Dublin, Sept. 06, 2021 (GLOBE NEWSWIRE) -- The "Neurostimulation Devices Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The neurostimulation devices market is expected to grow at a CAGR of 10.08% over the forecast period to reach a market size of US$12.796 billion in 2026 from US$6.623 billion in 2019. Neurostimulation devices are implantable programmable medical devices that 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. Neurostimulation is used as a key element in neural prosthetics for hearing aids, artificial vision, artificial limbs, brain-machine interfaces, etc. the growth in the neurostimulation devices market may be attributed to the increasing prevalence of chronic neuromuscular disorder and the rising adoption of these devices by the physicians.
Recent advances in neurotechnologies and neuroimaging have resulted in a rapid rise in the use of neurostimulation devices for the treatment of an increasingly wide range of neurologic and psychiatric disorders thus, leading to the robust growth of the market for the given forecast period. However, stringent regulations of the neurostimulation devices and lack of skilled professionals for performing the surgeries might restrain the market growth during the given time frame. With the increasing investments in the development of novel and advanced neurostimulation devices, the market is expected to surge at an exponential rate, during the forecast period.
The market is expected to surge in the coming years, due to the rise in the number of people, suffering from hearing loss and other related concerns. According to the data given by the World Health Organisation, approx. 2.5 billion people are expected to have some sort of hearing loss and an estimated number of 700 million would require hearing rehabilitation, by the year 2050. There has been an urge in the need for advanced and safer hearing loss devices and solutions. More than 1 billion young adult population are at high risk of avoidable, permanent hearing loss due to unsafe listening practices and lack of availability of high-quality devices and solutions. Major companies and organizations have been providing high-quality neurostimulation devices for their customers. Cochlear implants are expected to generate significant demand, in the coming years. For instance, Cochlear, one of the major players in the market, has been providing implantable hearing solutions, for decades. These developments are expected to have a positive impact on the market, in the coming years. In June 2021, Oticon Medical, one of the key players in the market, announced that the United States Food and Drug Administration had granted and provided premarket approval to the firm's Neuro System to treat and cure individuals 18 years or above. The firm had been intended to treat the patients with bilateral severe-to-profound sensorineural hearing loss. This system is known Neuro Cochlear Implant System.
Major companies, research institutions, and organizations have been investing a significant sum of capital into the development of novel, advanced, and innovative neurostimulation devices for their patients and customers.
In February 2021, Mainstay Medical Holdings PLC announced that it had closed an equity financing which had raised proceeds of around US$108 million. The company had stated that they intend to use the funds to support and enhance the commercial launch of the company's major ReActive8 in the United States, general operations, increasing expansion in Australia and Europe, and additional post-market research and clinical studies. ReActiv8 had been an implantable restorative neurostimulation system, for patients suffering from chronic low back pain. This development is expected to have a positive impact on the market, in the coming years.
In June 2021, electroCore Inc., a commercial stage bioelectronic medicine company, announced that it had entered into a massive agreement with Kromax International Corporation, intending to serve as the exclusive distributor of the gammaCore Sapphire. The device had been a non-invasive vagus nerve stimulator, and the distribution agreement is specific to China and Taiwan. The company's major aim is to enhance the lives and health of its patients. This development is expected to enhance the company's market share, in the Asia Pacific region.
The market is expected to surge in the coming years, due to the increasing geriatric population, globally. According to the data given by the United Nations, there were an estimated 703 million people, that were aged 65 years or over in 2019. The UN report also stated that the number of older people, globally, is expected to double to an estimated 1.5 million in the year 2050. An aging population is expected to put significant financial pressure on old-age support systems. Older people tend to suffer from chronic pain, spinal cord pain, nerve pain, and hearing loss. With the rise in the development of novel and advanced neurostimulator devices and systems, the demand for its use for older people is expected to surge. According to several official studies conducted, there had been an improvement in the hearing capabilities, with the use of cochlear implants in older people. This development is expected to enhance the market growth in the coming years.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Neurostimulation Devices Market Analysis, By Type
5.2. Spinal Cord Stimulation Device
5.3. Deep Nerve Stimulation Device
5.4. Vagus Nerve Stimulation Device
5.5. Sacral Nerve Stimulation Device
6. Neurostimulation Devices Market Analysis, By Application
6.2. Pain Management
6.3. Sleep Apnea
6.4. Cochlear Implants
7. Neurostimulation Devices Market Analysis, By End-User
7.2. Hospitals & Clinics
7.3. Ambulatory Care Centers
8. Neurostimulation Devices Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.5. The Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.3. Synergia Medical
10.5. Stimwave LLC
10.6. Boston Scientific
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