Neurostimulation Devices Market
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<strong>Neurostimulation</strong> <strong>Devices</strong> <strong>Market</strong> to Reach a Valuation of US$ 10,445.7 million by 2020<br />
According to a new market report published by Persistence <strong>Market</strong> Research “Global <strong>Market</strong> Study<br />
on <strong>Neurostimulation</strong> <strong>Devices</strong> - Deep Brain Stimulation <strong>Devices</strong> to Witness Highest Growth by<br />
2020,” the global neurostimulation devices market was valued at US$ 5,088.9 Mn in 2014 and is<br />
expected to grow at a CAGR of 12.7% from 2014 to 2020, to reach US$ 10,445.7 Mn by 2020.<br />
<strong>Neurostimulation</strong> technology involves the use of microelectrodes to activate elements of the<br />
nervous system. It involves the use of a neurostimulation device - a battery-powered stopwatchsized<br />
device - which is surgically implanted in the brain and delivers electric signals at scheduled<br />
time intervals to the nervous system. These electric signals develop tingling sensations (paresthesia)<br />
in the damaged nerve and helps chronic pain and neurological disorders. In chronic pain conditions,<br />
these electric signals block the pain messages from the damaged nerve from reaching the brain.<br />
These devices are gaining importance in the management of chronic conditions such neuropathic<br />
pain, nociceptive pain, Parkinson’s disease, epilepsy, and depression. Neuropathic pain occurs due<br />
to nerve damage, while nociceptive pain arises from diseases such as diabetes, cancer, and arthritis.<br />
These devices are mostly used in cases where systemic drug therapies are not effective.<br />
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The global neurostimulation devices market is witnessing significant growth due to increasing<br />
prevalence of chronic pain and rising incidences of neurological diseases. Moreover, rising<br />
awareness about various neurological diseases, growing geriatric population, and increasing<br />
investments in research and development of innovative neurostimulation devices are also driving<br />
the market. However, availability of alternative treatment therapies for neurological diseases and<br />
side-effects of neurostimulation therapy inhibit the growth of the market. The global<br />
neurostimulation devices market is anticipated to grow from an estimated US$ 5,088.9 Mn in 2014<br />
to US$ 10,445.7 Mn by 2020 at a CAGR of 12.7% during the forecast period.<br />
In North America, the neurostimulation devices market is growing due to increasing incidence of<br />
neurological diseases such as Alzheimer and Parkinson’s disease. Moreover, initiatives taken by<br />
various government and private associations for increasing awareness about various chronic pain<br />
and neurological disorders and rising investments in the research and development of novel<br />
neurostimulation devices in North America is driving the market in the region.<br />
The neurostimulation devices market in Europe is growing due to initiatives taken by various<br />
governments to improve healthcare facilities in the region. Furthermore, increasing incidences of<br />
chronic pain and neurological diseases and growing aging population are also boosting the growth<br />
of the Europe neurostimulation devices market. According to WHO, every year, neurological<br />
disorders affect one-third of the population in Europe, and approximately 1% to 2% of the<br />
population is diagnosed with psychotic disorders. According to the NHS England - a government<br />
organization primarily involved in the improvement of healthcare services in England -<br />
approximately 8 million people suffered from chronic pain in the U.K. in 2010, and the number<br />
reached 14 million in 2012.<br />
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Asia Pacific represents the fastest-growing region in the neurostimulation devices market. This is<br />
primarily due to growing aging population in various countries such as India and China. According<br />
to the National Institutes of Health (NIH) - an organization involved in biomedical and health<br />
related research activities - approximately 110 million people in China were aged 65 years and
above in 2011 and the number is expected to reach 330 million by 2050. In India, approximately 60<br />
million people were aged 65 years and above in 2011 and the number is expected to reach 227<br />
million by 2050.<br />
Medtronic, plc, St. Jude Medical, Inc, Boston Scientific Corporation, and Cyberonics, Inc. are some<br />
of the leading players in the neurostimulation devices market. Other major players of<br />
neurostimulation devices market include Cochlear, Ltd., NDI Medical, LLC, NeuroPace, Inc.,<br />
NeuroSigma, Inc., and MED-EL.<br />
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