- Incorporation of neurostimulation devices in hospitals help the doctors to assist the patients with Parkinson's diseases smoothly. This is a major factor that propels the growth of global neurostimulation devices market
- Developing brain-computer interfaces to integrate innovative pulse generator further drives the growth of global neurostimulation devices market
ALBANY, New York, Feb. 18, 2020 /PRNewswire/ -- Driven by myriad of factors the global Neurostimulation Devices Market is expected to witness a substantial growth during the tenure of 2019 to 2027, says a recent study by Transparency Market Research. As per the report, the market is projected to exhibit a massive ~CAGR of 10% during the tenure and is anticipated to reach to the value of US$ 15.3 bn by the end of the forecast period. According to the report, the growth of the market is also attributed to growing demand for better designs of interface for enhancing the performance of medical devices to also accelerate the growth of global neurostimulation devices market.
"With the growing demand for technologically advanced devices in healthcare sector, the influx of technology plays a crucial role in improving the standards of healthcare sector across the globe. Especially, in the cases where the patient needs treatment of the bladders has significantly demand for neurostimulation devices. This growing demand is projected to boost the growth of global neurostimulation devices market from 2019 to 2027." –Transparency Market Research
Key Findings in the Neurostimulation Devices Market Report
To provide precise analysis of the market, the report classifies the neurostimulation devices market into various segments. These insights allow the players to develop effective strategies to accelerate the growth of their business in global neurostimulation devices market. The segmentation of the market as per the study is mentioned below:
- Under the products category, the global neurostimulation devices market is dominated by spinal cord stimulators. This is because, the spinal cord surgery has maximum risk for patients to suffer from brain damage. With spinal cord stimulators the brain can be kept intact avoiding the patient to go into coma or suffer from brain hemorrhage.
- On the basis of application, the global neurostimulation devices market is categorized into chronic pain, hearing disability, movement disorders, epilepsy, major depressive disorders, and urinary incontinence. Among these segments, the chronic pain stimulators segment is projected to dominate the category.
Explore the 246 pages latest study on global neurostimulation devices market under the title: Neurostimulation Devices Market (Product: Spinal Cord Stimulators, Deep Brain Stimulators, Cochlear Implants, Vagus Nerve Stimulators, Sacral Nerve Stimulators, Percutaneous Tibial Nerve Stimulators, and Transcranial Magnetic Stimulators; Application: Chronic Pain, Movement Disorders, Hearing Impairment, Epilepsy, Urinary Incontinence, and Major Depressive Disorder; End User: Hospitals, Ambulatory Surgery Centers, and Specialty Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at: https://www.transparencymarketresearch.com/report-toc/62178
Global Neurostimulation Devices Market: Key Drivers
These insights from the report help the players to understand the factors that are actually driving the growth of global neurostimulation devices market. They allow the businesses to make better decisions that can help them have a successful future in the global neurostimulation devices market. Some of the drivers highlighted in the report are as follow:
- Incorporation of technologies such as IoT and AI shall help the stimulators to have intelligence and can help the doctors to monitor the health of patients in real time. These technological developments are the major factors that propel the growth of global neurostimulation devices market.
- Development of innovative computer-brain interfaces further drives the growth of market.
- Increasing cases of Parkinson's disease across the globe has further stimulated the demand for neurostimulation devices. This growing demand for neurostimulation devices to help the patients suffering from Parkinson's disease is anticipated to boost the growth of global neurostimulation devices market from 2019 to 2027.
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Major Challenges Profiled in Neurostimulation Devices Market Study
Transparency Market Research's study neurostimulation devices market on global not just enlightens the readers with positive aspects of the market. It also helps them to vigilantly monitor the challenges that might impede the growth of the market and their business. With the help of these insights, the players can deduce certain strategies that might help them withstand the impacts that these challenges might put in front of players of global neurostimulation devices market. Some of the challenges are:
- High Cost of the device is the major challenge that might impede the growth of global neurostimulation devices market. This is because, the devices might not be affordable for the patients hailing for poor countries. This might have a significant impact on the growth of global neurostimulation devices market during the estimated time frame.
- Lack of awareness is another restraint that might adversely impact the growth of global neurostimulation devices market. Due to this lack of awareness, the patients are unable to get the devices that might help them with their neurological conditions.
However, with growing number of campaigns and intense research and developments, the developers are in pursuit to provide cost effective neurostimulation devices to the patients. With this development, the global neurostimulation devices market can maintain its momentum and continue to grow with a steady pace during the forecast period of 2019 to 2027.
Global Neurostimulation Devices Market: Regional Analysis
Due to increased number chronic pain and movement disorder cases in the countries like U.S. and Canada, North America is anticipated to dominate the regional segment of the global neurostimulation devices market. Moreover, improving healthcare infrastructure and standards in the U.S. further propels the dominance of the region in the global neurostimulation devices market during the tenure of 2019 to 2027.
However, Asia Pacific is expected to emerge as most lucrative region in the global neurostimulation devices market during the estimated time frame. This is due to the growth in the number of Parkinson's disease cases in India and China.
The global neurostimulation devices market is highly competitive and moderately fragmented. This nature of the market is the result of the presence of a handful of prominent players that are dominating the dynamics of the market. However, due to this scenario, the new players might find it difficult to enter the global neurostimulation devices market.
Therefore, these players are indulging in strategies such as mergers and collaborations to acquire adequate resources that can help them gain sustainability in the global neurostimulation devices market.
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The global neurostimulation devices market is segmented on the basis of:
- Neurostimulation Devices Market by Product
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Cochlear Implants
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Percutaneous Tibial Nerve Stimulators
- Transcranial Magnetic Stimulators
- Neurostimulation Devices Market by Application
- Chronic Pain
- Movement Disorder
- Hearing Impairment
- Urinary Incontinence
- Major Depressive Disorder
- Neurostimulation Devices Market by End User
- Ambulatory Surgery Centers
- Specialty Clinics
- Neurostimulation Devices Market by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Pharmaceutical industry:
Brain Computer Interface Market - Rising incidence of neural disorders has played an integral role in driving sales across the brain computer interface market. The field of neurology has undergone rapid advancements over the past decade, and this is an important consideration for market growth. Furthermore, combining brain computer interface technologies with artificial intelligence, machine learning, and deep learning has helped in developing new technologies.
Spinal Cord Stimulation (SCS) System Market - Chronic diseases are long-term clinical conditions that progress over the time. It is considered an expensive and most prevalent health care issue across the globe. Chronic disease management programs, thus, is an organized and proactive set of interventions that focuses on needs of the patient population.
Electrical Stimulation Devices (ESDs) Market - The growing awareness of the potential and the efficacy of electrical stimulation methods for pain recovery and training, notably in developing and developed countries, is noticeably boosting their demand. Recent research and clinical trials into developing their applications in medical physiology are likely to steadily expand the horizon of the market. The global electrical stimulation devices market stood at US$3.8 billion in 2014 and projected to reach a worth of US$6.5 billion by 2023 end. The market is projected to clock 6.0% CAGR during the forecast period of 2015–2023.
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