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HomeNewsGlobeNewsWireNeurostimulation Devices Market worth over $13 billion by 2023: Global Market Insights, Inc.

Neurostimulation Devices Market worth over $13 billion by 2023: Global Market Insights, Inc.

Neurostimulation Devices Market worth over $13 billion by 2023: Global Market Insights, Inc.

“Pain management segment of Neurostimulation Devices Market will rapidly grow to exceed USD 9.0 billion by 2023 driven by the high frequency of chronic pain ailments worldwide & growing adoption rate with high therapeutic value in pain management.”

ET | Source: Global Market Insights, Inc

Ocean View, Delaware, July 12, 2017 (GLOBE NEWSWIRE) —

The Industry Analysis report “Neurostimulation Devices MarketBy Product (Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator), By Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, South Africa, Saudi Arabia), Growth Potential, Competitive Market Share & Forecast, 2016 – 2023”by Global Market Insights, Inc. forecast Neurostimulation Devices Market share is anticipated to surpass USD 13 billion by 2023.

Rising incidence of age-related neurological disorders and consumer awareness levels, enhanced clinical outcomes and manufacture of advanced implantable neurostimulator will stimulate global Neurostimulation Devices Market size growth. Significant increase in the number of people suffering from epilepsy, Parkinson’s, migraine, and Alzheimer’s will continue to boost the demand.

Despite the advancement in pharmacologic therapy for epilepsy, nearly 30% of the individuals remain medically intractable and have seizures on medications, in such cases, other treatments are required. Vagus nerve stimulation and deep brain stimulation have evidence of relief in patients with intractable epilepsy.

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Pain management proved to be highest revenue generated application in 2015 with high prevalence chronic pain related conditions and positive therapeutic effects offered by neurostimulation devices. Deep brain stimulation devices are presently going through experimental stage as they are based on nascent technology. These devices are FDA approved for the treatment of Parkinson’s and dystonia, and are awaiting approvals for obsessive compulsive disorder (OCD), cluster headache and refractory epilepsy treatment.

Latin America, controlled by Brazil and Mexico Neurostimulation Devices Market will experience significant growth. The region accounted for approximately 4% share of the total industry in 2015. Increased income in middle class population, increasing awareness and changing lifestyle are driving products demand in the region. Brazil will be a profitable market with a significantly large pool of under-served patients, represent the big opportunity for the leading medical devices companies.

Technological advancements such as the transdermal neuromodulation technology (Neurowave Medical Technologies) and MRI safety-enabled devices (Medtronic) are expanding the global Neurostimulation Devices Market product trends. Rising geriatric population base with high risk of Alzheimer’s and Parkinson’s, is also promoting the product demand. New applications will help expand the neurostimulation market over the coming years, for treatment of chronic migraine, different forms of blindness, morbid obesity, and sleep apnea, among other indications.

Growing number of externally funded clinical programs for development of new products and increased demand and many untapped business opportunities in emerging countries of Latin America and Asia Pacific will boost the regional Neurostimulation Devices Market size.

Browse key industry insights spread across 95 pages with 72 market data tables & 6 figures & charts from the report, “Neurostimulation Devices Market”in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/neurostimulation-devices-market-report

Spinal cord stimulation devices market was the highest revenue generating product segment in 2015. Consumer affordability provided by these devices will increase the demand during the forecast period. The neurostimulation devices for Parkinson’s disease may grow at a rapid rate during the forecast years due to growing global geriatric population base and low availability of treatment options. Sacral nerve stimulator devices market is expected to witness notable growth with high prevalence of urinary and fecal incontinence among geriatric population.

U.S. Neurostimulation Devices Market was valued over USD 2 billion in 2015 and is forecast to rise during the coming years due to heavy R&D investment by many startups and leading medical device companies. Germany and UK combinedly accounted for nearly 35% of overall regional revenue share in 2015. Healthcare industry development coupled with increase in consumer affordability have positively inclined Europe Neurostimulation Devices Market growth.

Asia Pacific Neurostimulation Devices Market share will witness significant gains in pain management applications due to increasing geriatric population base. Technological advancement and increasing application scope in pain management, depression and epilepsy is driving overall regional demand.

Companies operating in Neurostimulation Devices Market include Medtronic, Boston Scientific, Cyberonics, Neuronetics, Codman & Shurtleff’s, St. Jude Medical and Uroplasty. Entrants in neurostimulation device market may face barriers, mainly due to dominance by few major players.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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