The global neurostimulation devices market was valued at $5,027.7 million in 2014, and it is expected to grow with a CAGR of 12.7% during the period 2015 – 2020. The global market is increasing, due to growing geriatric population and increasing incidence of neurological disorders. In addition, the growing awareness about mental diseases and their treatment, increasing research and development investments, and growing demand of minimally invasive treatments is encouraging the growth of the global neurostimulation devices market.
Based on type of devices, the implantable/internal devices segment is expected to witness the fastest growth during the forecast period. Among the various applications, the pain management segment accounted for the largest share in the global market in 2014; and the segment is expected to witness the fastest growth, with 13.5% CAGR during the 2015 – 2020.
The aging population is playing a key role in the growth of the global neurostimulation devices market. The elderly people are more susceptible to chronic pain and neurological disorders, such as Alzheimer’s disease, epilepsy, and Parkinson’s disease, as compared to adults. According to the National Institutes of Health (NIH), an organization that conducts and supports medical research activities across the world, about 75% to 85% of older people in elderly care facilities suffer from chronic pain, which is boosting the demand of Neurostimulation devices.
The awareness about mental diseases is increasing across the world, owing to increased investments and initiatives taken by private and public health institutions for raising awareness about mental diseases and available treatments in the market. The R&D investments in the development of novel and innovative neurostimulation devices are growing, owing to increased demand for effective neurological devices for the treatment of neurological diseases. Moreover, the currently available devices require surgical implantation and replacement surgeries after every few years. The technologically advanced devices facilitate non-invasive procedures for the safe and effective treatment of drug-resistant neurological disorders, which is acting as a major growth driver for the global neurostimulation devices market.
However, the availability of alternative treatments such as drug therapies, and various surgeries such as pallidotomy and thalamotomy for treating Parkinson’s disease; lobe resection, lesionectomy, and corpus callosotomy for treating epilepsy, acts as major restraints for the growth of the global market of neurostimulation devices. In addition, the high cost as well as side effects of neurostimulation devices is further restraining the growth of the market. The Asian market is expected to witness the fastest growth, with a CAGR of 13.8% during the period 2015 – 2020.
The key companies operating in the global neurostimulation devices market include Medtronic PLC, St. Jude Medical Inc., Cyberonics Inc., Boston Scientific Corporation, Cochlear Ltd., MED-EL, NeuroPace Inc., NeuroSigma Inc., NDI Medical LLC, and Neuronetics Inc.
News Courtesy: P&S Market Research