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.
Albany, NY -- (SBWIRE) -- 01/22/2016 -- 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 develops tingling sensations (paresthesia) in the damaged nerve and helps in the treatment of chronic pain and neurological disorders.
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The global neurostimulation devices market is witnessing significant growth due to increasing prevalence of chronic pain and rising incidences of neurological diseases. Moreover, rising awareness about various neurological diseases, growing geriatric population, and increasing investments in research and development of innovative neurostimulation devices are the other factors driving the market. However, availability of alternative treatment therapies for neurological diseases and side-effects of neurostimulation therapy inhibits the growth of the market.
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.
North America is the largest market, while Asia Pacific represents the fastest-growing market for neurostimulation devices. Spinal cord stimulation (SCS) represents the largest segment, while deep brain stimulation (DBS) is the fastest-growing implantable neurostimulation device sub-segment in the market. Transcutaneous electrical nerve stimulation (TENS) is the largest and fastest-growing external device sub-segment in the market. In terms of application, pain management represents the largest and fastest-growing application segment in the neurostimulation devices market.
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The neurostimulation devices market in North America is anticipated to grow from an estimated US$ 2,449.9 Mn in 2014 to US$ 4,892.9 Mn by 2020 at a CAGR of 12.2% during the forecast period.
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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