Neurostimulation Devices Market size worth $13.7 Billion by 2023: Global Market Insights, Inc.
Neurostimulation Devices Market size is projected to grow from USD 4.58 billion in 2015 at over 14.5% CAGR; according to the latest research report by Global Market Insights, Inc.
Growing geriatric population proportion and presence of high unmet medical needs pertaining to chronic diseases, and introduction of technological advancements is likely to drive the global neurostimulation devices market size.
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Sacral nerve stimulator is identified to be most attractive usage segment, forecast to grow at highest CAGR of 19.7%, from 2016 to 2023. Spinal cord stimulators dominated the market in 2015, accounting for over 57% of global revenue. These devices were the first kind of neurostimulation devices to be commercialized and therefore, hold a competitive edge over the rest of the devices in terms of market penetration rate.
Moreover, the introduction of technologically advanced products such as MRI safety and Bluetooth enabled devices, and the cost effectiveness exhibited by these devices in terms of quality adjusted life years (QALY) should drive the growth of this market.
Asia Pacific is expected to offer neurostimulation devices market lucrative growth opportunities in the coming years, due to presence of high unmet needs, rapidly developing healthcare infrastructure, and rising disposable income. Regional revenue was USD 636.4 million in 2015, with 17.9% CAGR growth target from 2016 to 2023.
To access sample pages or view this report titled, “Neurostimulation Devices Market Size By Product [Deep Brain, Gastric Electric, Spinal Cord, Sacral Nerve, Vagus Nerve], By Application [Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease], Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
Key insights from the report include:
- Global neurostimulation devices market size estimates were USD 4.58 billion in 2015, and forecast to attain CAGR of 14.7% up to 2023 and exceed USD 13.5 billion.
- Spinal cord stimulation products dominate the global market, with over USD 2.6 billion revenue in 2015; these were among the earliest commercialized technologies in the industry and thus enjoy strong penetration.
- Gastric electric stimulation & deep brain stimulation devices are also perceived to be attractive avenues for growth. However, the nascent nature of these technologies leaves room for further investigation and R&D. These niche segments may lead to a rise in R&D spending and a dynamic IP landscape.
- Europe neurostimulation device market revenue is set to exceed USD 2.8 billion by 2023, at 16.6% CAGR.
- Pain management application segment was estimated at USD 3.05 billion in 2015. This market size can be attributed to rising global chronic pain disorder prevalence along with growing neurostimulation device adoption for pain management due to strong therapeutic value.
- The threat of new entry in the market is low, mainly due to capital intensive nature of the market. Moreover, the companies entering this market need high capital investments to set up manufacturing and research & development facilities.
- Neurostimulation devices play an important role in providing therapeutic solutions for depression and obesity and therefore a rise in the prevalence of such diseases is expected to drive demand.
- Minimally invasive transdermal neuromodulation technology by Neurowave and MRI safety incorporated devices by Medtronic will drive industry innovation. Rapid economic development in APAC and LATAM will strengthen the platform for the growth of this market by enhancing buying power of consumers.