Neurostimulation Devices Market Is Predicted To Grow Swiftly Due To Increasing Adoption Of Unhealthy Lifestyle, Diet Till 2024: Grand View Research, Inc.
The neurostimulation devices market is expected to reach USD 9.8 billion by
2024, according to a new report by Grand View Research, Inc. The
neurostimulation devices market is anticipated to witness a significant growth
during the study period from 2016 to 2024. This growth is majorly attributed to
high prevalence of chronic diseases, including migraine and epilepsy.
Increasing adoption of unhealthy lifestyle, diet, and growth in aging
population is resulting in a growing incidence of the chronic disease in
individuals. However, adverse effects and risks associated with
neurostimulation devices and presence of stringent device approval regulations
are expected to hamper the growth.
Apart
from the above mentioned factors, increasing incidence of road traffic
accidents (RTAs) is also an additional factor propagating growth. Hence, the
neurostimulation devices market holds enormous growth prospects and as a result
manufacturers are participating in precise R&D exercises to develop new
products empowered by advance technology. Some of the technological
advancements such as the following are expected to serve as drivers:
- Minimally
invasive transdermal neuromodulation technology by Neurowave Medical
Technologies
- MRI
safety incorporated devices by Medtronic Inc.
U.S. hybrid
power solutions market revenue, by system type, 2014 - 2025 (USD Million)
Browse full research report on Neurostimulation
Devices Market: http://www.grandviewresearch.com/industry-analysis/neurostimulation-devices-industry
Further
key findings from the study suggest:
- North
America is estimated to dominate the global neurostimulation devices
market. The growing demand for neurostimulation devices as an add-on
therapy, presence of high patient disposable incomes &patient
awareness levels coupled with sophisticated healthcare infrastructure and
high prevalence of target diseases, such as epilepsy, Parkinson’s disease,
incontinence, etc., are expected to facilitate growth in near future
- Asia
Pacific is the fastest growing region in the neurostimulation devices. The
high growth rate is explained by the following drivers:
- Economic
developments in emerging areas, such as India and China
- Rising
healthcare expenditures
- Presence
of unmet medical needs and untapped markets coupled with increasing
patient disposable incomes
- Changing
lifestyle of the people resulting in various lifestyle-related diseases,
for example, low-back pain resulting from long working hours.
- Increasing
RTAs, for example, nerve injuries (paralysis) due to RTA, which require
neurostimulation postoperatively
The
immense growth opportunities available in the Asia Pacific region have
attracted manufacturers to enter these areas, for example, Medtronic aims at
generating 20% of its revenue from emerging economies in the next 5 years,
commencing from 2011
- Spinal
cord stimulation devices dominated the market in 2015 with highest share
of over 54.0%. These devices were the prime neurostimulation devices to be
commercialized, thus, hold a competitive edge over the rest of the devices
in terms of share. The cost-effectiveness provided by these devices in
terms of quality-adjusted life years will also drive the growth
- Pain
management dominated the overall market in terms of revenue share at over
65.0% in 2015. High global prevalence of chronic pain disorders and the
growing adoption rates of neurostimulation devices for pain management
were the major drivers recognized as contributors to the growth
- The
industry involves several global as well as local players. Some of the key
players are Medtronic; St. Jude Medical; Boston Scientific Corporation;
Cyberonics, Inc.; and Nevro Corporation. New and innovative product development
using latest technology is expected to be a universal strategy followed by
the players
- For
instance, in June, 2015, according to new data presented by Boston
Scientific Corporation, the company’s spinal cord stimulator system, also
known as Precision Spectra, claimed that the system provided better pain
relief than its previous generation of Precision Plus SCS systems
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-neurostimulation-devices-market
About
Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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