Neurostimulation devices are commonly used for diagnosing and treating disorders of autonomic nerves system (ANS), central nerves system (CNS) and peripheral nervous system (PNS). Neurostimulation devices are used for stimulation of brain cells and for administering medication. Diseases that do not react or respond to systematic drug therapies need advanced stimulation devices for treating them. Demand for such devices are growing, especially for managing chronic neurological conditions such as nociceptive pain, neuropathic pain, epilepsy, depression and parkinson’s disease. In addition, higher cases of nociceptive pain arising from diseases such as cancer, arthritis and diabetes is compelling healthcare experts and manufacturers to jointly work on developing enhanced models of neurostimulation devices.
AMR indicates that the global neurostimulation devices market will primarily be driven by increasing incidences of neurological diseases and higher occurrence of associated chronic pain and discomfort. On contrary, factors such as increasing geriatric population, growing awareness on better neurological treatment and advancement in functionality of neurostimulation devices are expected to equally influence the overall growth of market during the forecast period. In contrast, side-effects and risks associated with neurostimulation therapy and availability of other options of treatment for neurological disorders are some of the negative factors likely to hinder the market growth.
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Segmentation of the Market on the basis of Neurostimulation Devices Top Players, by Product and by Application:
|Significant Players||Medtronic, Boston Scientific, St Jude Medical,Liva Nova(Cyberonics),Nevro|
|By Segment||Spinal Cord Stimulation Deep Brain Stimulation Sacral Nerve Stimulation Vagus Nerve Stimulation|
|By Application||Chronic Pain Parkinson’s Disease Urinary Fecal Incontinence Refractory Epilepsy Essential Tremor Dystonia Gastroparesis Treatment Resistant Depression(TRD) Obsessive Compulsive Disorder(OCD) Other Applications|
Based on Geography, Neurostimulation Devices Market can be segmented as follows:
- North America
- Asia Pacific
- Latin America
- Rest of the World (ROW)
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Drivers & Restraints
Market growth can be attributed to factors such as rising geriatric population, increasing prevalence of neurological diseases, strong product pipeline offered by the players. In addition, rapid advances in the field of neurostimulation and development of minimally invasive techniques have greatly expanded the market. High cost of treatment and negative social perception is restraining the growth of neurostimulation devices Market.
Market share will dwindle in the forecasting period due to the highest growth rate of deep brain stimulation segment. It is expected that deep brain stimulation segment will grab nearly 20% market share by the year end of 2021.
Chronic Pain is identified as the largest application segment of the neurostimulation devices market. Urinary and Fecal Incontinence(UFI) is the second leading segment for neurostimulation devices market. Parkinson’s disease holds the fourth highest share being followed by Gastroparesis. Essential Tremor and Dystonia are the other leading application segment for neurostimulation devices market.
Medtronic, Boston Scientific, St Jude Medical, Liva Nova and Nevro are the key influencers with their products in the neurostimulation devices market. Merger & acquisitions, partnerships, collaborations and extending distribution networks are few important factors for their dominance.
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