Global Neurosimulation Devices Market Report (2020-2026)
Global neurostimulation devices market is valued at USD 7.61 Billion in 2019 and anticipated to grow at a CAGR of 14.71% over the forecast period 2020-2025. Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to specific parts of the patient's brain, spinal cord or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy and Parkinson's disease.
Unlike other chronic pain treatments or surgeries, neuromodulation spinal cord stimulation relieves pain before committing to the long-term therapy, Spinal cord stimulation can be adjusted to address changes in pain switching positions throughout the day, where other treatments like medications or injections would not address pain switching positions.
A growing number of disorders such as chronic pain, movement disorders, epilepsy, psychiatric disorders, functional restoration, cardiovascular disorders, genitourinary disorders are being treated with neuromodulation devices.
Beginning of the second quarter of 2020, neurostimulation devices manufacturing operations have been impacted by the social distancing and mobility restrictions from days to months. China was first to differ order shipments to other countries. Due to this reason, revenues of the device manufacturers companies were impacted.
When comes to demand currently hospital resources have been diverted to fight the pandemic, and many government agencies in conjunction with healthcare systems have made decisions to defer many elective and semi-elective procedures that use the medical device products. In addition, some people are avoiding seeking treatment for non-COVID-19 emergency procedures, resulting in an impact to those emergent product lines. Capital equipment purchases, outside of ventilators and patient monitoring equipment, are also being deferred by hospitals in the current environment.
Segmentation by Application
By application neurostimulation devices market is divided into pain management, hearing loss, Parkinson disease, epilepsy, urinary and fecal incontinence, depression and others. Over-the-counter (OTC) and prescription pain medications are commonly used to help manage pain. However, they are often not effective by themselves and may have lingering side effects. Advanced nondrug treatments are well known to improve function and quality of life while relieving pain
Neurostimulation works by altering pain signals as they travel to the brain. It is a pain management therapy that delivers electrical stimulation to the spinal cord, dorsal root ganglion and brain. Using an implantable device, or neurostimulator, this treatment aims to reduce the user's perception and experience of certain types of pain inside the body.
Segmentation by Geography
Geographically, the global neurostimulation devices market has been classified into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa.
Asia Pacific is expected to witness lucrative growth in coming days due to the presence of high-unmet medical needs coupled with rapidly rising healthcare R&D investment, and growing medical expenditures in emerging economies such as India and China. Supportive government initiatives pertaining to increasing investments by manufacturers and governments in neuro-informatics and high untapped market opportunities are the important factors accounting for the expected growth of market in this region over the forecast period.
In addition to this, rise in demand for minimal invasive surgery is further projected to positively influence the growth of Asia Pacific neurostimulation devices market in the years to come. Also, surge in aging population in the region, is making headway for the growth of Asia Pacific neurostimulation devices market over the coming years.
However, there are some factors that might act as major impediments to the growth of Asia Pacific neurostimulation devices market through 2025 including side effects such as allergic reaction and tingling or prickling of the skin due to implantation of neurostimulation device into the body and increase in cost of devices.
Porters Five Forces Analysis
Table of Contents
1. Research Methodology and Scope
2. Executive Summary
3. Impact of COVID-19 on the market
4. Market Dynamics
5. Competitive Landscape
5.1 Key Strategies Adopted by Major Companies
5.2 Company Share Analysis
6. Market Segmentation by Product
6.1 Implantable Neurostimulation Devices
6.2 Non-Implantable Neurostimulation Devices
7. Market Segmentation by Application
7.1 Pain Management
7.2 Hearing Loss
7.3 Parkinson’s Disease
7.5 Urinary and Fecal Incontinence
8. Market Segmentation by Region
8.1 North America
8.1.1 United States
8.2.1 United Kingdom
8.2.6 Rest of Europe
8.3.5 South Korea
8.3.6 Rest of Asia-Pacific
8.4 South America
8.4.2 Rest of South America
8.5 Middle East and Africa
10. Company Profiles
10.1 Abbott Laboratories
10.2 Aleva Neurotherapeutics
10.3 Boston scientific corporation
10.7 Nevro Corporation
10.10 Synapse Biomedical