Neurostimulation Device Market, Industry Insights, Product, Application, Analysis and Forecast 2024

1. Neurostimulation Device Market

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3. Neurostimulation Device Market Industry Overview Neurostimulation device used for deep brain stimulation therapy, This devices are implantable, programmable medical devices that deliver electrical stimulation to specific parts of the patient's brain, spinal cord or peripheral nervous system to helps in the treatment of various conditions, including chronic pain, movement disorders, epilepsy and Parkinson's disease. The neurostimulation device market is expected to grow at 11.2% CAGR during the forecast period with the market size reaching USD 12.2 billion by 2024. Neurostimulation is the technology to deliver low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. World wide neurostimulation device market is growing at substantial rate due to increasing prevalence of neurological diseases and growing geriatric population. The market has observed high demand for internal neurostimulation over the last few years, due to the increasing prevalence of neurological disorders.

4. Neurostimulation Device Market Major factors driving the neurostimulation market include growing target patient population, ongoing product development & commercialization, favorable medical insurance / reimbursements, expansion of healthcare infrastructure, and growing market demand for effective neurovascular devices. Additionally, increasing number of researches in the related field of neurovascular therapies, rising demand for minimally invasive neurosurgical procedures, and increasing awareness among neurosurgeons about minimally invasive surgical procedures provide significant growth opportunities in the market. However, strict regulatory scenario and lack of skilled neurosurgeons may hinder the growth of this market during the forecast period. Geographic Overview Globally, North America is the largest neurostimulation device market as the region has a high dominance of chronic diseases and the increasing geriatric population. As per Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes. According to National Institutes of Health, in the U.S. approximately one million people have Parkinson’s disease. As per the Alzheimer's Association in 2017, 5.5 million Americans had Alzheimer and about 5.3 million of this patient population’s age was 65 years or more. In addition, as per Alzheimer's Association approximately 14 million people are expected to suffer from Alzheimer in 2050. In Asia-Pacific region is observed to witness the fastest growth in the market. Leading population, increasing prevalence of diabetes, growing geriatric population and rising adoption of neurostimulation devices is creating a positive impact on the neurostimulation device market growth in the region.   

5. Neurostimulation Device Market Key players… Key players in the neurostimulation device industry are investing in the development of innovative and advanced neurostimulation device products, which is strengthening their position in the market.  In September 2017, Medtronic, Inc. received FDA approval and launched the Intellis platform for the management of certain types of chronic intractable pain. Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices.

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