Global Neurostimulation Devices Market Report, published by Variant Market Research, forecast that the global market was valued at $4 Billion in 2016 and is expected to reach $10.2 Billion by 2024, growing at a CAGR of 12.7% from 2016 to 2024. In geographical segments, Asia-Pacific and Europe are expected to grow at a CAGR of 13.8% and 12.9%, respectively, during the forecast period 2016-2024.
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Rising demand for safer, more effective, less-invasive and high demand from healthcare institutions will drive the global neurostimulation devices market. Technological improvements, limited competition, and increase in clinical trials will continue to drive neurostimulation devices market size. However, high cost of treatments may hinder the growth of the market. Rise in large numbers of patient pool suffering from neurological disorders such as Parkinson’s disease, migraine, depression, dystonia, epilepsy and chronic pain will increase the neurostimulator demand over the coming years.
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The global neurostimulation devices market has been categorized as device type, application. By device the market if further bifurcated into implantable devices (cochlear implants, spinal cord stimulation, vagus nerve stimulation, deep brain stimulation, sacral nerve stimulation, gastric electric stimulation, and others) and external devices (transcranial magnetic stimulation (TMS), transcutaneous electrical nerve stimulation (TENS), and others). By application, the segmentations are Parkinson’s disease, pain management, epilepsy, hearing loss, gastroparesis, urinary and fecal incontinence, depression, and others. Among the device types, implantable devices accounted for majority of the segment share in 2016. By application, pain management held the largest share in the market and is expected to dominated with fastest CAGR during the forecast period 2016 to 2024.
By geography, the neurostimulation devices market has been categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest share with 45% of the total market in 2016, driven by high healthcare spending and commercialization of advanced technologies. Europe accounted the second largest market share of 28% in 2016. In terms of growth, Asia-Pacific is expected to grow with the fastest CAGR, driven by growing healthcare facilities, and increasing consumer knowledge and awareness.
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The major players in the market include Cyberonics, Inc., BioControl Medical, DePuy Synthes Companies, St. Jude Medical, Inc., Nevro Corporation, Synapse Biomedical, Inc., Neuropace, Inc., NDI Medical, LLC, and NeuroSigma, Inc., and Boston Scientific Corporation, among others.
Scope of the Global Neurostimulation Devices Market
Device Type Segments
- Implantable Devices
- Cochlear Implants
- Deep Brain Stimulation
- Spinal Cord Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Gastric Electric Stimulation
- External Devices
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Parkinson’s Disease
- Pain Management
- Hearing Loss
- Urinary and Fecal Incontinence
- North America
- Asia Pacific
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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