Published By : 18 Aug 2016 | Published By : QYRESEARCH
Much of the demand for neurostimulation devices arise from the increasing prevalence of numerological diseases across the world. The surge in the number of reports related to chronic pain, propelled by the augmenting base of the global geriatric population, and the growing investments in research activities for the development of highly advanced neurostimulation devices are driving the global market for neurostimulation devices significantly.
On the flip side, the abundant availability of options in therapies for the treatment of neurological diseases and the increase in reports of adverse effects of neurostimulation therapy are hampering the growth of this market to some extent.
North America Exhibits Strong Demand for Neurostimulation Devices
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the key regional markets for neurostimulation devices. North America has been leading the global market since past few years and is expected to remain dominant in the near future.
The increasing incidence of various neurological disorders, together with multiple initiatives taken by governmental and non-governmental organizations in this region to raise awareness among people regarding chronic pain conditions and neurological diseases in North America. In addition to this, technological advancements are likely to influence the adoption of neurostimulation devices greatly in this region over the next few years.
Pain Management to Remain Key Application Area of Neurostimulation Devices
Parkinson’s disease, pain management, depression, epilepsy, hearing loss, urinary and fecal incontinence, and gastroparesis are the key application areas for neurostimulation devices. Currently, the demand for these devices is the strongest in the pain management segment. Analysts expect this demand to remain growing remarkably in the near future.
The key manufacturers of neurostimulation devices across the world are MED-EL, Boston Scientific Corp., Medtronic Plc., St. Jude Medical Inc., NeuroPace Inc., Cyberonics Inc., Cochlear Ltd., NeuroSigma Inc., and NDI Medical LLC.