Owing to the exponential rise in the incidences of neurological diseases among the geriatric population, neurostimulation devices market has attained significant popularity over the past few years. The rising demand for minimally invasive technologies across developed nations for treating neurological disorders has compelled neurostimulation devices industry players to come up with innovative products. Advantages offered by minimally invasive surgeries (MIS) including smaller incisions, minimized risk of complications, lower operative pain, and reduced hospital stays have been among the prominent factors to have boosted the growth prospects of neurostimulation devices market.
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How innovative product launches have been reshaping the neurostimulation devices industry landscape
With the rapid influx of globally-renowned medical device manufacturers in the fast-evolving neurostimulation devices market, the clinal proof of effectiveness of the products has gained immense significance. Moreover, the current competitive scenario of this business space has necessitated leading market participants to launch unique products and secure regulatory approval in lesser timespan. Following is a brief summary of how neurostimulation devices industry players have been proactive in releasing cutting-edge products in the recent past:
- Regarded as one of the foremost neurostimulation devices market giant, Boston Scientific Corporation has recently announced to have received the U.S. FDA’s approval for its Vercise™ Deep Brain Stimulation (DBS) System. The system would apparently be deployed to treat Parkinson’s disease, a degenerative condition that affects more than 10 million people worldwide and approximately one million in the USA. Powered by a device called an implantable pulse generator, DBS works by stimulating specific regions of the brain via implant leads. The approval marks an important step for patients who will now have the choice to be treated with more adaptable neurostimulation device.
- The Illinois based healthcare multinational, Abbott has recently declared to have launched its Proclaim™ DRG Neurostimulation System in Europe. The revolutionary system has been developed to treat chronic neuropathic pain by dorsal root ganglion (DRG) stimulation. The Proclaim DRG Neurostimulation System provides a more innate therapy experience, given that it has been equipped with iOS™ software and Bluetooth® wireless technology. The system is said to enhance the experience of how patients interact with their device compared to existing systems with outdated controllers that are problematic to operate. Apparently, the launch of Proclaim DRG Neurostimulation System would undoubtedly impel the Europe neurostimulation devices industry growth in the ensuing years.
- Touted as the smallest implantable spinal cord stimulator across the neurostimulation devices market, Medtronic’s Intellis system has reportedly secured regulatory approval in Europe. The system can be utilized to treat either peripheral nerve or spinal cord neurostimulation, relieving chronic pain. The Intellis implant offers both low-dose and high-dose therapy, depending on the needs of the patients. Furthermore, it also helps physicians to improve how the therapy targets pain by tracking patient activity.
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With the advancements in technological innovations coupled with soaring elderly patient base across the globe, the neurostimulation devices industry is bound to accrue substantial remuneration over the estimated timeframe. In fact, as per a research report compiled by Global Market Insights, Inc., the overall neurostimulation devices market is forecast to surpass a total revenue portfolio of USD 16 billion by 2024.