Neurostimulation Devices Market will reach $19bn by 2025
The neurostimulation devices market is set to surpass USD 19 billion by 2025, according to a new research report by Global Market Insights, Inc. Increasing geriatric population base suffering from various neurological diseases due to anatomic and functional changes will positively impact the industry growth. According to the data published on World Population Prospects, elderly population aged 60 years and above is expected to more than double by 2050. Additionally, most common neurological disorders such as Alzheimer?s, dementias, Parkinson’s disease are normally affected to patients above 65 years of age due to weakened immune system. Hence, growing elderly population base should further foster the neurostimulation devices market growth. However, lack of skilled healthcare practitioners may impede neurostimulation devices industry demand over the coming years.
Growing implementation of innovative neurostimulators coupled with technological advancements is driving the demand for neuro stimulation devices. Several business players are focusing on developing cost-effective devices along with scientifically advanced devices to improve patient convenience that should foster market growth. For instance, in September 2017, Medtronic received FDA approval and launched Intellis platform for management of certain type of chronic intractable pain in the U.S. This new platform has been designed to overcome the limitations of existing spinal cord stimulation (SCS) systems. Thus, technological advancements in the field of neurostimulation devices will further augment the business growth.
Parkinson’s disease segment was valued over 530 million in 2018 owing to increasing incidence of nerve cell damage in the brain. Several benefits such as decreased motor disability as well as improved quality of life among patients will surge the adoption of advanced neurostimulation devices in the disease treatment. Also, awareness regarding availability of different devices that effectively manages patient health should propel the segment growth.
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Sacral nerve stimulator segment accounted for more than 17.0% revenue share in 2018 and will witness considerable progress by 2025. Increasing number of individuals suffering from urinary urge incontinence augments the segmental growth. Moreover, manufacturers are developing advanced sacral nerve stimulators with an electric current that improves bladder and bowel function along with modulate pelvic pain. Above mentioned aspects thus, fosters the neurostimulation devices market growth.
U.S. neurostimulation devices industry accounted for over 75% of the North America neurostimulation devices market in 2018 and should show momentous CAGR by 2025. Growing health concerns and neurological diseases among population will spur the business growth. Increasing demand for advanced products in the country and surging healthcare spending for effective patient care should foster U.S. neuromodulation devices business growth.
Few eminent business players operating in neurostimulation devices market include Medtronic, Nevro, Boston Scientific, St. Jude Medical, Neuronetics, Bayer, IntraPace, Uroplasty and ImThera Medical. Industry players focus on new product launches and approvals to sustain market competition.