Neurostimulation Devices Market size worth over $22 bn by 2026
Published Date: August 4, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Neurostimulation Devices Market size is set to surpass USD 22 Bn by 2026, according to a new research report by Global Market Insights, Inc.
Increasing number of elderly people suffering from neurological disorders will propel the market growth. Adoption of neurostimulation devices has increased owing to rising prevalence of neurological disorders such as, epilepsy, Parkinson’s disease among others. Elderly population base are likely to suffer from several neurological diseases due to anatomic and functional changes.
Increasing prevalence of neurological disorders will augment the neurostimulation devices market expansion
Increasing prevalence of neurological disorders such as epilepsy, depression, Alzheimer’s, dementia, Parkinson’s disease, migraine, and multiple sclerosis is favoring the market growth. According to the Alzheimer’s Association, in the U.S. more than 5.5 million Americans are living with Alzheimer and this number would reach 16 million by 2050. Of these, about 5.3 million patients are older than 65 years and about 200,000 patients are under 65 who have a younger onset of Alzheimer's. Such stupendous rise in the patient population will certainly drive the market demand.
Browse key industry insights spread across 122 pages with 165 market data tables & 12 figures & charts from the report, “Neurostimulation Devices Market Size, By Product (Deep Brain Stimulators, Gastric Electric Stimulators, Spinal Cord Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators), By Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing demand for sacral nerve stimulators devices will foster the segment growth
The sacral nerve stimulators segment valuation was around USD 1.4 billion in 2019 due to rising number of people suffering from incontinence disorder requiring sacral nerve stimulators for treatment. Industry players are putting enormous efforts in the research and development to develop better and innovative devices. These devices help in the effective management of neurological disorders. Additionally, ability of sacral nerve stimulator devices to stimulate the bladder, sphincter, and bowel muscles for normal functioning will boost the market revenue.
Growing prevalence of pain disorders will offer a significant market growth
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The pain management application dominated a market share of around 70% in 2019 on account of availability of implantable stimulator devices that prevents pain indications. Increasing prevalence of pain disorders such as leg pain, chronic pain, disk surgery pain among others will in turn increase the market demand.
Surging prevalence of neurological disorders in Europe will drive the market value
Europe neurostimulation devices market is expected to witness around 16.5% growth rate through 2026. The market growth is attributed to the growing geriatric population base along with rising prevalence of neurological disorders that will serve to be a positive impact rendering factor. Surging prevalence of epilepsy disorders across Europe boosts the marketrevenue. Neurostimulation devices are regulated under two directives - Active Implantable Medical Devices Directive (90/385/EEC) and the Medical Devices Directive (93/42/EEC). Well established regulations by European Union for neurostimulation devices stimulates the regional growth. Moreover, surging adoption of technologically advanced neurostimulation devices will influence the market size.
Adoption of various strategic initiatives by key market players will offer substantial growth opportunities
Some of the prominent companies operating in the neurostimulation devices market are Abbott, Bayer AG, Boston Scientific, IntraPace, Laborie, LivaNova, Medtronic, Neuronetics, among others.
These industry players have adopted various strategic initiatives such as collaborations, launch of new neurostimulation devices as well as acquisitions. These initiatives related to neurostimulation devices has provided financial stability and sustainability as well as helped them to evolve as major market players. For instance, in January 2020, Medtronic acquired Stimgenics company that develops spinal cord stimulation products, thereby securing the company’s position in the neurostimulation devices business.
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