Growing geriatric population is expected to drive the growth of global neurostimulation devices market during the forecast period
According to TechSci Research report, “Global Neurostimulation Devices Market By Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others), By Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson’s Disease, Epilepsy, and Others), By Region, Competition, Forecast & Opportunities, 2025”, Global neurostimulation devices market is expected to witness robust CAGR during the forecast period. Growing government initiatives for extensive research activities in the healthcare sector is one of the major factors accounting for the growth of the global neurostimulation devices market. Moreover, the rising prevalence of chronic diseases such as migraine and epilepsy among the population is expected to bode well for the growth of the global neurostimulation devices market through the forecast period. In addition to this, an unhealthy diet and lifestyle is further projected to positively influence the growth of global neurostimulation devices market in the years to come. Also, technological developments and new product launches, are making headway for the growth of global neurostimulation devices market. However, there are some factors that might act as major impediments to the growth of global neurostimulation devices market through 2025 includes risks associated with neurostimulation devices and stringent regulations regarding product approval.
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“ Global Neurostimulation Devices Market “
The global neurostimulation devices market can be segmented based on device type, application, company, and region. Considering the application, the market is fragmented into pain management, hearing loss, urinary incontinence, Parkinson’s disease, epilepsy, and others. The pain management segment dominated the global neurostimulation devices market until 2019 and is further anticipated to maintain its dominance during the forecast period as well. This high growth can be attributed to the high prevalence of chronic pain disorders around the globe. Additionally, extensive product usage for pain management is also expected to contribute to the segmental growth during the next five years. In terms of device type, the market can be categorized into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. The spinal cord stimulators segment is forecast to register high growth until 2025 which is attributable to an upsurge in minimally invasive procedures and an increase in healthcare spending.
Abbott Laboratories, Aleva neurotherapeutics SA, Boston scientific corporation, ElectroCore Inc., EndoStim Inc., Medtronic plc, Nevro Corporation, Neuronetics Inc, NeuroSigma, Inc., Synapse Biomedical Inc, are among others are the leading players operating in global neurostimulation devices market. The players are adopting several growth strategies to enhance the market scenario of neurostimulation devices. Other competitive strategies include new technological developments; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diversify their product portfolio in order to strengthen their market position.
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