Neurostimulation market valued at USD $4.6 billion in the year 2015 and will grow over CAGR of 14.7% which means reaching revenue of USD $13.7 billion by the year 2023.Neurostimulation Devices or pain management devices market is growing due to the increase in the number of patients and unfavorable effects of the pain medications. Various segments ruling the Neurostimulation industry are deep brain stimulator, spinal cord stimulator, gastric electric stimulator, sacral nerve stimulator and vague nerve stimulator.
Growing elderly population and increase in the number of neurological disorders are key factors driving growth in this market. As per WHO (World Health Organization) in the United States, diseases like epilepsy recorded 50 million patients and migraine disease recorded 40 million patients in the year 2011. With the demand for technological advanced instruments and devices, many manufacturers are investing large amounts on research and development activities to create new devices.
Such devices also led to fast patient recovery and shorter hospital stays in turn resulting into increasing demand in the market.As per the product analysis, the spinal cord stimulator segment ruled the market in the year 2015 by generating over 57% of the revenue. This product gains highest market access as it is the oldest technology but commercially available product.
The attractive product in the market is sacral stimulator registering a growth of 19.7% in the year 2015. Followed by popular deep brain stimulator and gastric electric stimulators are registering a market growth rate of 17.2% and 16.1% respectively. These budding products motivate the manufacturers to invest in rigorous research activities to develop similar with technological advancements.
Europe neurostimulation devices market Size, by product, 2014-2023, (USD Million)
The United States, the largest regional segment in the industry, is likely to grow by USD $7.6 billion during the forecast period. Intense diseases like Parkinson’s, Epilepsy etc and other awareness factors drive the growth. Some key players which rule the global pain management market in the year 2016 are Boston Scientific Corporation (U.S.), Medtronic plc (Ireland) and St. Jude Medical, Inc. (U.S.) which in total accounted for more than 65% of the market. India, Japan and China led the Asia Pacific region with the increased demand for Neurostimulation devices. The Asia pacific market is likely to grow by 17.9% revenue by the year 2023. Other industry players are Neuronetics Inc, Nevro Corporation, Cyberonics and Boston Scientific Corporation. Major strategies adopted by these key players are new product launches, collaborations, agreements and partnerships to fortify their presence in the Neurostimulation devices market.
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Written By : Dhananjay Punekar