Some of the major players in neurostimulation devices market are Virtual Medical Centre Inc Neurosigma, Boston Scientific Corporation, St. Jude Medical Inc., NDI Medical, electroCore LLC, Electro Medics, Endostim Inc., and NeuroPace, Inc.
Neurostimulation is therapy used for treatment and diagnosis of disorders of the nervous system. Neurostimulation devices include implantable and non-implantable devices, which deliver chemical, electrical or other agents that reversibly modify nerve cell activity and brain cells. Certain diseases do not respond or react to drug therapies; in such cases advanced neurostimulation devices are used as part of the treatment. Neurostimulation devices are surgically inserted into the patient organs and are controlled with the help of thin wires and leads.
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Neurostimulation is used to reduce chronic pains associated with conditions such as Parkinson’s disease, epilepsy, nociceptive pain, neuropathic pain, and depression. It helps improve quality of life of patients suffering from paralysis, obesity, and severe loss of sensory organs. Neurostimulation devices is a key element used in neural prosthetics for artificial vision, artificial limbs, hearing aids, and many more. Neurostimulator is the best therapeutic solution for pain associated with failed back surgery and diabetic neuropathy.
As per the data published by European Brain Council, worldwide around 6.3 million people were living with Parkinson’s disease in 2015 and the number is expected to increase steadily in the near future.
Intracranial stimulation, peripheral nerve stimulation (PNS), Spinal cord stimulation (SCS), deep brain stimulation, and motor cortex stimulation are among the most widely used neurostimulation devices. Spinal cord stimulation is widely used in failed back surgery, pain due to peripheral neuropathy, and pain due to low supply of blood to the limb, chest pain, urinary incontinence, and occipital neuralgia. The deep brain stimulation is generally use to treat Parkinson’s plus syndromes. PD is a neurodegenerative disorder in which brain cells progressively die.
Increase in the prevalence of diseases such as Parkinson’s disease (PD) expected to lead the growth of neurostimulation devices market
According to national institutes of health (NIH), around 50,000 people were suffering from Parkinson disease (PD) in the U.S. each year about half of a million people have the disease. North America account for the largest market for neurostimulation devices and is expected to retain its dominance through the forecast period. This is mainly attributed to high patient awareness level and high healthcare spending in the region. Asia Pacific is projected to be the fastest growing market, mainly due to high prevalence of PD in countries such as India and China.
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As per stats released by the World Health Organization (WHO), around 6.3 million people worldwide suffered from Parkinson’s disease in 2013. Furthermore, according to Anxiety and Depression Association of America (ADAA), in 2016, people suffering from anxiety disorders are highly treatable. According to the National Institute of Mental Health (NIMH), 10% to 15% worldwide women develop postpartum depression. Major depression includes bipolar disorder which are accompanied by delusions, hallucinations, or paranoia which is called as psychotic depression. These conditions can be effectively treated using neurostimulation devices. According to the National Alliance on Mental Illness (NAMI), around 20% of people in U.S are suffering with major depressive disorder develop psychotic symptoms hallucinations.
Essential Tremor (ET) leads to action tremor, with prevalence rate of up to 10% in the US. It is reported that 85% of the patient lifestyle is affected by this disease. This inadvertently creates a highly conducive environment for growth of the neurostimulation devices market.
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Neurostimulation devices market taxonomy:
Global Neurostimulation Devices Market by Type of Device
- Deep Brain Stimulators
- Gastric Electric Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Spinal Cord Stimulators
Global Neurostimulation Devices Market by Application
- Parkinson’s Disease
- Essential Tremor
- Urinary and Fecal Incontinence
On the basis of end user, the Global Neurostimulation Devices Market is classified into the following:
- Rehabilitation Centers
- Medical Clinic
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