Neurostimulation Devices Global Market Report 2022

New York, May 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurostimulation Devices Global Market Report 2022" - https://www.reportlinker.com/p06277223/?utm_source=GNW


The global neurostimulation devices market is expected to grow from $5.07 billion in 2021 to $5.74 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The market is expected to grow to $9 billion in 2026 at a compound annual growth rate (CAGR) of 11.9%.

The neurostimulation devices market consists of sales of surgically or externally placed neurostimulators and related services. The neurostimulation devices are designed to deliver electrical stimulation to specific parts of the patient's brain, spinal cord, or peripheral nervous system for the treatment of various conditions such as chronic pain, movement disorders, epilepsy, and Parkinson's disease.

The main products of the neurostimulation devices are implantable devices and external devices.The implantable devices involved are cochlear implants, deep brain stimulation; spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electric stimulation and the external devices are transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS).

The various applications of implantable devices are pain management, epilepsy, essential tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, and Parkinson's disease that are used by various end-users such as hospitals, rehabilitation centers, and medical clinics.

North America was the largest region in the neurostimulation devices market in 2021.Asia Pacific was the second-largest region in the neurostimulation devices market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The rising geriatric population across the globe is driving the growth of the neurostimulation device market.An increasing number of the population is aging and this geriatric population is falling prey to different neurobiological disorders.

For instance, according to the World Population Ageing Report, in 2019, there were an estimated 702.9 million people aged 65 or over globally. According to the population reference bureau, the number of Americans aged 65 and older is projected to be over 98 million by 2060.

The high cost associated with the neurostimulation Devices will impede the growth of the market.For example, the average price of neuromodulation devices for chronic pain management range from $13920 to $17940, and the average price of neuromodulation devices for epilepsy ranges from $25420 to $25970.

Although the device construction between neurostimulation and cardiac rhythm management devices is similar, neuromodulation generators are 67 percent more expensive than cardiac rhythm management devices.

Minimally invasive treatments are being developed for the treatment of various neurological disorders.The neurostimulation devices are being innovated in a way to cause minimum invasion during neurological treatments.

For example, Deep Brain Stimulation (DBS) is a minimally invasive surgical procedure to treat neurological symptoms of Parkinson's disease, including tremors, rigidity, and movement control.DBS uses a neurostimulation device, similar to a heart pacemaker, to deliver electrical pulses to a very precise location in the brain circuits that influence Parkinson's disease symptoms.

The electrical pulses from the DBS device block the activity of these circuits so the rest of the brain can function more normally.

USFDA strictly regulates the approval of medical devices depending on their class which is based on the risk associated with the device.There is relatively few class I neurological devices.

The majority of the neurological devices are classified under Class II and Class III.Class II devices include neurostimulators, aneurysm clips, and blood clot retrievers.

Examples of Class III devices are deep brain stimulators and medical devices for the treatment of brain tumors.Approval of class III medical devices is complicated and requires clinical trials.

The time taken for the trials can be 36 months or more, depending on the extent of clinical trials and additional information that the FDA might request. Also, the European Union has recently taken steps to strengthen its regulatory approval process significantly, and this is expected to delay approvals in Europe. The delay in regulatory approvals and the high cost of interventional devices are the major challenges faced by the companies involved in the manufacture of neurological devices.

In 2020, Medtronic, an Irish medical device company has acquired Stimgenics for an undisclosed amount.This acquisition is expected to boost the chronic pain treatment portfolio of Medtronic.

Stimgenics is a private company based in Bloomington, that is pioneered in new spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) spinal cord stimulation. After the completion of the acquisition, the new proprietary DTM SCS waveform will be available on the Medtronic Intellis Platform.

The countries covered in the neurostimulation devices market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
Read the full report: https://www.reportlinker.com/p06277223/?utm_source=GNW

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