Neurostimulation Devices Market Anticipated To Value US$ 10,445.7 Million By 2020

Global Neurostimulation Devices Market Will Reach US$ 10,445.7 million by 2020
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 stopwatchsized 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.
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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.
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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