Published Date : Oct 06, 2016
The demand for neurostimulation devices has been witnessing a surge across the world, thanks to the growing prevalence of neurological diseases, such as chronic pain, together with the growing base of the geriatric population and the swelling investments to increase research and development activities in advanced neurostimulation devices.
On the flip side, the availability of a number of alternative therapies for the treatment of neurological diseases and the rising concerns over side-effects of neurostimulation therapy may hamper the growth of this market to some extent in the coming years.
North America to Remain Leading Global Neurostimulation Devices Market
North America has been leading the global market for neurostimulation devices. The rising prevalence of various neurological diseases and a number of initiatives taken by governmental as well as non-governmental organizations to improve awareness level regarding the benefit of neurostimulation devices in the treatment of chronic pain and other neurological disorders is fueling their demand in the region.
In addition to this, technological developments in neurostimulation devices are likely to boost the market for neurostimulation devices in North America, ensuring its dominance in the near future. However, Asia Pacific is projected to register the most lucrative opportunities for neurostimulation devices manufacturers over the next few years.
Spinal Cord Stimulation Devices to Boost Implantable Stimulation Devices Segment
Implantable stimulation devices and external stimulation devices are the two main products available in the global neurostimulation devices market. Spinal cord stimulation devices is the key contributor to the implantable stimulation devices segment. Deep brain stimulation devices are also expected to register a significant rise in their demand in the coming years. The demand for transcutaneous electrical nerve stimulation devices is driving the external devices segment of the global neurostimulation devices market.
Some of the leading participants in the global market for neurostimulation devices are Medtronic Plc, St. Jude Medical Inc., MED-EL, Boston Scientific Corp., Cyberonics Inc., Cochlear Ltd., NeuroPace Inc., NeuroSigma Inc., and NDI Medical LLC.