Provides in-depth analysis of neurostimulation market across the globe
GMI Research has recently published a new report title ‘Global Neurostimulation Market’, which provides in-depth analysis of neurostimulation market across the globe, based on product type, indication, end use and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for neurostimulation market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
The global neurostimulation market exhibited a value of $ 5,716.5 million in 2017 and is projected to reach $14,476.4 million by 2025, growing at a CAGR of 12.6 per cent during 2018–2025 on account of factors, such as growing prevalence of diseases treatable with neurostimulation, increasing R&D activities for the development of innovative neurostimulation products coupled with rising awareness and high unmet medical needs.
Neurostimulation is gaining traction over conventional pain management procedures due to minimally invasive nature of the surgeries and huge investments for the development of novel technologies that can help in improving healthcare systems for patients. The key factors bolstering the market growth are increasing prevalence of neurological disorders, such as epilepsy, Parkinson’s disease, dystonia, depression, migraine, and chronic pain. In addition, strong clinical needs, expanding research activities and advancement in neural stimulation technology in combination with a deeper understanding of the nervous system are also likely to drive the market growth during the forecast period.
Implantable spinal cord stimulator segment held the largest revenue share in 2017 and is expected to exhibit significant revenue share during the forecast period owing to increasing number of people suffering from chronic pain and rising awareness about spinal cord stimulator. Introduction of advanced technologies and products, such as adaptiveStim technology, neurowave medical technologies, MRI safety incorporated devices and rechargeable spinal cord stimulators are likely to aid the market growth in the coming years.
Hospital segment captured the largest share in 2017 and is predicted to grow at a CAGR 13.1 per cent during the forecast period owing to rising patient emphasis on timely and effective pain management and increasing number of hospitals and neurology clinics in developing countries. Also, significant healthcare spending and increasing government and private investments for healthcare facilities infrastructure are expected to boost the growth of global neurostimulation market during the forecast period.
According to GMI Research, major companies are focussing on research and development activities in order to develop innovative neurostimulation devices that are technologically advanced and are more efficient. The introduction of next-generation Senza II spinal cord stimulation system, portable neuromodulation stimulator (PoNS) device and MRI safety incorporated devices in the market are expected to boost the demand during the forecast period.
Based on geography, North America held the largest share in the market in 2017 due to the presence of well-developed healthcare infrastructure, growing awareness among individuals about neurostimulation, and increasing adoption of neurostimulation procedures in the region. In 2017, Europe registered a significant growth rate in global neurostimulation market. Asia-Pacific is the fastest growing region in global neurostimulation market and is projected to exhibit a CAGR of 14.2 per cent during 2018-2025 due to the presence of a large patient pool, rising disposable income, etc.
Some of the key players operating in global neurostimulation market include Boston Scientific Corporation, Medtronic, Cyberonics c., Nevro Corp, NeuroPace, Depuy Synthes, NeuroSigma, Synapse Biomedical, MED-EL. among others. The global neurostimulation market has been segmented on the basis of product type, indication type, end users and key geographies. Based on the product type, global neurostimulation market has been segmented into implantable and non-implantable. Wherein, implantable segment includes deep brain stimulators, sacral nerve stimulator, spinal cord stimulators, vagus nerve stimulators and others and non-implantable segment includes transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS). Based on indication type, global neurostimulation market has been segmented into chronic pain, movement disorders, epilepsy and others. Based on end user, the market has been segmented into hospitals, ambulatory surgical centers and specialty clinics.