Neurostimulation Market by Product Type, By Indication, By End User and by Geography – Opportunities & Forecast, 2018-2025
The global neurostimulation market was valued at USD 5,716.5 million in 2017, and is projected to reach USD 14,476.4 million by the end of 2025, growing at a CAGR of 12.6% during 2018–2025.
Figure 1: Global Neurostimulation Market Revenue, 2018–2025 (USD Million)
Source: GMI Research
Major Neurostimulation Market Drivers
The key factors bolstering the market growth are increasing prevalence of neurological disorders, such as epilepsy, Parkinson’s disease, dystonia, depression, migraine, and chronic pain. In addition, strong clinical needs, expanding research activities and advances in neural stimulation technology in combination with a deeper understanding of the nervous system are also expected to aid the market growth.
Based on product type, implantable spinal cord stimulators segment is anticipated to lead the market during 2018-2025
Implantable spinal cord stimulators product type segment is expected to dominate the market during the forecast period due to an increase in clinical trials for the treatment of new indications. Moreover, the adoption of spinal cord stimulators is high as compared to conventional treatments as spinal cord stimulation procedure is minimally invasive, provides quicker recovery and is cost-effective.
The chronic pain by indication segment held the largest share in 2017 in the market, and is predicted to exhibit a significant growth rate during the forecast period owing to rising patients’ emphasis on timely and effective pain management and increase in prevalence of chronic pain disorder, globally. For instance, according to the American Academy of Pain Medicine, in 2011, more than 100.0 million people were affected by the chronic pain in the United States. Also, extensive research and development activities and the introduction of advanced neurostimulation products are predicted to aid the market growth in the coming years.
Top Market PlayersPlayers, such as Boston Scientific Corporation, Medtronic plc, Cyberonics, Inc., and Nevro Corp are focusing on R&D activities to expand their product portfolio.
Figure 2: Global Neurostimulation Market Revenue, by Region, 2017
Source: GMI Research
Regional – Segment Analysis
Based on geography, North America held the largest share in the market in 2017 due to the presence of well-developed healthcare infrastructure, growing awareness among individuals about neurostimulation, and increasing adoption of neurostimulation procedures in the region. Asia-Pacific is the fastest growing region in global neurostimulation market and is projected to grow at CAGR of 14.2% during 2018-2025 due to the presence of a large patient pool, rising disposable income, etc.
Top Market Players
Various notable players operating in the market include Boston Scientific Corporation, Medtronic plc, Cyberonics, Inc., Nevro Corp, NeuroPace, Inc., DePuy Synthes, NeuroSigma, Inc., Synapse Biomedical Inc., MED-EL., among others.
Segments covered in the Report:
The global neurostimulation market has been segmented on the basis of product type, indication, end user, and key geographies. Based on the product type, global neurostimulation market has been segmented into implantable and non-implantable. Wherein, the implantable segment includes deep brain stimulators, sacral nerve stimulators, spinal cord stimulators, vagus nerve stimulators, and others and non-implantable segment includes transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS). Based on indication type, global neurostimulation market has been segmented into chronic pain, movement disorders, epilepsy, and others. Based on end user, the market has been segmented into hospitals, ambulatory surgical centers, and specialty clinics.
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