According to a recently published report by Research Nester on “Global Nerve Stimulator Device Market Outlook: Industry Insights & Opportunity Assessment 2019–2027” delivers detailed overview of the global nerve stimulator device market in terms of market segmentation by product, by application, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Neurostimulation devices or nerve stimulator devices aid to provide control using the electrical stimulation of specific nerves in the body. These devices are highly beneficial in reducing pain related to neurological disorders such as chronic pain, epilepsy, major depression, Parkinson’s disease, and others. They also help to reduce the pain of paralyzed patients. These devices are operationally set in the patient’s body and functions are performed by thin wires or leads. New technologies are being developed and researchers are revealing more potential uses of this treatment which is fueling the demand for safe and cost effective treatment options. The need to develop enhanced models of neuro-simulation devices is estimated to boost the growth of the global nerve stimulator device market with a CAGR of 12.6% over the period 2019-2027.
The global nerve stimulator device market is segmented by product, application and end user. By end user, the hospitals segment is estimated to dominate the market during the forecast period. The product segment is divided into deep brain simulation devices, spinal cord simulation devices, gastric electric simulation devices, vagus nerve simulation devices, sacral nerve simulation devices and others. The application segment has been divided into Parkinson’s disease, epilepsy, pain management, essential tremor, urinary and fecal incontinence, Alzheimer’s, ischemia and others. Further the end user segment, is divided into hospitals, scientific research laboratories and others.
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Increasing Prevalence of Chronic Diseases to Boost the Demand for Nerve Stimulator Devices in Future
The global nerve stimulator device market is thriving on the back of increase in prevalence of chronic diseases such as migraine, epilepsy and others due to unhealthy diet and changing lifestyle of the people.
Rising geriatric population- With the rise in the geriatric population across the globe, the threat of being prone to various disease has inclined which includes different diseases such as Parkinson’s, Alzheimer’s and others that requires neurological treatment which can be done with the help of nerve stimulator devices.
North America and Europe are expected to hold major share in the market owing to the growing awareness regarding preventive care, increasing neurological diseases such as epilepsy, migraine, Parkinson’s disease, and incontinence, emerging technologies in the neurostimulation devices market and the gradual shift of preferences of the patients towards utilization of advanced medical devices. Asia Pacific is expected to grow at a high pace on the back of high economic growth, presence of a vast patient pool, improving facilities in healthcare largely owing to the expansion of both public and private sector companies that have been collaborating with multinational healthcare establishments to provide better treatment options. Latin America and the Middle East and Africa are expected to grow significantly owing to the rapidly growing healthcare infrastructure and opportunities and funds provided by the government to the manufacturers to conduct research activities for improved patient care.
The nerve stimulator devices perform specific functions which means that they are supposed to be specifically designed and programmed which make them costlier. The cost of nerve stimulator devices is high which pushes the customers towards other available options of treatment for neurological disorders which is expected to inhibit the growth of the global nerve stimulator device market.
This report also provides the existing competitive scenario of some of the key players of the global nerve stimulator market which includes company profiling of Nevro Corporation, Synapse biomedical, Bio Control Medical, Cyberonics Incorporation, Boston Scientific Corporation, Abbott, Medtronic, Neuro Sigma, St. Jude Medical and NeuroPace Incorporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global nerve stimulator device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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