Neurostimulation Devices – Deep Brain Stimulation Devices Market Driven by Constant Technological Advancements and Innovative R&D: PMR
Neurostimulation devices are becoming widely popular by gaining significance in the management of chronic conditions such as depression, Parkinson’s disease, neuropathic pain, and epilepsy.
New York, United States – July 21, 2015 /MarketersMedia/ —
According to a new report published by Persistence Market Research (PMR), titled ‘Global Market Study on Neurostimulation Devices: Deep Brain Stimulation Devices to Witness Highest Growth by 2020′, the global neurostimulation devices market is expected to rise steadily until 2020 to a value of US$10,445.7 million, from US$5,088.9 million in 2013, by the end of the forecast period. The market is expected to grow at a CAGR of 12.7% from 2014 to 2020 due to several major drivers acting on the global neurostimulation devices market.
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Neurostimulation devices are mainly used in times when traditional systematic drug therapies are ineffective. One of the main reasons neurostimulation devices are high in demand is the rising incidence of neurological diseases and chronic pain conditions. However, factors such as increasing investment in research and development of innovative neurostimulation devices, growing awareness about various neurological diseases, and growing geriatric population are also supporting the growth of the neurostimulation devices market.
This report by PMR provides in-depth analysis and estimation of the neurostimulation devices market on the basis of various types of applications, devices, and geography.
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By device type, the market is segmented into implantable stimulation devices and external stimulation devices. The implantable stimulation devices segment is further categorized into sacral nerve stimulation (SNS), deep brain stimulation (DBS), gastric electric stimulation (GES), spinal cord stimulation (SCS), cochlear implants (CI), vagus nerve stimulation (VNS), and others.
The spinal cord stimulation (SCS) market holds the largest share in the implantable stimulation devices market, followed by the deep brain stimulation market segment (DBS). DBS is an effective surgical option used in the treatment of several neurological conditions, and hence the demand for DBS is growing in the field of neurology. The DBS market segment is expected to expand rapidly in the near future and register the fastest growth till 2020.
On the other hand, the external stimulation devices market is further segmented into transcranial magnetic stimulation, transcutaneous electrical nerve stimulation, and others. Among these devices, the transcutaneous electrical nerve stimulation market holds the largest share and is also predicted to be the fastest growing market within the external devices market.
In terms of geography, North America dominates the global neurostimulation devices market while Asia Pacific is anticipated to be the fastest growing neurostimulation devices market for the forecast period 2014-2020.
The demand for neurostimulation devices is high in Asia, especially in countries such as China and Japan, due to the growing incidence of chronic pain in geriatric people. High prevalence of conditions such as osteoporosis and arthritis among people in these countries increases the need for neurostimulation devices.
PMR Medical Devices Market Research Reports: http://www.persistencemarketresearch.com/category/medical-devices.asp
Moreover, in Europe, technological advancements in neurostimulation devices are supporting the growth of the overall neurostimulation devices market. The market for these devices is rapidly growing in Europe due to improving healthcare services and innovative initiatives taken by various government organizations.
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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and a high pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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