Sarasota, FL -- (SBWire) -- 04/10/2019 --Zion Market Research has published a new report titled "Neurostimulation Devices Market by Product (Deep Brain Stimulation Devices, Spinal Cord Stimulation Devices, Gastric Electric Stimulation Devices, Vagus Nerve Stimulation Devices, Sacral Nerve Stimulation Devices, and Others), by Application (Parkinson's Disease, Epilepsy, Pain Management, Essential Tremor, Urinary and Fecal Incontinence, Alzheimer's, Ischemia, and Others), and by End-User (Hospitals, Scientific Research Laboratories, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025". According to the report, the global neurostimulation devices market was approximately USD 6,588 million in 2018 and is expected to generate around USD 15,404 million by 2025, at a CAGR of around 12.9% between 2019 and 2025.
New technologies are being developed and researches have been revealing more potential uses of this treatment. This, in turn, is fuelling the rising demand for safer and cost-effective treatment options. Moreover, the increasing prevalence of diseases that are treated with neurostimulation therapy is the major growth factor of the global neurostimulation devices market. In addition, the increasing number of FDA approvals for clinical trials in this area is also propelling the global neurostimulation devices market. However, the lack of well-trained professionals and non-measurable outcomes are affecting the growth of the neurostimulation devices market globally. Alternatively, the need to provide safe and improved care to patients suffering from neurological disorders and government support in emerging countries are expected to generate new market opportunities over the forecast time period.
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The global neurostimulation devices market is segmented on the basis of product, application, and end-user. Based on product, the neurostimulation devices market is classified into deep brain stimulation devices, gastric electric stimulation devices, spinal cord stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices, and others. Spinal cord stimulation devices dominated the market in 2018 and are likely to show the highest CAGR in the future. This can be attributed to its wide applications in pain management and high market penetration due to commercially available products. The use of deep brain stimulator devices for Tourette syndrome, Alzheimer's, cluster headache, refractory epilepsy trigeminal neuralgia, and movement disorders by multiple sclerosis are awaiting FDA approval, which will boost the market growth for these devices globally.
On the basis of application, the market is segmented into epilepsy, Parkinson's disease, pain management, essential tremor, urinary and fecal incontinence, Alzheimer's, ischemia, and others. The pain management segment dominated the market in 2018, due to the rising prevalence rate of chronic disorders and growing neurostimulation devices adoption for pain management owing to its high therapeutic value. Parkinson's disease is also likely to grow notably in the future, owing to the growing geriatric population base and low availability of treatment options for this disease type. As per the WHO, depression is the leading cause of ill health globally. Estimates have suggested that more than 500 million individuals suffer from depression worldwide, with an increase of over 20% between 2005 and 2015.
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Based on end-user, the market includes hospitals, scientific research laboratories, and others. The increasing prevalence of neurological diseases is fuelling the growth of the hospital segment globally.
By region, North America is anticipated to dominate the global neurostimulation devices market and hold a major market share in the future. The European neurostimulation devices market is likely to hold a major share in the future, due to the cost-effectiveness of clinical researches in the region, which is enabling the medical devices companies to introduce new devices in the market. In emerging markets like India, about 31 million people suffer from neurological disorders with the prevalence of around 2,500 patients per 10,000 patients. This is further boosting the neurostimulation devices market in the Asia Pacific region.
Some leading players of the global neurostimulation devices market include Boston Scientific Corporation, Medtronic Inc., Cyberonics Inc., NeuroPace Inc., St. Jude Medical Inc., and NeuroSigma, Inc.
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This report segments the global neurostimulation devices market into:
Global Neurostimulation Devices Market: Product Analysis
Deep Brain Stimulation Devices
Spinal Cord Stimulation Devices
Gastric Electric Stimulation Devices
Vagus Nerve Stimulation Devices
Sacral Nerve Stimulation Devices
Others
Global Neurostimulation Devices Market: Application Analysis
Parkinson's Disease
Epilepsy
Pain Management
Essential Tremor
Urinary and Fecal Incontinence
Alzheimer's
Ischemia
Global Neurostimulation Devices Market Is Expected to Reach Around USD 15,404 Million by 2025
Global Neurostimulation Devices Market Is Expected To Reach Around USD 15,404 Million By 2025