Global Neurostimulation Devices Market – Overview:
The Global Neurostimulation Devices Market Growth is growing at a rapid scale due to the increase in the number of neurological diseases. This increase in prevalence is a result of shifting lifestyle and awareness amongst patients concerning neurological diseases, relevant surgeries, and therapies. The market is also driven by factors such as steadily increasing medical expenditure, increasing obese population, strong rate of encouragement from the government, and continuous increasing demand for neurostimulation devices.
Neurostimulation devices are implanted inside the body for modifying or modulating neural activities for therapeutic purposes. It delivers electric stimulation to intended sections of the brain, spinal cord, and peripheral nervous system. The global neurostimulation devices market report by Market Research Future (MRFR) consider the drivers and challenges for the industry coupled with implications of the sudden outbreak of the COVID-19 virus for the period
The market is identified to be driven by factors such as increasing prevalence of neurological disorders like chronic pain and depression and high rate of adoption of neurostimulation therapy. The statistics published by the World Health Organization (WHO) places an accurate picture of the global landscape. It is reported that about 4.5% to 11% of all illness can be attributed to solely neurological disorders; the statistic includes both low- and high-income economies. This percentage is massively higher than other threatening diseases like gastrointestinal disorders, respiratory ailments, or cancers. The burden associated with this disorder is expected to only increase further in the coming years.
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Global Neurostimulation Devices Market- Competitive Analysis:
- Nevro Corporation
- ImThera Medical
- LivaNova (Cyberonics)
- SPR Therapeutics
- Autonomic Technologies
- Neuros Medical
- Jude Medical
- Synapse Biomedical
- Boston Scientific
- BioControl Medical
- Soterix Medical
- Helius Medical
- GiMer Medical
Key strategic approaches undertaken by the major players in the market are merger, acquisition, partnership, collaborations, new product launches. These strategies determine the growth of the companies, thus strengthening their position in the market. Other strategies are geographical expansion, help the key players to enhance their geographical presence, and serve customers across the globe.
Boston Scientific Corporation
Boston Scientific Corporation one of the leading medical device manufacturing companies.
- Precision Montage and Precision Spectra are the major devices offered by the company.
Medtronic is a public limited medical device company. Its headquarters are in Dublin, Ireland. This company is investing heavily in neuromodulation devices.
- Activa PC+S, a first-of-its-kind brain stimulator is introduced by the company.
St. Jude Medical
St. Jude Medical, an U.S. headquartered companies has introduced many of the neuromodulation devices. AXIUM neurostimulator system, BurstDR and ProclaimTM are other major product of the company used widely across the world.
Neurometrix, an U.S. based company has introduced Quell, a wearable pain relief technology in 2017.
Synapse Biomedical, Inc. an US headquartered company has introduces euRx DPS for the treatment of pain.
Cyberonics, U.S. headquartered medical device manufacturing company. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy system which has approved by FDA. They introduced PERCEVAL for Vagus Nerve Stimulation
Global Neurostimulation Devices Market - Regional Analysis:
The Americas is believed to be the largest market for neurostimulation devices. Encouragement for technologically advanced equipment and new clinical trials can fuel the market growth. Recently, Masimo got an FDA approval for the commoditization of Masimo, a device that stimulates the nerves to control opioid withdrawal symptoms in patients. This can assist patients suffering with chronic pain and lower the numbers of opioid-use disorder (OUD). Other factors influencing market growth are sophisticated healthcare infrastructure, presence of large players, and investments in RD.
Europe is catching up to the Americas in the global market and has currently assumed the second position. It can exhibit a stellar growth rate owing to approval of products and a large patient pool consisting of geriatrics.
On the other hand, the APAC neurostimulation devices market is expected to grow at a rapid pace in the during the forecast period. Shift of international manufacturers to developing countries and the rise of disposable income levels of patients in China and India are prime factors driving market growth.
Lastly, the MEA region can experience a limited but steady growth in the market.
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