Neurostimulation devices market size is likely to procure commendable returns over the coming years, primarily owing to a large number of patients affected by neurologic and psychiatric disorders such as chronic lower back pain, Alzheimer’s disease, dementia, and Parkinson’s disease.
Recent advances in neuroimaging and neurotechnology have immensely contributed towards the rapid adoption of neurostimulation therapies that help in treating an increasingly wide range of psychiatric and neurological disorders. Designing better user interface as well as developing fast and efficient methods to meet consumer needs will further bolster neurostimulation devices market trends.
In a fast evolving neurostimulation devices industry, medical practitioners are focusing to develop new treatments for chronic conditions by combining effectively with artificial intelligence capabilities which will enable the development of non-invasive and invasive brain computer interfaces. These solutions could easily integrate with brain tissue and enhance brain functioning efficiently.
Enumerated below are certain factors anticipated to influence the adoption of neurostimulation devices over the projected timeframe:
Consistent development of neuromodulation techniques:
Reportedly, increasing number of neurological diseases have been observed worldwide, with Parkinson’s itself affecting around 1 million people in the U.S. every year. Growing incidences of neurological disorders lead to loss of work productivity, further contributing towards global economic burden. With the prevalence of neurologic and psychiatric conditions, the medical industry has expanded its research scope and given more focus towards neuromodulation technologies for their treatment.
Neurostimulation devices are being produced as well as adopted globally at a robust rate, due to their efficient, target-specific, and safe approach to treat chronic diseases. Rising investments toward novel technologies will influence neurostimulation devices market outlook significantly.
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In August 2019, Boston Scientific Corporation confirmed the approval from FDA for its Vercise Gevia deep brain stimulation (DBS) system to be used during the time of full-body MRI scans. The system was designed for the treatment of patients witnessing symptoms of Parkinson’s disease. It helps in delivering precisely targeted electrical stimulation that can aid to minimize the impact of numerous side effects of the disease.
Need for effective pain management solutions
Higher prevalence of chronic pain among women and geriatric population hinders their capability to carry out daily activities, along with impairing their mobility to some extent. Reports suggest that in 2018, pain management segment had accounted for more than 60% of neurostimulation devices market share in terms of revenue.
Governments and various medical practitioners are consistently scheduling programs to raise awareness and improve education about chronic pain and pain management. In addition, numerous medical centers are also providing training about the importance of early intervention in cases of acute pain so that it will not give further rise to chronic conditions.
Numerous medical companies and manufacturers are directing consistent efforts towards device development, product strategy, and technology implementation which will propel the industry players to expand production capacities.
Nevro Corp., a global medical device company had announced the completion of patient enrollment for the treatment of chronic pain through spinal cord stimulation for patients who suffer from Painful Diabetic Neuropathy (PDN). Similar initiatives will help deliver more advanced products to patients and provide substantial benefits to healthcare systems.
Prevalence of neurological diseases in North America
In North America, the prevalence of neurological diseases has increased gradually among people of all ages in recent years. Rapidly aging population and nationwide surge in risk factors for chronic disease will influence the adoption neurostimulation techniques in the coming future.
The American Neurological Association says that neurological diseases affect more than 100 million American people each year. Reports suggest that North America neurostimulation devices market size is projected to depict a robust CAGR of over 13.5% from 2019 to 2025.
Key technological innovations with regards to sensing and early detection of neurological disorders will help in improving device efficacy, reducing cost of healthcare, and augmenting quality of life. Growing demand for neurostimulation devices will substantially expand production capacities and R&D expenditure across the region.
As per a research compiled by Global Market Insights, Inc., global neurostimulation devices market is anticipated to surpass total annual revenues of USD 19 billion by 2025.
Author Name : Deeksha Pant