- Neurostimulation technology includes the utilization of microelectrodes. These electrodes stimulate components of the nervous system. Neurostimulation technology makes use of a device to transport electrical signals to the nervous system at certain time periods. The device is referred to as a neurostimulation device. It has a size akin to that of a stop-watch and is battery-powered. The device is embedded in the brain via surgical means. It helps electrical signals to activate the concerned nerve.
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Neurostimulation procedures assist in treating neuro-disorders and chronic pains. In conditions with chronic pain, these procedures don’t allow painful sensations to reach the brain. These sensations are blocked at the very site of the injured nerve. Rising brain disorders are steering the sales of the neurostimulation devices market around the globe. These devices are getting increasingly popular and gaining wide recognition with time. They are also helpful in treating Parkinson’s disease, nociceptive pain, depression, epilepsy and obsessive compulsive disorder.
Neuropathic pain happens as a result of nerve injury. Nociceptive pain is a consequence of cancer, diabetes and arthritis. When general drug therapies fail to treat the aforementioned conditions, neurostimulation devices come handy. Neurostimulation procedures are also considered as one of the last resorts for chronic neuro-disorders. The worldwide neurostimulation devices market is projected to experience considerable growth through the forecast phase.
Augmented consciousness with respect to brain disorders and boosting spendings in the research and development of advanced neurostimulation devices are estimated to propel the income of the neurostimulation devices market. Apart from these, the accelerated old population triggering the onset of neuro illnesses furthers the market. Conversely, optional therapies for neuro-disorders and side effects of neurostimulation technology limit the flow of the neurostimulation devices market and hinder its pace.
The worldwide market stood at around USD 5, 089 million in 2014. It is estimated to rise to around USD 10, 445 million by 2020. The neurostimulation devices market is set to record about 12.6 percent CAGR in the forecast phase.
The North American neurostimulation devices market is expanding further. This is owing to the rising prevalence of Parkinson’s and Alzheimer’s diseases in the region. Additionally, various proposals by government and individual organizations for escalating consciousness regarding neurological disorders are also driving the region. Apart from these, significant investments in the research and development of neurostimulation technology are steering the regional neurostimulation devices market forward.
Europe is growing on account of increased governmental proposals for enhancing the medical facilities of the region. The growth is also driven by escalating aged population and rising neuro-disorders. The Asian Pacific neurostimulation devices market is expanding most swiftly. This is owing to the boosting population of old people and escalating awareness regarding neuro and psychiatric disorders in the region.
The neurostimulation devices market is divided on the basis of five categories. These are applications, devices, external devices, implantable devices and geographical regions. Surging demand for these devices across all the applications is also anticipated to drive the neurostimulation devices market ahea
Information Source: Grand View Research
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