Neurostimulation Device Market Size - Global Industry Analysis, Size and Growth till 2022
The global neurostimulation device market was valued at $5,656.1 million in 2015, and it is expected to grow at a Cagr of 12.9% during the period 2016 - 2022. The neurostimulation device market is growing, due to increasing geriatric population, increasing prevalence of chronic pain, and increasing incidents of neurological disorders. In addition, the awareness about mental diseases and their treatment is also increasing across the globe.
Among the different types of neurostimulation devices, the implantable/interna neurostimulation segment is expected to witness the faster growth during the forecast period. Among the various applications, the pain management segment held the largest share in the global neurostimulation device market in 2015, and it is expected to witness the fastest growth during the forecast period.
The prevalence of chronic pain and neurological disorders is increasing globally, due to which the demand for better neurostimulation device is increasing. As a result, the research and development (R&D) investments in the development of novel and innovative neurostimulation devices are growing. The aim of increasing R&D investments in neurostimulation device is to offer better safety and efficacy to the patients. Moreover, the demand for minimally-invasive treatments is also growing in order to minimize pain and discomfort. As a result, the demand for new and effective medical technologies is expected to increase for the treatment of various neurological disorders.
Some of the key companies operating in the global neurostimulation device market include Aleva Neurotherapeutics SA, St. Jude Medical Inc., Medtronic PLC, Boston Scientific Corporation, LivaNova PLC, Cochlear Ltd., Neuropace Inc., Neurosigma Inc., Med-El GmbH, Synapse Biomedical Inc., Neuronetics Inc., NDI Medical LLC, EnteroMedics Inc., and ImThera Medical.