Global Neurostimulation Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $10.2 Billion by 2024 from $4 Billion in 2016, growing at a CAGR of 12.7% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 13.8% and 12.9%, respectively, during the forecast period.
"Neurostimulation Devices Market (By Device Type: Implantable Devices and External Devices; By Application: Parkinson’s Disease, Pain Management, Epilepsy, Hearing Loss, Gastroparesis, Urinary And Fecal Incontinence, Depression, And Others; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend, and Forecast, 2015-2024"
The factors driving the growth of the global neurostimulation devices market are rising demand for add-on therapies, high demand from healthcare institutions, rise in number of neurological diseases, and availability of advanced products. Though, high cost of treatments may restrain the market growth. Furthermore, increasing R&D budgets and technological advancements may provide growth opportunities for the market, during the forecast period.
The global neurostimulation devices market has been segmented as device type, application, and geography. Device type is bifurcated into implantable devices (cochlear implants, deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, gastric electric stimulation, and others) and external devices (transcranial magnetic stimulation (TMS), transcutaneous electrical nerve stimulation (TENS), and others). By application, the segmentations are parkinson’s disease, pain management, epilepsy, hearing loss, gastroparesis, urinary and fecal incontinence, depression, and others. Among the device types, implantable devices accounted for majority of the segment share in 2016. By application, pain management held the largest share in the market and is anticipated to dominated with fastest CAGR during the forecast period 2016 to 2024.
Geographically, the neurostimulation devices market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest share with 45% of the total market in 2016, driven by high healthcare spending and commercialization of advanced technologies. Europe accounted the second largest market share of 28% in 2016. In terms of growth, Asia-Pacific is expected to grow with the fastest CAGR, driven by growing healthcare facilities, and increasing consumer knowledge and awareness.
The major players in the market include DePuy Synthes Companies, Cyberonics, Inc., Nevro Corporation, St. Jude Medical, Inc., BioControl Medical, Synapse Biomedical, Inc., Neuropace, Inc., Boston Scientific Corporation, NDI Medical, LLC, and NeuroSigma, Inc., among others.