Neurostimulation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029
The neurostimulation devices market is expected to witness major growth in the near future as new FDA approved devices promise to treat chronic illnesses like Alzheimer’s. the disease affects more than 5.5 million people of all ages in the United States. Additionally, the disease is especially a burden for the elderly who constitute over 5.3 million of those. The disease does not yet have a treatment. However, devices like NeuroAD have been approved for treatment in Europe, and Israel. The device did not receive FDA approval, due to its inability to show effectiveness during trials. However, the FDA found it safe to use, which continues to boost its use. Moreover, the US congress has approved major budget increase for AD research going into 2020. The United States congress approved budget of US$2.8 bn, with an increase of over $350 million from 2019. The increased research in brain illnesses like AD, and growing funding, and approval for promising devices continue to boost prospects for the neurostimulation devices market.
A chip designed to treat epilepsy is also showing promise for treating one of the largest disorder globally, obesity. According to a new study published in the National Academy of Sciences journal, the chip known as responsive neurostimulation system or RNS has shown promise in trials with mice. The chip essentially zaps the brain of obese people when they think of food. The electrical stimulation acts as a deterrent in the form of a mild shock. It also monitors brain activity continuously to provide information on activity like seizure. While it is difficult to predict if devices like these will take off, their development is definitely promising for those who are concerned about risin epidemic of obesity. The device promises to make real-inroads in suppressing harmful behaviour like binge-eating, and promises a new direction for players in the neurostimulation devices market.
Rising awareness about mental diseases like depression, Parkinson’s, and epilepsy are expected to drive major growth for the neurostimulation devices market. Additional, conventional drug therapies promise little headways in neurostimulation in many devices, and can be dangerous, especially to the elderly. The conventional therapies fail to provide a non-invasive surgical option, and drug treatment can also result in major side-effects, which makes way for promising growth for the neurostimulation devices market. FDA has also approved neurostimulation devices for major illnesses like chronic pain recently. The device named Proclaim XR recently received FDA approval. It uses low-dosage stimulation waveform, which mimics natural brainwaves, and changes pain signals travelling from the spinal cord to the brain. The growing understanding of how the brain functions, thanks to advancements in technologies like MRI, and non-invasive nature of needed treatment will drive tremendous growth for the neurostimulation devices market in near future.
Neurostimulation devices market report will cover all regions of the globe including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America is expected to remain dominant in growth as FDA approval for devices for epilepsy shows major promise for players in the region. Additionally, increased support for research for fatal illnesses like Alzheimer’s and need for minimally-invasive treatment for those promise a major government push with funding promises opportunities for growth in the neurostimulation devices market.
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