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In my opinion, deep brain stimulation is amongst the fastest growing segments within this domain. Although its current market is still at an infant stage, it is anticipated to evolve significantly in the coming 5-10 years, given the large number of innovative technologies that are currently under development
-President & CEO, a US-based small-sized device developer
The global neurostimulation devices market is expected to increase from $3.1 billion to $USD 11 billion by 2030, growing at an annualized rate of 10.9%. The National Academy of Medicine indicates that as many as 100 million people in the US suffer from some form of pain, which has been shown to be associated with a socioeconomic burden of around USD 600 billion per year, in treatment costs and lost productivity. Further, it has been estimated that nearly 1 million people in America suffer from Parkinson’s disease, with approximately 60,000 new patients being diagnosed every year.Over the past few decades, the prevalence of such chronic disorders has grown at an alarming rate. In fact, a recent World Health Organization’s Global Burden of Disease study recognized these chronic conditions as one of the leading causes of deteriorating public health in the world. Such clinical conditions have often been shown to result in serious physical, cognitive and psychosocial consequences in patients.This indicates an urgent need for novel and effective treatment methods as the drawbacks of existing treatment options (such as high risk of addiction / abuse associated with long-term use of oral opioids, and complications due to complex surgical procedures) are substantial.
Extensive research in the field of neurostimulation has demonstrated the potential of this technique in providing therapeutic relief to a number of patients, who have developed resistance to conventional medication. Since the introduction of the first neurostimulation therapy in 1960s, their numerous observed benefits, such as reversible and minimally invasive nature of the procedures (to administer such treatments), targeted approach to therapeutic relief that can be modulated as well, provisions for integrating various safety mechanisms, and negligible use of opioids / other medications, have captured the interest of several stakeholders in the industry. In fact, since 2010, over 4,000 patents have been published in this domain, indicating the rapid pace at which research is being carried out. It is anticipated that such efforts are likely to boost the overall growth of this market in the coming years.
Several recent developments have taken place in the field of neurostimulation devices. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The ‘Neurostimulation Devices Market (2nd Edition), 2018-2035’ report features an extensive study of the current landscape and future outlook of the growing market for neurostimulation devices. The focus of this study is on invasive neurostimulation devices, such as devices for spinal cord stimulation (SCS), deep brain stimulation (DBS), spinal nerve stimulation (SNS), vagus nerve stimulation (VNS), other cranial nerve stimulation (Other CNS) and other variants of neurostimulation devices.
Amongst other elements, the report features:
One of the key objectives of the report was to estimate the existing market size and potential growth opportunities for neurostimulation devices. Based on multiple parameters, such as target patient population, likely adoption rates and expected pricing, we have provided an informed estimate on the likely evolution of the market over the period 2018-2035. The report provides sales forecasts for the overall neurostimulation devices market with detailed market segmentation on the basis of type neurostimulation devices (SCS, DBS, VNS, and other types), indication (chronic pain, dystonia, epilepsy, essential tremor, heart failure, major depressive disorder, Parkinson’s disease, obsessive compulsive disorder, overactive bladder, sleep apnea), MRI compatibility (MRI compatible and MRI non-compatible), and the geographical distribution of the market (US, Canada, UK, Germany, France, Spain, Italy, Australia, China, and Japan). In order to account for the uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios portraying the conservative, base and optimistic tracks of the industry’s evolution.
The opinions and insights presented in this study were also influenced by discussions conducted with several stakeholders in this domain. The report features detailed transcripts of interviews held with the following individuals:
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.