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Understanding Factors of Growth in the Global Nuerostimulation Devices Market

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Published on : Jun 19, 2020

ResearchMoz.us has announced the addition of a report, titled “Neurostimulation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027”. The report on the global Neurostimulation Devices market offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application.

The report gives insights into trends, opportunities and outlook over the forecast period. The segmnets into which the report is segmented includes competitive landscape, regional analysis, end-use and do on.

Both primary and secondary research have been delved into; primary being the prominent part of the extensive process undertaken. The secondary research is also comprehensive and includes literature available on market players and their products, some of the material available as part of news such as press releases. Thus, a major part of secondary research includes looking into trade associations, website, and other sources on the internet. On the other hand, primary research includes interviewing industry leaders, and so on.

As per the report, the global neurostimulation devices market will char a healthy growth rate, compounded annually over the forecast period. Used extensively for treating neural disorders, the devices will see an upward curve in terms of demand as incidence of certain disorders like epilepsy, Parkinson’s Disease, Depression, and chronic pain grows.

Factors at play, contributing significantly to this growth include rise in geriatric population, technological advancement in terms of treatment, rise in cases of chronic depression, increase in cases of chronic diseases.

It is pertinent to note here that overall, 73% of disease burden on the global diseases comes from the chronic disease segment. It was a 60% in 2002, as per World Health Report published in that year. In the United States of America, six in every ten people are carrying the burden of one chronic disease and four in every ten are carrying it for at least two.

Also, people aged 60 and above will see a rise from 900 million in 2015 to a mighty 2 billion over the next three decades. And, over the same period, one in every six people worldwide, and one in every four people in Europe and North America will be aged 65 and above. Also, in 2018, the number of people in the stated age bracket surpassed the number of people aged five and below, creating a historical demographic shift. As this segment is susceptible to neural disorders, this seeing promises much growth over the forecast period.

Moreover, as stress levels increase, and primary bonds weaken, more and more people suffer from depression and other mental disorders at a severe level. This again contributes notably to the growth of global neurostimulation devices market.

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It is significant to note that the global neurostimulation devices market is consolidated and some of the most prominent names that exist in the global neurostimulation devices market landscape are Medtronic PLC; Cyberonics; Boston Scientific Corporation; St. Jude Medical, Inc.; and Nevro Corporation. It is also pertinent to note that to stay ahead of the game, players invest heavily in research and development (R&D). They also do not shy away from mergers, acquisitions, synergistic collaborations, and so on.

In the month of April in the year 2017, Boston Scientific announced of the PRISM clinical study success – where a patient as implanted successfully for the first time ever. PRISM stands for Precision Implantable Stimulator for Migraine.