According to a new market report published by Persistence Market Research “Global Market Study on Neurostimulation Devices - Deep Brain Stimulation Devices to Witness Highest Growth by 2020,” the global neurostimulation devices market was valued at US$ 5,088.9 Mn in 2014 and is expected to grow at a CAGR of 12.7% from 2014 to 2020, to reach US$ 10,445.7 Mn by 2020.
Neurology is a branch of medical science that deals with the diagnosis and treatment of diseases of central nerves system (CNS), autonomic nerves system (ANS), and peripheral nervous system (PNS) through medications and neurostimulation devices.
A neurostimulation device delivers mild electronic signals to the nervous system, which develops tingling sensations (paresthesia) in the damaged nerve and helps in the treatment of chronic pain and neurological disorders.
The global neurostimulation devices market is witnessing significant growth due to increasing prevalence of chronic pain and rising incidences of neurological diseases. Moreover, rising awareness about various neurological diseases, growing geriatric population, and increasing investments in research and development of innovative neurostimulation devices are the other factors driving the market. However, availability of alternative treatment therapies for neurological diseases and side-effects of neurostimulation therapy inhibits the growth of the market.
The global neurostimulation devices market is anticipated to grow from an estimated US$ 5,088.9 Mn in 2014 to US$ 10,445.7 Mn by 2020 at a CAGR of 12.7% during the forecast period.
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North America is the largest market, while Asia Pacific represents the fastest-growing market for neurostimulation devices. Spinal cord stimulation (SCS) represents the largest segment, while deep brain stimulation (DBS) is the fastest-growing implantable neurostimulation device sub-segment in the market. Transcutaneous electrical nerve stimulation (TENS) is the largest and fastest-growing external device sub-segment in the market. In terms of application, pain management represents the largest and fastest-growing application segment in the neurostimulation devices market.
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The neurostimulation devices market in North America is anticipated to grow from an estimated US$ 2,449.9 Mn in 2014 to US$ 4,892.9 Mn by 2020 at a CAGR of 12.2% during the forecast period.
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