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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 batterypowered 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.
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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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