Global Neurostimulation Device Market – Analysis and Forecast (2018-2024)

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Global Neurostimulation Device Market

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Global Neurostimulation Device Market

The global neurostimulation device market is predicted to grow at 11.2% CAGR during the forecast period with the market size reaching USD 12.2 billion by 2024. Neurostimulation is the technology to deliver low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. It is a therapeutic tool used to treat neuropathic pain or to modulate motor function and for a range of different diseases such as epilepsy, migraine, and Parkinsonâ&#x20AC;&#x2122;s disease.

Global Neurostimulation Device Market

The growing prevalence of neurological disorders, increasing prevalence of lifestyle associated diseases, robust product pipeline and mounting geriatric population are the primary growth drivers for neurostimulation device market. Neuromodulation devices have shown to be very effective in treating Parkinsonâ&#x20AC;&#x2122;s and other chronic illnesses induced by old age. According to the WHO, globally depression is a common mental disorder and approximately 300 million people of all age group suffer from depression. Expanded target applications and new indications, increasing healthcare expenditure, increasing demand for minimally invasive surgeries, and increasing adoption of technologically advanced products are also fueling the growth of the neurostimulation device market.

Global Neurostimulation Device Market

Asia-Pacific is observed to witness the fastest growth in the market. Largest population, increasing prevalence of diabetes, growing geriatric population and rising adoption of neurostimulation devices is creating a positive impact on the neurostimulation device market growth in the region. Key players in the neurostimulation device industry are investing in the development of innovative and advanced neurostimulation device products, which is strengthening their position in the market. In September 2017, Medtronic, Inc. received FDA approval and launched the Intellis platform for the management of certain types of chronic intractable pain. Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices. ÂŠ 2018 VynZ Research All rights reserved

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Global Neurostimulation Device Market – Analysis and Forecast (2018-2024)

Published on May 16, 2020

kumarharindra784

The global neurostimulation device market is predicted to grow at 11.2% CAGR during the forecast period with the market size reaching USD 12.2 billion by 2024. Neurostimulation is the technology to deliver low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. It is a therapeutic tool used to treat neuropathic pain or to modulate motor function and for a range of different diseases such as epilepsy, migraine, and Parkinson’s disease. The global neurostimulation device market is growing at significant rate due to increasing prevalence of neurological diseases and growing geriatric population. The market has witnessed high demand for internal neurostimulation over the last few years, due to the increasing prevalence of neurological disorders.