Neurostimulation Devices Market Scope
Neurostimulation device is a surgically placed device which is used for the treatment of the neurologic disorder that helps in the delivery of electric stimulation to intended part of patient’s brain, spinal cord and peripheral nervous system. Device used for neuromodulation is also known as neurostimulators or neurostimulation devices.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Neuronetics Inc., Medtronic Inc., LivaNova PLC (United Kingdom), Neurosigma Inc., Boston Scientific Corporation (United States), St. Jude Medical Inc. (United States), MED-EL GmbH (Germany), Nevro Corporation (United States) and Neuropace Inc. (United States) |
CAGR | 11.7% |
"According to AMA, the Global Neurostimulation Devices market is expected to see growth rate of 11.7% and may see market size of USD1027.0 Million by 2027."Market players are focusing on providing Neurostimulation Devices with higher quality along with complying all regulatory standards for the patients. They are also focusing on the introduction of numerous advanced & attractive features to further offer qualified devices. The market is fragmented owing to the presence of several international and domestic providers. The high focus on the offering cost effective product offerings. Besides, the numerous industry profitability has led the entry of new players, in turn, increasing the level of rivalry in the already competitive market. Research Analyst at AMA estimates that United States and United Kingdom Players will contribute to the maximum growth of Global Neurostimulation Devices market throughout the predicted period.
Neuronetics Inc., Medtronic Inc., LivaNova PLC (United Kingdom), Neurosigma Inc., Boston Scientific Corporation (United States), St. Jude Medical Inc. (United States), MED-EL GmbH (Germany), Nevro Corporation (United States) and Neuropace Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are BioControl Medical (Israel), Synapse Biomedical Inc. and Cyberonics Inc..
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Neurostimulation Devices market by Type , by Application (Dystonia, Epilepsy, Pain Management, Tremors, Parkinson's disease, Depression, Gastroparesis, Urinary And Fecal Incontinence and Others) and Region with country level break-up.
On the basis of geography, the market of Neurostimulation Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In 2020, Cirtec Medical Corporation had acquired intellectual property and certain assets from Nuvectra Corporation. Cirtec is a strategic outsourcing partner for complex medical devices including active implantable and minimally invasive devices. With these acquistion, Cirtec has leveraged this technology to support customers’ development of neuromodulation products, providing an FDA approved platform with a complete design history file to leverage for a variety of therapeutic applications.
In April 2022, Abbott has revamped the digital health app used alongside its neurostimulation devices for chronic pain. This digital health app is helping doctor to track how patients are managing the treatment is better. It is specially designed to track and report on patient-perceived pain relief and general well-being associated with spinal cord stimulation (SCS).
According to estimates from World Health Organization, depression is the leading cause of ill health globally, more than 300 million people of all ages suffer from depression. Depression is the leading cause of disability worldwide and is a major contributor to the overall global burden of disease. More women are affected by depression than men. Additionally, as per the National Center for Health Statistics of the Centers for Disease Control and Prevention (CDC), 84,767 people had died due to Alzheimer’s disease. Each year nearly, 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally.
Neurostimulation Devices Market Dynamics:
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Trends Influencing Market | - Technology Advancement In Manufacturing Process of Neurostimulation Devices
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Key Restraints | - Unfriendly Reimbursement Schemes from Government in Different Countries
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Challenges | - Side Effects on User Body Caused By Neurostimulation Devices
- Lack of Skilled Professionals
- High Making Cost of Neurostimulation Devices and Its Management Is Major Challenge for the Market
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Market Opportunities | - Increase In Research and Development Investments for The Development Neurostimulation Devices
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Key Target Audience
Neurostimulation Devices Manufacturers, Neurostimulation Devices Supplier, Raw Material Supplier, Contract Research Organizations (Cros), Government & Independent Research Laboratories, Research And Development (R&D) Companies, Market Research And Consulting Service Providers, Government And Independent Regulatory Authorities and Academic Institutes And Universities