Increasing cases of psychiatric and neurological conditions are driving the market for neurostimulation devices says Fortune Business insights in a report, titled “Neurostimulation Devices Market Size, Share And Global Trend By Device Type (Vagus Nerve Stimulation Devices, Deep Brain Stimulation Devices, Spinal Cord Stimulation Devices, Sacral Nerve Stimulation Devices, Others), By Application (Epilepsy, Parkinson’s Disease, Chronic Pain Management, Dystonia,Others), By End Users (Hospital & Clinics, Ambulatory Surgical Centers, Others), And Geography Forecast Till 2026”.
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Neurostimulation devices assist people with chronic pains and neurological conditions. The high demand for these devices is propelling growth for the neurostimulation devices market.
Neurostimulation Devices Assist Effectively In Treating Patients With Disorders
Neurostimulation is the method of pain management where pain signals are transmitted by neurostimulator implanted in the patient’s body which later reaches to the brain. Neurostimulation techniques help in the treatment of people suffering from neurological and psychiatric disorders.
The device targets certain regions of the nervous system to provide therapeutic relief ranging from neurological to psychiatric disorders. Neurostimulation devices are mostly used in epilepsy, Parkinson’s disease, essential tremor, obsessive-compulsive disorder, Alzheimer’s disease, depression, chronic pain, besides helping in functional restoration for patients afflicted with spinal injuries. Increasing prevalence of chronic pain conditions along with psychiatric and neurological disorders is predicted to drive the global neurostimulation devices market during the forecast period.
According to a report by the National Institutes of Health in 2018, an estimated 38.8% of the population in France was suffering from chronic back pain. The increasing cases of chronic pain in patients living in developed countries are propelling the growth for neurostimulation devices
FDA Approves Wearable Auricular Neurostimulation Device
Ansys, a medical device company, announced a wearable auricular neurostimulation device after getting approval from the Food and Drug Administration. The wearable device is designed for treating symptoms of opioid withdrawal, a non-addictive procedure which involves wearing the device over 120 hours.
The wearable device is worn on the head with needles injected at three points around the ear to facilitate electrical stimulation, thus allowing wearers to receive the non-addictive treatment comfortably. The demand for wearable auricular neurostimulation device is likely to increase among patients for the treatment of opioid withdrawal and therefore enabling growth in the neurostimulation devices market. Several leading companies are also launching products with an approach to give easy and speedy treatments.
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For instance, Allergan plc declared the launch of its neurostimulation product, TrueTear, an intranasal neurostimulation device, approved by the FDA, to induce natural tear production for the people suffering from inadequate tear production. The launch of products for the treatment for neurological conditions is predicted to aid in the growth of the global neurostimulation market.
North America to Dominate the Global Market
North America is likely to dominate the global neurostimulation devices market during the forecast period. The high prevalence of neurological disorders, ongoing research & development initiatives focusing on neurostimulation devices, and the gradual shift of patient preference towards utilization of advanced medical devices are some of the factors propelling the growth for neurostimulation devices market in the region.
In the Asia Pacific, Japan is projected to hold major market share due to recent product approvals and improved healthcare infrastructure. Emerging nations such as India and China are predicted to be among the fastest-growing markets, owing to the rising awareness of technologically advanced products and increasing healthcare expenditure.
Some of the major companies that are present in the global neurostimulation devices market are Medtronic, Abbott, Boston Scientific Corporation, Cyberonics, Inc., BioControl Medical, Synapse Biomedical Inc., and Nevro Corp. and other players.
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