Neurostimulation Devices Market Analysis
Neurostimulation Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Neurostimulation therapy is used for treatment and diagnosis of disorders of the nervous system. It reduces chronic pain associated with conditions such as Parkinson’s disease, epilepsy, nociceptive pain, neuropathic pain, and depression. It helps to improve quality of life of patients suffering from paralysis, obesity, and severe loss of sensory organs. A neurostimulation device is a key element used in neural prosthetics for artificial vision, artificial limbs, and hearing aids. They include implantable and non-implantable devices which deliver chemical, electrical or other agents that reversibly modify nerve cell activity and brain cells. They are surgically inserted into the patient’s organs and are operated with the help of thin wires and leads.
Intracranial stimulation, peripheral nerve stimulation (PNS), spinal cord stimulation (SCS), deep brain stimulation, and motor cortex stimulation are among the most widely used neurostimulation devices. As per data published by the European Brain Council, around 6.3 million people across the globe were suffering from Parkinson’s disease in 2015, and the number is expected to increase steadily in the near future. Spinal cord stimulation is widely used as a treatment in failed back surgery, pain caused by peripheral neuropathy, pain due to low supply of blood to the limb, chest pain, urinary incontinence, and occipital neuralgia. Deep brain stimulation is generally used to treat Parkinson-plus syndromes.
Global Neurostimulation Devices Market – Dynamics
Factors such as increasing prevalence of Parkinson’s disease is expected to fuel growth of neurostimulation devices market. According to the Parkinson's Foundation, around 1 million people in the U.S. will suffer from Parkinson's disease by 2020. It also reports that around 60,000 Americans are diagnosed with Parkinson's disease each year. The Parkinson's Foundation also estimates that 1.2 million people in the U.S. are expected to develop Parkinson's disease by 2030.
According to the Global Burden of Disease study in 2018 reports that neurological disorders were leading source of disability around the world, and the fastest growing of these disorders is Parkinson disease. The study also states that from 1990 to 2015, the number of individuals with Parkinson disease globally increased 118% to 6.2 million.
Product recalls are one of the restraining factor of the neurostimulation market. For instance, in November 2014 U.S. FDA recalls Medtronics’ external neurostimulator due to enabled cycling feature which allows stimulation output to be toggled on and off based on the programmed settings and it fails to provide accurate information.
Global Neurostimulation Devices Market – Regional Insights
Europe is the second largest market followed by the North America in the global neurostimulation devices market owing to product launches by key players. For instance, in January 2017, Abbott launched the Proclaim DRG neurostimulation System in Europe. The product is designed to deliver dorsal root ganglion (DRG) stimulation to patients suffering from chronic neuropathic pain.
Asia Pacific is expected to witness significant growth over the forecast period owing to the rising prevalence of neurological disorders. According to the Alzheimer's disease International, in 2015, 23 million individuals in Asia Pacific had dementia, and the number is expected to increase to 71 million by 2050.
Global Neurostimulation Devices Market: Competitive Landscape
Key players operating in the global neurostimulation devices market include Virtual Medical Centre Inc., Neurosigma, Boston Scientific Corporation, St. Jude Medical Inc. (Abbott), NDI Medical, electroCore LLC, Electro Medics, Endostim Inc., and NeuroPace, Inc.
Global Neurostimulation Devices Market: Taxonomy
On the basis of device type, the global neurostimulation devices market is segmented into:
On the basis of application, the global neurostimulation devices market is segmented into:
On the basis of end user, the global neurostimulation devices market is segmented into
On the basis of region, the global neurostimulation devices market is segmented into