The neurostimulation devices market is classified based on device type, application, end user, and region. Based on device type, the neurostimulation devices market is divided into implantable and external devices. The implantable devices include sacral nerve stimulators, deep brain stimulators, gastric electric stimulators, spinal cord stimulators, vagus nerve stimulators, and others. The external devices include transcranial magnetic stimulator and transcutaneous electrical nerve stimulator. Based on application, the market is classified into Parkinson’s Disease, essential tremor, depression, Gastroparesis, urinary & fecal incontinence, and others. Based on end user, the market is categorized into rehabilitation centers, hospitals, and medical clinics. Based on the region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players operating in the neurostimulation devices market include NeuroSigma, Inc., Boston Scientific Corporation, LivaNova PLC., Cochlear Ltd., Endostim Inc., Medtronic, Autonomic Technologies, Aleva Neurotherapeutics SA, Synapse Biomedical Inc., and BioControl Medical. The other companies operating in the market are Electro Medics, NeuroPace Inc., Nevro Corporation, ElectroCore, Neuros Medical, ElectroCore LLC, NeuroMetrix, EnteroMedics Inc., Neuronetics Inc., and SPR Therapeutics.
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Neurostimulation is an electrical process of stimulating, inhibiting, modifying, regulating, and altering the activity in the central, autonomous or peripheral nervous system in the human body. Neurostimulation devices send electrical impulse near to the spine region wherein these signals block the pain signals from reaching the brain. These devices deliver electrical stimulation to the patient’s brain, spinal cord, and peripheral nervous system. Neurostimulation devices are particularly used for the treatment of neurological disorders such as epilepsy, chronic pain, Parkinson’s disease, depression, and other diseases. Advancements in the neurological technologies is delivering relief to the patients affected by psychiatric and neurological disorders.
According to the data published by WHO, there are around 50 million cases of dementia across the globe amongst which 60–70% is Alzheimer’s and 10 million are added every year. Dementia is the fifth leading cause of death worldwide. Furthermore, the incidence rate for Parkinson’s disease is 4.5–19 per 100,000 population every year.
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Rise in prevalence of lifestyle diseases such as depression and chronic pain, increase in number of neurological disorders, and investment for neurological R&D are the factors that drive the growth of the global neurostimulation devices market. Moreover, rise in demand for minimal invasive surgery, adoption of technologically advanced products and surge in aging population also propels the growth of the neurostimulation devices market as they are more susceptible to neurological disorders, such as Epilepsy, Parkinson’s disease, Alzheimer’s disease, and chronic pain. The major barriers for the growth of the neurostimulation devices market are side effects such as allergic reaction and tingling or prickling of the skin due to implantation of neurostimulation device into the body and increase in device cost. However, the availability of other treatment options such as drug therapies and surgeries restrict the growth of the market.
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