinson disease that could lead to effective treatment will serve as high impact rendering factor for the market growth. Additionally, several benefits including ability to perform surgery on one or both sides of the brain and modifications in stimulation settings to diminish potential side effects will drive the overall segment growth.



Increasing need for advanced urinary and fecal incontinence products among adult population will propel the market expansion

The urinary and fecal incontinence segment accounted for over 10% market share in 2019 due to increasing number of people suffering from incontinence problems encourages several manufacturers to develop advanced products for better patient care. Additionally, the sacral nerve stimulation (SNS) is intended as a second line therapy among adults with chronic fecal or urinary incontinence that have not responded positively to medical therapy.



Increasing prevalence of neurological disorders in North America region will stimulate the market value

Get more details on this report - Request Free Sample PDF



North America neurostimulation devices market size crossed USD 4 billion in 2019 owing to the increasing prevalence of neurological diseases and growing geriatric population base. Changing lifestyles, increasing consumption of alcohol and junk food are some factors that will influence the regional industry growth.



Well established presence of leading industry players ensures the product availability in North American region, fostering the market growth. Moreover, increasing adoption of minimally invasive techniques over surgical procedures along with surging awareness regarding neurological disorders and wide availability of neurostimulation devices will eventually boost the market growth.



Strategic initiatives undertaken by market players have helped them evolve as leaders in neurostimulation devices industry

Some of the prominent market players include Abbott, Bayer, Boston Scientific Corporation, IntraPace, Laborie, Medtronic, Neuronetics, NuroPace, Nevro and SPR Therapeutics. The leading market players are undertaking numerous inorganic and organic growth strategies to gain higher market share.



Some of the recent industry developments:

In September 2019, Abbott received FDA (Food and Drug Administration) for Proclaim XR recharge free neurostimulation device. This approval helped the company to widen its neurostimulation devices product portfolio and secured higher market share for the company



In July 2016, Bayer launched Aleve Direct Therapy TENS Device to help people suffering from lower back pain. This product expanded its product portfolio range and attracted large customer base thereby, securing overall market expansion



The neurostimulation devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 , for the following segments:

Market, By Product

Deep Brain Stimulator

Gastric Electric Stimulator

Spinal Cord Stimulator

Sacral Nerve Stimulator

Vagus Nerve Stimulator Invasive vagus nerve stimulator Noninvasive vagus nerve stimulator



Market, By Application

Pain Management

Epilepsy

Essential Tremor

Urinary and Fecal Incontinence

Depression

Dystonia

Gastroparesis

Parkinson's Disease

Others

The above information is provided for the following regions and countries:

North America U.S. Canada

Europe Germany UK France Italy Spain

Asia Pacific Japan China India

Latin America Brazil Mexico

Middle East & Africa South Africa Saudi Arabia



Frequently Asked Questions (FAQ) :