Neurostimulation devices Market size was valued over USD 5.4 billion in 2016 and is expected to witness more than 15.0% CAGR from 2017 to 2024.

Sellbyville, DE -- (SBWire) -- 10/10/2018 --Neurostimulation Devices Market size is set to exceed USD 16 billion by 2024; according to a new research report by Global Market Insights.

Rising prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, migraine, chronic lower back pain, dementias, and epilepsy will drive the global neurostimulation devices market size. Soaring elderly patient base across the globe is another major factor driving industry growth as the geriatric patient pool is more vulnerable to neurological disorders that will fuel demand for neurostimulators in the future.

Rising demand for minially invasive technologies in the developed economies for the treatment of neurological disorders will spur neurostimulation devices market growth. Advantages offered by minimally invasive surgeries (MIS) including reduced hospital stays, smaller incisions, curtailed risk of infections, lower operative pain, discomfort and minimized risk of complications will spur demand for neurostimulators in the future.

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Development of technologically advanced products coupled with increasing equity funding by major industry players will accelerate adoption of neurostimulators and upsurge overall revenue size. However, hardware, biological and programming or therapy related complications associated with neurostimulation devices along with dearth of skilled healthcare professionals will hinder industry growth over the coming years.

Sacral nerve stimulators are poised to be the fastest growing segment owing to increasing number of people suffering from incontinence disorder coupled with increasing efforts undertaken by industry players to develop advanced sacral nerve stimulators. For instance, Medtronic developed sacral neuromodulation system (SNS) (Interstim) that stimulates the sacral nerve with the help of electric impulse and improve bladder and bowel function.

Parkinson's disease will witness significant growth over the coming years. This is attributable to increasing prevalence of such neurodegenerative disorder that becomes more prevalent with age. In addition, rising adoption of deep brain stimulation (DBS) for the treatment of such disease in earlier stages will augment segmental growth.

U.S. will lead the global neurostimulation devices market over the forecast period. Increasing prevalence of neurological disorders including Parkinson's disease, unruptured brain aneurysm, chronic lower back pain and Alzheimer disease will stimulate demand for neurostimulation devices propelling regional growth. Furthermore, rapid technological advancement by well-established industry players along with favorable reimbursement scenario will fuel regional market size.

UK neurostimulation devices market should grow at robust rate due to increasing geriatric population along with rising incidences of neurological disorders that fuels the adoption of neurostimulation devices. Growing demand for minimally invasive procedures, technological advancements pertaining to neurostimulation devices and modernization of healthcare infrastructure will further boost market growth.

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Some of the major industry players operating in global neurostimulation devices market are Medtronic, Boston Scientific Corporation, Abbott (St. Jude Medical) and Cyberonics. The industry players attempt to develop innovative solutions for treatment of neurological disorders. For instance, in September 2017, Medtronic launched new product such as Compact Intellis implantable neurostimulation system that is intended to be used as either peripheral nerve or spinal cord neurostimulator for relieving chronic pain. This strategic move extends the existing product portfolio offered by the firm and strengthens revenue growth.