4 trends fostering neurostimulation devices market outlook
Neurostimulation devices market has witnessed commendable proceeds over the years due to a large number of people affected with severe neurologic and psychiatric diseases. These include Alzheimer’s disease, lower back pain, Parkinson’s disease as well as dementia.
In a rapidly evolving industry, medical professionals are aiming at developing new treatments for chronic conditions by integrating effectively AI capabilities that may facilitate developments of invasive as well as non-invasive brain-computer interfaces. Emerging technologies in this field carry the potential to restore vision and the movement after paralysis and traumatic injury which holds a wide potential for the product in the coming times.
As per reports, global neurostimulation devices market size could surpass $22bn in total annual valuation by the end of 2026. Expounded below are some of the factors that are likely to influence the market forecast in the near future.
Deployment in Parkinson’s disease treatments
In terms of the application spectrum, the product finds extensive use in the treatment of Parkinson’s disease. In the year 2019, Parkinson’s disease segment was responsible for nearly 7% of the entire market share. According to the Parkinson’s Foundation, nearly 60,000 Americans suffer from the condition annually.
The numbers are likely to rise considerably in the coming years considering demographic changes. Neurostimulation devices have proven to be beneficial in the detection of Parkinson’s disease.
The UK neurostimulation devices market has registered notable gains in the past few decades. In the year 2019, it had reached $400m in total annual remunerations. Surging use of minimally invasive techniques as compared to the conventional surgical methods has amplified the demand for neurostimulation devices.
Efforts undertaken by both private as well as public enterprises in the region to spread awareness regarding the importance of mental health as well as the growing cases of neurological disorders will complement developments. An improved disposable income among people in the UK and the subsequent ability to spend on advanced medical care services will boost the regional product demand.
High demand for spinal cord stimulators
Spinal cord stimulators have in particular showcased significant developments due to the need to treat spinal injuries and neuropathic pain. Moreover, the growing dependence on minimally invasive procedures has risen the demand for spinal cord stimulators globally.
With the growing number of people suffering from chronic pain along with the awareness regarding the spinal cord treatments, these stimulators will witness consistent production and deployment.
Prevalence of strong competition in the sector
Neurostimulation device companies are constantly working to enhance their offerings to increase their geographical reach as well as achieve a competitive edge. In October 2019, American technology co. Neuronetics announced its alliance with Success TMS towards the treatment of major depressive disorders in adult patients. Under this three-year agreement, Success TMS will provide Neuronetics’s novel NeuroStar Advanced Therapy system across the US.
Some of the leading industry players include IntraPace, Abbott, Boston Scientific, and LivaNova, among numerous others.
Advancements in neuroimaging and neurotechnology have extensively contributed towards the accelerated adoption of neurostimulation therapies that assist in the treatment of a wide range of neurological illnesses. Developing an enhanced user interface along with fast and effective methods to meet the growing consumer needs will support developments in the industry over time.
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