Sellbyville, DE -- (SBWIRE) -- 05/28/2019 -- The Neurostimulation Devices Market is set to exceed USD 16 billion by 2024; according to a new research report by Global Market Insights. Rising prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, migraine, chronic lower back pain, dementias, and epilepsy will drive the global neurostimulation devices market size. Soaring elderly patient base across the globe is another major factor driving industry growth as the geriatric patient pool is more vulnerable to neurological disorders that will fuel demand for neurostimulators in the future.

Rising demand for minially invasive technologies in the developed economies for the treatment of neurological disorders will spur neurostimulation devices market growth. Advantages offered by minimally invasive surgeries (MIS) including reduced hospital stays, smaller incisions, curtailed risk of infections, lower operative pain, discomfort and minimized risk of complications will spur demand for neurostimulators in the future.

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Development of technologically advanced products coupled with increasing equity funding by major industry players will accelerate adoption of neurostimulators and upsurge overall revenue size. However, hardware, biological and programming or therapy related complications associated with neurostimulation devices along with dearth of skilled healthcare professionals will hinder industry growth over the coming years.

Sacral nerve stimulators are poised to be the fastest growing segment owing to increasing number of people suffering from incontinence disorder coupled with increasing efforts undertaken by industry players to develop advanced sacral nerve stimulators. For instance, Medtronic developed sacral neuromodulation system (SNS) (Interstim) that stimulates the sacral nerve with the help of electric impulse and improve bladder and bowel function.

Parkinson's disease will witness significant growth over the coming years. This is attributable to increasing prevalence of such neurodegenerative disorder that becomes more prevalent with age. In addition, rising adoption of deep brain stimulation (DBS) for the treatment of such disease in earlier stages will augment segmental growth.

U.S. will lead the global neurostimulation devices market over the forecast period. Increasing prevalence of neurological disorders including Parkinson's disease, unruptured brain aneurysm, chronic lower back pain and Alzheimer disease will stimulate demand for neurostimulation devices propelling regional growth. Furthermore, rapid technological advancement by well-established industry players along with favorable reimbursement scenario will fuel regional market size.

Incidentally, researchers had been steadily working over the past three years to enable users to grade their muscle contractions to handle delicate objects. This has resulted in the device being able to achieve sophisticated and precise movements of individual fingers. The incidence demonstrates the ability of brain computer interface technology to eliminate human disabilities. Presuming that manufacturers would succeed in bringing the device to the mainstream, it is undeniable that neurostimulation devices market size would soar heights over 2017-2024.

As per the Parkinson's Foundation, more than 10 million people are estimated to be suffering from Parkinson's disease. In this regard, research programs in the deep brain stimulation for Parkinson's disease management has helped in developing new technologies that will not only deliver neurostimulation but also change with the patient's needs. Currently, a device developed by researchers at University of California called Medtronic with an extra electronic circuit has been found to substantially change the present condition of stimulators used to control the symptoms of Parkinson's disease. R&D programs such as the aforementioned and the rising significance of deep brain stimulators are certain to change neurostimulation devices industry trends over 2017-2024.

The last couple of decades have witnessed the healthcare community trying to find ways for successful pain management without the need of addictive painkillers – a trend that has successfully augmented neurostimulation devices market growth. Drug developers who have been trying to come up with non-addictive pain medications in fact, are facing steep competition from neurostimulation devices market players who have been increasingly coming up with smaller and more comfortable devices that are in the least intrusive and do not involve the risk and complication of surgery.

Speaking of painkillers, between 1999 and 2015, a survey conducted in the United States by the Centers for Disease Control and Prevention, showed that the number of opioids prescribed has been tripled, however, the pain levels in Americans remained the same. On the other hand, an estimated 2 million people in the U.S. abused prescription pain medication during 2015. Incidentally, the U.S. neurostimulation devices market accounted for largest share in North America in 2016, driven by a plethora of modern solutions for neurological disorders.

As the use of opioids and the concern regarding their side effects and addictiveness is increasing, the medical community is gradually shifting its focus to developing non-addictive pain relivers and drug free alternatives like neurostimulation devices. These devices can also alleviate withdrawal symptoms in people who are already addicted to opioids. On these grounds, it would be fair to state that the future looks promising for neurostimulation devices market. As per estimates, neurostimulation devices industry size will exceed $16 billion by 2024.

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Neurostimulation Devices Market by Product

1 Sacral nerve stimulators
2 Spinal cord stimulators
3 Gastric electric stimulators
4 Deep brain stimulators
5 Vagus nerve stimulators

Neurostimulation Devices Market by Application

1 Epilepsy
2 Depression
3 Dystonia
4 Pain management
5 Parkinson's Disease
6 Gastroparesis
7 Urinary and fecal incontinence
8 Essential tremor

Chapter 1. Methodology

1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition and forecast parameters
1.2. Data sources
1.2.1. Secondary
1.2.2. Primary

Chapter 2. Executive Summary

2.1. Neurostimulation devices industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Regional trends

Chapter 3. Neurostimulation Devices Industry Insights

3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry impact forces

3.3.1. Growth drivers
3.3.1.1. Increasing demand for minimally invasive technologies in the developed countries
3.3.1.2. Rising prevalence of neurological disorders in U.S and Europe
3.3.1.3. Growing adoption of innovative and technologically advanced products
3.3.1.4. Increasing number of elderly patients with neurological disorders in the U.S and European countries

3.3.2. Industry pitfalls & challenges
3.3.2.1. Complications associated with neurostimulation devices
3.3.2.2. Lack of skilled healthcare practitioners

Chapter 4. Neurostimulation Devices Market, By Product

4.1. Global Neurostimulation devices market share, by product, 2016 & 2024

4.2. Sacral nerve stimulators
4.2.1. Market estimates and forecasts, 2013-2024 (USD Million)

4.3. Spinal cord stimulators
4.3.1. Market estimates and forecasts, 2013-2024 (USD Million)

4.4. Gastric electric stimulators
4.4.1. Market estimates and forecasts, 2013-2024 (USD Million)

4.5. Deep brain stimulators
4.5.1. Market estimates and forecasts, 2013-2024 (USD Million)

4.6. Vagus nerve stimulators
4.6.1. Market estimates and forecasts, 2013-2024 (USD Million)

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Data Tables

TABLE 1. Neurostimulation devices industry 3600 synopsis, 2013 – 2024
TABLE 2. Global Neurostimulation devices market, 2013 - 2024
TABLE 3. Global Neurostimulation devices market, by product, 2013 – 2024
TABLE 4. Global Neurostimulation devices market, by application, 2013 - 2024
TABLE 5. Global Neurostimulation daevices market, by region, 2013 – 2024
TABLE 6. Industry impact forces
TABLE 7. Sacral nerve stimulators market size, by region, 2013 - 2024
TABLE 8. Spinal cord nerve stimulators market size, by region, 2013 - 2024
TABLE 9. Gastric electric stimulators market size, by region, 2013 - 2024
TABLE 10. Vagus nerve stimulators market size, by region, 2013 - 2024