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Neurostimulation devices market to register a double-digit CAGR of 15% over 2017-2024

Author : Rahul Sankrityayan | Published Date : 2019-04-12 

The Neurostimulation Devices Market is set to exceed USD 16 billion by 2024; according to a new research report by Global Market Insights. Growing prevalence of neurological disorders coupled with adoption of innovative and technologically advanced products should drive the neurostimulation devices market size.  Innovative technologies in neurological field can attempt to restore vision, help in movement after paralysis and recover easily from traumatic injury. Technologies for electrically stimulating the nervous system has allowed the patients to be treated for many types of nerve damage thereby augmenting the growth of the neurostimulation devices.
With the advancements in minimally invasive technologies, the demand for minimally invasive neurostimulation procedures is also witnessing rise in demand. Patients with neurological diseases using minimally invasive techniques experience reduced costs of treatment, less pain, and recovery time. This increasing use will provide future growth opportunity and advance the field of neurostimulation devices.

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Development of technologically advanced products coupled with increasing equity funding by major industry players will accelerate adoption of neurostimulators and upsurge overall revenue size. However, hardware, biological and programming or therapy related complications associated with neurostimulation devices along with dearth of skilled healthcare professionals will hinder Neurostimulation Devices Market growth over the coming years.
Sacral nerve stimulators are poised to be the fastest growing segment owing to increasing number of people suffering from incontinence disorder coupled with increasing efforts undertaken by industry players to develop advanced sacral nerve stimulators. For instance, Medtronic developed sacral neuromodulation system (SNS) (Interstim) that stimulates the sacral nerve with the help of electric impulse and improve bladder and bowel function.

Incidentally, researchers had been steadily working over the past three years to enable users to grade their muscle contractions to handle delicate objects. This has resulted in the device being able to achieve sophisticated and precise movements of individual fingers. The incidence demonstrates the ability of brain computer interface technology to eliminate human disabilities. Presuming that manufacturers would succeed in bringing the device to the mainstream, it is undeniable that neurostimulation devices market size would soar heights over 2017-2024.
As per the Parkinson’s Foundation, more than 10 million people are estimated to be suffering from Parkinson’s disease. In this regard, research programs in the deep brain stimulation for Parkinson’s disease management has helped in developing new technologies that will not only deliver neurostimulation but also change with the patient’s needs. Currently, a device developed by researchers at University of California called Medtronic with an extra electronic circuit has been found to substantially change the present condition of stimulators used to control the symptoms of Parkinson’s disease. R&D programs such as the aforementioned and the rising significance of deep brain stimulators are certain to change neurostimulation devices market trends over 2017-2024.

The last couple of decades have witnessed the healthcare community trying to find ways for successful pain management without the need of addictive painkillers – a trend that has successfully augmented neurostimulation devices market growth. Drug developers who have been trying to come up with non-addictive pain medications in fact, are facing steep competition from market players who have been increasingly coming up with smaller and more comfortable devices that are in the least intrusive and do not involve the risk and complication of surgery.

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Some of the major industry players operating in global neurostimulation devices market are Medtronic, Boston Scientific Corporation, Abbott (St. Jude Medical) and Cyberonics. The industry players attempt to develop innovative solutions for treatment of neurological disorders. For instance, in September 2017, Medtronic launched new product such as Compact Intellis implantable neurostimulation system that is intended to be used as either peripheral nerve or spinal cord neurostimulator for relieving chronic pain. This strategic move extends the existing product portfolio offered by the firm and strengthens revenue growth.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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