Title: Neurostimulation Devices Market size worth $13.7bn by 2023
1Neurostimulation Devices Market size worth
13.7bn by 2023, at over 14.5 CAGR Global
Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2Key Insights from Neurostimulation Devices Market
- Global neurostimulation devices market size
estimates were USD 4.58 billion in 2015, and
forecast to attain CAGR of 14.7 up to 2023 and
exceed USD 13.5 billion. - Spinal cord stimulation products dominate the
global market, with over USD 2.6 billion revenue
in 2015 these were among the earliest
commercialized technologies in the industry and
thus enjoy strong penetration. - Gastric electric stimulation deep brain
stimulation devices are also perceived to be
attractive avenues for growth. However, the
nascent nature of these technologies leaves room
for further investigation and RD. These niche
segments may lead to a rise in RD spending and a
dynamic IP landscape.
3Continued...
- Europe neurostimulation device market revenue is
set to exceed USD 2.8 billion by 2023, at 16.6
CAGR. - Pain management application segment was estimated
at USD 3.05 billion in 2015. This market size can
be attributed to rising global chronic pain
disorder prevalence along with growing
neurostimulation device adoption for pain
management due to strong therapeutic value. - The threat of new entry in the market is low,
mainly due to capital intensive nature of the
market. Moreover, the companies entering this
market need high capital investments to set up
manufacturing and research development
facilities.
4Continued...
- Neurostimulation devices play an important role
in providing therapeutic solutions for depression
and obesity and therefore a rise in the
prevalence of such diseases is expected to drive
demand. - Minimally invasive transdermal neuromodulation
technology by Neurowave and MRI safety
incorporated devices by Medtronic will drive
industry innovation. Rapid economic development
in APAC and LATAM will strengthen the platform
for the growth of this market by enhancing buying
power of consumers.
5Europe neurostimulation devices market Size, by
product, 2014-2023, (USD Million)
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7360 Analysis
- Product Analysis
- Spinal cord stimulator is a predominant product
segment, generating over 57 of neurostimulation
market size in terms of revenue in 2015, on
virtue of being one of the earliest technologies
to be commercially available, hence gaining
maximum market penetration. - Regional Analysis
- North America, dominated by the U.S.
neurostimulation devices market size is forecast
to exceed USD 7.6 billion by 2023, still
remaining the largest regional industry. Rapid
adoption of advanced technologies, high
prevalence of target diseases such as epilepsy,
Parkinsons disease, and incontinence, coupled
with increased awareness levels are key driving
factors. - Competitive Market Share
- Global neurostimulation devices market share is
led by Medtronic, Inc. St. Jude Medical, which
accounted for approximately 65 share in 2015.
Other active players in this market include
Boston Scientific Corporation, Cyberonics, Nevro
Corporation, and Neuronetics, Inc. among others.
Acquisitions and strategic alliances is the major
strategy adopted by the players in this market,
in order to maintain leadership position.
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