PORTLAND, Oregon, July 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Neurostimulation Devices Market by Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others) Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global neurostimulation devices industry generated $4.38 billion in 2018, and is expected to reach $11.25 billion by 2026, witnessing a CAGR of 12.5% from 2019 to 2026.
Drivers, restraints, and opportunities
Surge in spread of neurological disorders and rise in investments for research & development activities propel the growth of the global neurostimulation devices market. However, hazardous effects and risks involved in usage of neurostimulation devices hinder the market growth. On the other hand, utilization of neurostimulators for new indications presents new opportunities in the next few years.
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- China is one of the major exporters of electronic components. There have been restrictions on export activities in the country and factories have been closed down due to lockdown. This has created the supply shortage of raw materials and impacted the manufacturing process of neurostimulation devices.
- Governments of many countries have suggested manufacturers to find alternative options to fulfill the requirement of raw materials and necessary components.
The spinal cord stimulators segment to continue its lead position during the forecast period
Based on device type, the spinal cord stimulators segment held nearly half of the total share of the global neurostimulation devices market in 2018, and is estimated to continue its lead position during the forecast period. In addition, this segment is projected to witness the largest CAGR of 11.8% from 2019 to 2026. This is attributed to rise in utilization of spinal cord stimulators to treat spinal injuries and neuropathic pain. The research also analyzes segments such as vagus nerve stimulators, sacral nerve stimulators, deep brain stimulators, and others.
The pain management segment to present lucrative opportunities
Based on application, the pain management segment would register the fastest CAGR of 14.5% from 2019 to 2026. Furthermore, this segment accounted for the largest market share in terms of revenue with nearly one-third of the global neurostimulation devices market in 2018, and will continue to dominate during the forecast period. This is attributed to surge in usage for treatment of chronic and acute pain. The research also analyzes segments including urinary incontinence, hearing loss, epilepsy, Parkinson's disease, and others.
North America to maintain its lead status by 2026
Based on region, North America contributed to the largest share, accounting for nearly two-fifths of the global neurostimulation devices market share in 2018, and is expected to maintain its lead status by 2026. This is due to increase in prevalence of neurological disorders, supportive reimbursement policies, and innovative technologies. On the other hand, Asia-Pacific would portray the largest CAGR of 14.6% from 2019 to 2026, owing to surge in acceptance of advanced technologies and increase in incidence of neurological disorders in the region. Note- KW is missing in the para
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Leading market players
- Abbott Laboratories
- Boston Scientific Corporation
- Aleva Neurotherapeutics SA
- NeuroSigma, Inc.
- EndoStim Inc.
- ElectroCore Inc.
- NeuroPace Inc.
- Medtronic plc
- Neuronetics Inc.
- Nevro Corporation
- Synapse Biomedical Inc.
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