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Neurostimulation is the technique of pain management where pain signals are intercepted by neurostimulator implanted in the patient’s body before they reach the brain. Combined with this, the neurostimulation technique offers benefit to the people suffering from neurologic and psychiatric disorders. Neurostimulation device targets specific regions of the nervous system to provide therapeutic relief from a range of neuropsychiatric disorders. Neurostimulation devices are widely utilized in epilepsy, parkinson’s disease, essential tremor, obsessive-compulsive disorder, alzheimer’s disease, depression, chronic pain, and also to help in functional restoration for those who are afflicted with spinal injuries.
Increasing prevalence of chronic pain conditions coupled with psychiatric and neurological conditions is expected to drive the growth of the global neurostimulation devices market during the forecast period. According to a survey conducted by National Institutes of Health in 2018, an estimated 38.8% of the population in France was suffering from chronic back pain.
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Certain factors such as the higher cost of neurostimulation treatment and devices, this combined with inadequate availability of neurostimulation devices in emerging countries is anticipated to hamper the growth of the global neurostimulation devices market by 2026.
Some of the major companies that are present in the global neurostimulation devices market are Medtronic, Abbott, Boston Scientific Corporation, Cyberonics, Inc., BioControl Medical, Synapse Biomedical Inc., and Nevro Corp. and other players.
By Device Type
· Vagus Nerve Stimulation Devices
· Deep Brain Stimulation Devices
· Spinal Cord Stimulation Devices
· Sacral Nerve Stimulation Devices
· Parkinson’s Disease
· Chronic Pain Management
By End Users
· Hospital & Clinics
· Ambulatory Surgical Centers
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Among the segmentation, spinal cord stimulation devices in device type segment are expected to hold a considerable share of the global neurostimulation devices market owing to it higher utilization for the treatment of the most common and chronic spinal cord associated disorders such as chronic back pain.
The regulatory scenario for key countries
Prevalence of neurological disorders and chronic pain for key countries
Recent industry developments such as partnerships, mergers, and acquisitions
New product launch in the market by key players
North America is expected to dominate the global neurostimulation devices market throughout the forecast period owing to a higher prevalence of neurological disorders, ongoing research & development initiatives for the neurostimulation devices and the gradual shift of patient preference towards utilization of advanced medical devices. In the Asia Pacific, Japan is expected to hold a significant market share due to the recent product approvals and developed healthcare infrastructure. The emerging markets such as India and China are expected to be among the fastest growing markets due to the increasingly technologically advanced product awareness and increasing healthcare expenditure.
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