The global neurostimulation devices market is anticipated to grow from an estimated US$ 5,088.9 Mn in 2014 to US$ 10,445.7 Mn by 2020 at a CAGR of 12.7% during the forecast period.
Albany, NY -- (SBWIRE) -- 09/25/2015 -- Neurology is a branch of medical science that deals with the diagnosis and treatment of diseases of central nerves system (CNS), autonomic nerves system (ANS), and peripheral nervous system (PNS) through medications and neurostimulation devices. A neurostimulation device delivers mild electronic signals to the nervous system, which develop tingling sensations (paresthesia) in the damaged nerve and helps in the treatment of chronic pain and neurological disorders.
The increasing prevalence of chronic pain and rising incidences of neurological diseases are some major drivers of the global neurostimulation devices market. Moreover, rising awareness about various neurological diseases, growing geriatric population, and increasing investments in research and development of innovative neurostimulation devices are also supporting the growth of this market. However, availability of alternative treatment therapies for neurological diseases and side-effects of neurostimulation therapy are some of the major restraints for the global neurostimulation devices market.
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In terms of geography, North America dominates the neurostimulation devices market owing to increasing prevalence of various neurological diseases and various initiatives taken by private and government organizations to raise awareness about chronic pain and neurological disorders in the region. Furthermore, technological advancements in neurostimulation devices are also supporting the growth of the neurostimulation devices market in the region. In Europe, the neurostimulation devices market is growing due to initiatives taken by various government organizations to improve healthcare services in the region. In addition, increasing the prevalence of chronic pain and neurological disorders and growing aging population are also supporting the growth of this market in the region.
Asia Pacific represents the fastest-growing neurostimulation devices market due to growing incidence of chronic pain due to conditions such as osteoporosis and arthritis, in various countries such as China and Japan.
This report provides in-depth analysis and estimation of the neurostimulation devices market for the period 2014 – 2020, considering 2014 as the base year for the calculation. Moreover, data pertaining to current market dynamics, including market drivers, restraints, and recent developments, has been provided in the report. The neurostimulation devices market is categorized on the basis of various types of device, application, and geography. Based on the type of device, the market comprises implantable stimulation devices and external stimulation devices. The implantable stimulation device segment is further sub-segmented into spinal cord stimulation (SCS), deep brain stimulation (DBS), sacral nerve stimulation (SNS), vagus nerve stimulation (VNS), cochlear implants (CI), gastric electric stimulation (GES), and others. The external stimulation device segment includes transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and others. Based on the application, the market covers pain management, depression, Parkinson's disease, urinary and fecal incontinence, epilepsy, hearing loss, gastroparesis, and others. On the basis of geography, the neurostimulation devices market report identifies and analyzes the market size and forecast for North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Some of the major players in the neurostimulation devices market are Medtronic plc, St. Jude Medical, Inc., Boston Scientific Corporation, Cyberonics, Inc., Cochlear, Ltd., NDI Medical, LLC, NeuroPace, Inc., MED-EL, and NeuroSigma, Inc. These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.
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