NEW YORK--(BUSINESS WIRE)--According to a new market research published by Persistence Market Research titled, “Global Market Study on Neurostimulation Devices: Deep Brain Stimulation Devices to Witness Highest Growth by 2020”, the global neurostimulation devices market will witness a CAGR of 12.7% and reach a valuation of US$ 10.4 Bn by 2020.
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Increase in the prevalence of neurological disorders and technological advancements in neurostimulation devices are the key factors driving the growth of the neurostimulation devices market globally. However, concerns about the potential side-effects of neurostimulation, coupled with low awareness among healthcare authorities and patients in developing countries can act as inhibitors to the growth of this market.
The neurostimulation devices market is broadly segmented on the basis of device type, application, and geography. On the basis of device type, the neurostimulation devices market is further segmented into implantable stimulation devices and external stimulation devices.
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The implantable device segment is sub-segmented into,
- Spinal cord stimulation (SCS)
- Gastric electric stimulation (GES)
- Deep brain stimulation (DBS)
- Sacral nerve stimulation (SNS)
- Vagus nerve stimulation (VNS)
- Cochlear Implants (CI)
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Neurostimulation Devices Market on the basis device types,
- Transcutaneous electrical nerve stimulation (TENS)
- Transcranial magnetic stimulation (TMS)
Neurostimulation Devices Market basis of application,
- Pain management
- Parkinson’s disease
- Urinary and fecal incontinence
- Hearing loss
North America, Europe, and Asia Pacific are the most lucrative regions for the global neurostimulation devices market. Among all the regions, Asia Pacific is anticipated to witness the highest growth, owing to a large, ageing population.
Some of the leading companies in the global neurostimulation devices market include, NDI Medical, NeuroPace, Inc., Boston Scientific Corporation, St. Jude Medical, Inc, Medtronic, plc, LLC, Cyberonics, Inc. Cochlear, Ltd., NeuroSigma, Inc., and MED-EL.
Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics,