Neurostimulation devices provide much needed therapeutic relief to an unprecedented number of people affected by debilitating neurologic and psychiatric disorders worldwide. Within the past 2 decades, innovation in medical device technology has begun to drive the evolution of these neurostimulation systems at a more accelerated pace. Furthermore, neurostimulation devices include implantable and external approaches that involve the application of electrical stimulation to drive neural function within a circuit. These implantable neurostimulation systems target specific deep subcortical, cortical, spinal, cranial, and peripheral nerve structures to modulate neuronal activity, providing therapeutic effects for a myriad of neuropsychiatric disorders. Recent advances in neurotechnologies and neuroimaging, along with an increased understanding of neurocircuitry, are factors contributing to the rapid rise in the use of neurostimulation therapies to treat an increasingly wide range of neurologic and psychiatric disorders.

NEUROSTIMULATION DEVICE MARKET OUTLOOK

Rising healthcare expenditure, technological advancements and growing prevalence of lifestyle induced disorders are some major factors driving the growth of the neurostimulation device systems market. Additionally, external funding for research and development and growing demand for minimally invasive surgeries has also impacted the growth of the neurostimulation device systems market globally. On the other hand, factors such as unfavourable reimbursement policies and high cost of complex neurostimulation devices are hampering the growth of the market.

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 NEUROSTIMULATION DEVICE SEGMENTAL OVERVIEW

The neurostimulation device market is segmented by device type, application and geography. 

NEUROSTIMULATION DEVICE MARKET BY DEVICE TYPE

On the basis of device type, the neurostimulation device market is classified into implantable devices and external devices. The implantable device segment is bifurcated into vagus nerve stimulators, spinal cord stimulators, deep brain stimulators, gastric electric stimulators and others. Likewise, the external devices segment is classified into external devices, transcranial magnetic stimulation (TMS), transcutaneous electrical nerve stimulation (TENS) and others.

NEUROSTIMULATION DEVICE MARKET BY APPLICATION

Various application of the neurostimulation device market are covered in the report such as pain management, epilepsy, essential tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, parkinson's disease and others. The neurostimulation devices market for Parkinson’s disease is projected to grow at a vigorous rate during the projection period, owing to the growing global base of aged population and the low availability of treatment options for this disease.

NEUROSTIMULATION DEVICE MARKET BY GEOGRAPHY

The neurostimulation device market report is studied across the key countries of North America, Europe, Asia Pacific and Rest of the World. North America dominates the market for brain monitoring, accounting for the highest market value in 2018, owing to the growing prevalence of neurological disorders in the region and organizations in the region are frequently running awareness campaigns on neurological disorder. Whereas, Asia Pacific is expected to witness the fastest growth rate during the forecast period.

NEUROSTIMULATION DEVICE MARKET KEY PLAYERS

Some key players of this market includes Abbott, Bayer Corporation, Boston Scientific Corporation, Cogentix Medical, Cyberonics, Inc, Neuronetics, NeuroPace, Inc., Nevro Corp, Medtronic and Synapse Biomedical, Inc. New product launches, research and development and mergers acquisitions are the key strategies adopted by market players to ensure their growth in the market.

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