According to a new market report published by Persistence Market
Research “Global Market Study on Neurostimulation Devices - Deep
Brain Stimulation Devices to Witness Highest Growth by 2020,” the
global neurostimulation devices market was valued at US$ 5,088.9 Mn
in 2014 and is expected to grow at a CAGR of 12.7% from 2014 to 2020,
to reach US$ 10,445.7 Mn by 2020.
Neurostimulation technology involves the use of microelectrodes to
activate elements of the nervous system. It involves the use of a
neurostimulation device - a battery-powered stopwatch-sized device -
which is surgically implanted in the brain and delivers electric
signals at scheduled time intervals to the nervous system. These
electric signals develop tingling sensations (paresthesia) in the
damaged nerve and helps chronic pain and neurological disorders. In
chronic pain conditions, these electric signals block the pain
messages from the damaged nerve from reaching the brain. These
devices are gaining importance in the management of chronic
conditions such neuropathic pain, nociceptive pain, Parkinson’s
disease, epilepsy, and depression. Neuropathic pain occurs due to
nerve damage, while nociceptive pain arises from diseases such as
diabetes, cancer, and arthritis. These devices are mostly used in
cases where systemic drug therapies are not effective.
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The global neurostimulation devices market is witnessing significant
growth due to increasing prevalence of chronic pain and rising
incidences of neurological diseases. Moreover, rising awareness about
various neurological diseases, growing geriatric population, and
increasing investments in research and development of innovative
neurostimulation devices are also driving the market. However,
availability of alternative treatment therapies for neurological
diseases and side-effects of neurostimulation therapy inhibit the
growth of the market. The global neurostimulation devices market is
anticipated to grow from an estimated US$ 5,088.9 Mn in 2014 to US$
10,445.7 Mn by 2020 at a CAGR of 12.7% during the forecast period.
In North America, the neurostimulation devices market is growing due
to increasing incidence of neurological diseases such as Alzheimer
and Parkinson’s disease. Moreover, initiatives taken by various
government and private associations for increasing awareness about
various chronic pain and neurological disorders and rising
investments in the research and development of novel neurostimulation
devices in North America is driving the market in the region.
The neurostimulation devices market in Europe is growing due to
initiatives taken by various governments to improve healthcare
facilities in the region. Furthermore, increasing incidences of
chronic pain and neurological diseases and growing aging population
are also boosting the growth of the Europe neurostimulation devices
market. According to WHO, every year, neurological disorders affect
one-third of the population in Europe, and approximately 1% to 2% of
the population is diagnosed with psychotic disorders. According to
the NHS England - a government organization primarily involved in the
improvement of healthcare services in England - approximately 8
million people suffered from chronic pain in the U.K. in 2010, and
the number reached 14 million in 2012.
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Asia Pacific represents the fastest-growing region in the
neurostimulation devices market. This is primarily due to growing
aging population in various countries such as India and China.
According to the National Institutes of Health (NIH) - an
organization involved in biomedical and health related research
activities - approximately 110 million people in China were aged 65
years and above in 2011 and the number is expected to reach 330
million by 2050. In India, approximately 60 million people were aged
65 years and above in 2011 and the number is expected to reach 227
million by 2050.
Medtronic, plc, St. Jude Medical, Inc, Boston Scientific Corporation,
and Cyberonics, Inc. are some of the leading players in the
neurostimulation devices market. Other major players of
neurostimulation devices market include Cochlear, Ltd., NDI Medical,
LLC, NeuroPace, Inc., NeuroSigma, Inc., and MED-EL.
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