November 15, 2019 — Global neurostimulation devices market report published by Accurize Market Research forecast that the global market is expected to reach $11 billion by 2025; growing at a CAGR of 12.7% from 2017 to 2025. By geography, the Asia Pacific and Europe are expected to grow at a CAGR of 13.8% and 12.9%, respectively, during the forecast period.
The upsurge in neurological diseases has increased the demand from the healthcare sector across the globe to drive the growth of the market
The rise in neurological diseases has increased the demand from the healthcare sector to fuel the demand for the global neurostimulation devices market. Moreover, advanced product offerings and growing demand for add-on therapy also boost the growth of the market.
The global neurostimulation devices market has been bifurcated on the basis of device type, application, and geography. The device type segment includes implantable devices and external devices. The application segment is categorized as Parkinson’s disease, pain management, epilepsy, hearing loss, gastroparesis, urinary and fecal incontinence, depression, and others.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the UK, Germany, France, and the Rest of Europe. China, Japan, India, and Rest of Asia-Pacific are the classification of the market under the Asia-Pacific. South America, Middle East, and Africa are covered under RoW.
“Implantable devices accounted for the largest market share in the device type segment", says Accurize
By device type segment, an implantable device accounted for the largest market share in 2017 and is expected to grow with the fastest CAGR in the component segment during the forecast period 2017 – 2025.
“Pain management accounted for the largest market share in the application segment", says Accurize
By application segment, pain management accounted for the largest market share in 2017 and is anticipated to dominate with the fastest CAGR during the forecast period 2017- 2025.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest share with 45% of the total market in 2017, driven by high healthcare spending and commercialization of advanced technologies. Europe accounted for the second-largest market share of 28% in 2017. 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.
Top players in the market
The key market players include Nevro Corporation, St. Jude Medical, Inc., DePuy Synthes Companies, Cyberonics, Inc., BioControl Medical, Synapse Biomedical, Inc., Neuropace, Inc., NDI Medical, LLC, Boston Scientific Corporation, and NeuroSigma, Inc., among others.
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