Global Neurostimulation Devices Market is estimated to reach $10.2 Billion by 2024; growing at a CAGR of 12.7% from 2016 to 2024. Neurostimulation devices uses the electrical stimulation of specific nerves in the body and aids to reduce the pain of patients. Neurostimulator devices comprise vagus nerve stimulators, spinal cord stimulators, sacral nerve stimulators, deep brain stimulators, and cortical stimulators. Neurostimulation devices are highly beneficial in reducing pain of neurological disorders such as major depression, chronic pain, epilepsy, and parkinson's disease. These devices are operationally set in the patient body and function is done by thin wires or leads.
Rise in neurological diseases has increased the demand from healthcare sector supplementing the growth of the neurostimulation market. Moreover, advanced product offerings and growing demand for add-on therapy also boosts the market. However, high cost for neurological treatment may hinder the growth of the market. Additionally, product innovation and rising R&D activity in healthcare sector would provide growth opportunities for the market in the upcoming years.
The global neurostimulation devices market has been segmented as device type, application, and geography. Device type is bifurcated into implantable devices (cochlear implants, deep brain stimulation, spinal cord stimulation, vagus nerve 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.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are regional bifurcations of the market. The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, and Rest of Europe. China, Japan, India, and Rest of Asia-Pacific are the classification of the market under the Asia-Pacific. South America, Middle East, and Africa are covered under RoW.
Top players in the market include Nevro Corporation, St. Jude Medical, Inc., DePuy Synthes Companies, Cyberonics, Inc., BioControl Medical, Synapse Biomedical, Inc., Neuropace, Inc., NDI Medical, LLC, Boston Scientific Corporation, and NeuroSigma, Inc., among others.
The key takeaways from the report
Scope of the Global Neurostimulation Devices Market
Device Type Segments