According to Persistence Market Research, the global neurostimulation devices market is set to grow to more than $10 billion by the year 2020. Neurostimulation, which involves using microelectrodes to activate elements of the nervous system through a small battery-powered device inserted in the brain, delivers electric signals at scheduled time intervals. By doing so, these signals block pain messages from damaged nerves from reaching the brain, helping sufferers of chronic pain and neurological disorders. The conditions this technology treats include Parkinson’s disease, epilepsy, depression, and neuropathic pain, which occurs due to nerve damage.
The neurostimulation devices industry is experiencing rapid growth due to the increasing prevalence of chronic pain and neurological diseases, not to mention an aging population in many countries, and increasing investment in R&D for such devices. For instance, according to NHS England, nearly 8 million people suffered from chronic pain in the United Kingdom in 2010, and this number reached 14 million in 2012.
Additionally, the Asia-Pacific region is the fastest-growing market for neurostimulation devices, no doubt in part due to the rising affluence of its inhabitants, but primarily due to a growing elderly population in countries such as China and India. According to the National Institutes of Health, in 2011, approximately 110 people in China were 65 or older, and this number is forecasted to reach 330 million by the year 2050. In India, on the other hand, in 2011, nearly 60 million people were 65 or older, and this number is expected to reach 227 million by the year 2050.
Major players within this market include Medtronic, Boston Scientific, Cyberonics, and Cochlear Limited, while up-and-coming companies such as NeuroSigma, NeuroPace, and Nexeon MedSystems are challenging the existing order, something that will surely contribute to providing innovative solutions for treating chronic pain and neurological disorders.