Neurostimulation Devices Market to be at Forefront by 2027

Posted by Rohini Chaudhari on January 7th, 2020

Transparency Market Research (TMR) has published a new report on the neurostimulation devices market for the forecast period of 2019 – 2027. According to the report, the global neurostimulation devices market was valued at ~US$ 6.2 Bn in 2018, and is projected to expand at a high CAGR during the forecast period.

Global Neurostimulation Devices Market: Key insights

Neurostimulation includes implantable and non-implantable, programmable medical devices that apply electromagnetic energy to specific anatomical targets to induce neuromodulation of the corresponding neural circuit. Neurostimulation devices deliver electrical stimulation to specific parts of a patient’s brain, spinal cord, or peripheral nervous system to help treat conditions such as chronic pain, movement disorders, epilepsy, and Parkinson’s disease. Rise in the prevalence of nervous disorders is expected to fuel the growth of the global neurostimulation devices market. According to the National Institute of Environmental Health Sciences, Alzheimer’s and Parkinson’s are the common types of neurodegenerative diseases. Rise in the prevalence of these diseases, increase in geriatric population, focus on research & development, and strong pipeline products are anticipated to contribute to the growth of the global neurostimulation devices market.

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Growth of the global neurostimulation devices market can also be attributed to rise in the prevalence of neurological disorders and chronic pain across the world, technological advancements & new product developments, and rapid increase in the geriatric population. Moreover, significant unmet needs in various neurological disorders such as Parkinson’s disease, epilepsy, and major depressive disorders are likely to fuel the growth of the global neurostimulation devices market during the forecast period.

North America dominated the global neurostimulation devices market in 2018, and the trend is projected to continue during the forecast period. This can be ascribed to the presence of key players, increase in incidence of chronic pain, favorable reimbursement policies, and launch of new products. However, adverse side effects associated with the use of neurostimulation devices and high cost of treatment are expected to restrain the global market during the forecast period.

Technological Advancements and New Product Development to Propel Market

Rise in the demand for neurostimulation devices owing to unmet medical needs and demand for improved product outcomes and efficiency have led to the development of innovative products and technologies to address the unmet needs of patients as well as surgeons. In order to provide improved and alternative solutions to unmet medical needs in neurological disorders, companies have developed novel technologies and devices to improve the overall quality of life of affected patient population.

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Rohini Chaudhari

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Rohini Chaudhari
Joined: June 12th, 2019
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