The global healthcare economic burden, at
present, is primarily characterized by major contributors such as chronic pain
and neurological disorders. The annual societal cost for chronic pain and
neurological disorders accounted for $635 billion and $789 billion respectively
in the U.S., in 2014. Opioids are one of the most preferred medicines for the
treatment of chronic pain, however, the side-effects associated with opioids have
resulted in a decline in their overall usage and sale.
Consequently, the increasing cases of
neurological disorders and the need for a novel approach for the treatment of
such diseases has led to the advent of neuromodulation technologies. The rapid
shift of the healthcare industry toward neurostimulation devices from opioids
and other conventional treatment techniques can be attributed to the efficient,
safe, and targeted approach of neurostimulation devices.
BIS Research recently published a market
intelligence report titled “Global Neurostimulation Devices Market- Analysis and Forecast (2019-2024),”
projecting the expected growth of the neurostimulation devices market across
the globe during the forecast period, 2019-2024. As per the published report,
the market is anticipated to witness a compound annual growth rate of 9.23%
during the forecast period and is expected to reach $11.97 billion by 2024.
Neurostimulation devices can be either
implantable or non-implantable. The various implantable neurostimulation
devices include spinal cord stimulation, auditory brainstem implant, vagus
nerve stimulation, sacral nerve stimulation, hypoglossal nerve stimulation, and
deep brain stimulation devices. Based on the analysis of the market by BIS Research, the spinal cord
stimulation segment dominated the neurostimulation devices market by acquiring
the largest market share in 2017. Moreover, the auditory brainstem implant
segment is anticipated to lead the market in terms of growth rate during the
forecast period.
Further, under the application segment, the
global neurostimulation devices market includes pain management, hearing loss,
epilepsy, depression, Parkinson’s disease, and urinary and fecal incontinence.
Amongst these, hearing loss application segment is expected to grow at the
fastest CAGR, during the forecast period.
Product
launches, and mergers and acquisitions are the most adopted strategies by
players in the global neurostimulation devices market. Other strategies include
joint ventures, partnerships, and collaborations. Some of the leading players
functioning in the market are Cochlear Ltd., Abbott Laboratories, Neuronetics
Inc., Mainstay Medical International plc, Nexeon MedSystems Inc., and Helius
Medical Technology.
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