Market Overview

Neurostimulation Devices Market Revenue Will Register Phenomenal CAGR of 15% from 2017 to 2024

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Neurostimulation Devices Market Revenue Will Register Phenomenal CAGR of 15% from 2017 to 2024

Germany Neurostimulation devices market accounted largest regional share in 2016 and is expected to witness considerable growth over the forecast period, due to short market approval period and cost-effectiveness of clinical research in the country.

PR Newswire

SELLBYVILLE, Del., July 30, 2018 /PRNewswire-iReach/ -- Worldwide Neurostimulation devices Market outlook is set to beat USD 16.0 billion by 2024; as per a new research report by Global Market Insights, Inc. Growing geriatric population suffering from neurological disorders will propel neurostimulation devices market growth over the coming years. Rising incidences of neurological disorders including Parkinson's disease, dementias, Alzheimer's disease, epilepsy and migraine should fuel demand for neurostimulation devices in the future.

Rapid technological advancements along rising adoption of minimally invasive therapies will substantially influence neurostimulation devices industry size. Favourable reimbursement scenario for neurostimulators in developed countries is another factor accelerating industry growth.

Neurostimulation devices market growth will be hindered by unavailability of skilled doctors and healthcare professionals to treat patient pool suffering from neurological diseases. Complications associated with neurostimulators is further anticipated to impede business growth.

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Spinal cord stimulators held the largest revenue share in 2016 due to its increasing awareness and adoption by patients suffering from failed back surgery syndrome. Increasing focus of industry players to develop technologically advanced spinal cord stimulators will further stimulate its demand over the forecast period. Deep brain stimulators will witness considerable growth owing to increasing incidences of Parkinson's disease along with favourable reimbursement scenario in developed economies.

Increasing prevalence of chronic pain disorders will fuel demand for pain management devices over the coming years. New product launch by industry players for reducing pain will further augment segment growth.

U.S. neurostimulation devices market was dominating the industry due to rising prevalence of neurological disorders along with presence of geriatric patient pool. According to the American Neurological Association, stroke prevalence in the country is nearly 6.8 million and chronic low back pain affects nearly 32 million people. This leads to increase in demand for neurostimulators to treat such chronic disorders.

Germany will drive Europe neurostimulation devices market due to growing prevalence of neurological disorders coupled with increasing baby boomers in the country. Increasing annual mortality rate associated with neurological diseases will further fuel development of new products and increase demand for neurostimulators in the future.

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Increasing burden of neurological disorders including dementia, epilepsy, Parkinson disease coupled with increasing R&D expenditure will drive China neurostimulation devices market growth. Surging elderly patient pool suffering from such disorders is another major factor propelling demand for neurostimulators in the country.

Major industry players operating in neurostimulation devices are Boston Scientific Corporation, Cyberonics, Abbott (St. Jude Medical) and Medtronic. New product launch and emphasis on acquisition, merger and partnerships are major growth strategies adopted by market players to strengthen their product portfolio.

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.

Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com

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SOURCE Global Market Insights, Inc.

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