Implantable Neurostimulation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 01/05/2018 -- Implantable neurostimulation devices are used to modulate the nervous system in order to improve biological functions. The activity involves the modulation of electrical signals transferred from the brain to various organs and vice versa. The devices either function by stimulating the nerve impulse or inhibit the pain signals at the target site. This technology improves the life of patients who are suffering from the profound loss of their sense organs or severely paralyzed. The small neurostimulation device is surgically implanted under the skin, which sends mild electrical signal to the spine, causing different sensation to the area of chronic pain. It modifies the pain signals before they reach from the affected site to the brain.
The rising adoption of neurostimulation devices by physicians and the increasing prevalence of chronic neuro-muscular disorders are major factors predicted to drive the market for implantable neurostimulators during the forecast period. However, the discomfort caused by the invasive surgical procedure for implanting the device which is also expensive is a major restraint for the market. The trend of outsourcing medical devices is being adopted by manufacturers, propelling the market globally.
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The global implantable neurostimulation devices market has been segmented based on technology into the following categories: spinal cord stimulation (SCS), deep brain stimulation (DBS), sacral nerve stimulation (SNS), gastric electric stimulation (GES), vagus nerve stimulation (VNS), and others. Spinal cord stimulation (SCS) held a major market share in 2016 owing to the rising prevalence of Parkinson's disease and epilepsy. However, sacral nerve stimulations (SNS) is expected to witness a high CAGR over the forecast period owing to the increasing number of patients with urinary incontinence and the rising awareness among the population about nervous system disorders. Spinal cord stimulation (SCS) is estimated to remain dominant during the forecast period due to technological advancements and the growing mindfulness about pain management in developing economies.
In terms of application, the global implantable neurostimulation devices market is divided into the following segments: pain management, epilepsy, Parkinson's, urinary & fecal incontinence, and others. Parkinson's generated extensive revenue in 2016 which is attributed to its rising prevalence and increasing adoption of technologically advanced pain management therapies. The pain management segment is projected to remain dominant during the forecast period owing to the positive reimbursement policies and rising unmet needs for the treatment of neuromuscular disorders in rural areas.
On the basis of end-user, the global implantable neurostimulation devices market is split into the following groups: hospitals, clinics, ambulatory surgical centers, and others. Hospitals dominated the market in 2016 due to the availability of trained and well-qualified personnel in them and positive reimbursement policies. The rising prevalence of Parkinson's & epilepsy and the increasing disposable incomes are major factors projected to propel this segment during the forecast period.
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Geographically, the global implantable neurostimulation devices market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major market share in 2016 which is attributed to the rising adoption of technologically advanced pain management therapies and the post-surgical success of neuromodulation. However, Asia Pacific is anticipated to display a high CAGR during the forecast period on account of extensive government funding to improve the health care infrastructure in the developing economies of Asia Pacific and the rising awareness in the population about implantable neurostimulation procedures. The high per capita expenditure of the population on health care and recent FDA approvals for the newly developed implantable neurostimulation devices are estimated to propel the market in North America during the forecast period.
Key players in the global implantable neurostimulation devices market include St. Jude Medical, Medtronic Inc., Boston Scientific Corporation, BioControl Medical, Synapse Biomedical Inc., Nevro Corporation, Spinal Modulation, and Cyberonics, Inc.
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