The growth in the global neurostimulation devices market is due to growth in utilization of neurostimulation devices in pain management and upsurge in usage of neurostimulation devices in developing economies.
The growth in the global neurostimulation devices market is due to growth in utilization of neurostimulation devices in pain management and upsurge in usage of neurostimulation devices in developing economies.
Neurostimulation devices are utilized to modulate the pain signals to brain and treat various medical conditions such as anxiety, insomnia, and others. Manufacturers have been focused on development of advanced products and gain major market share by increasing the customer base across the world. For carrying out development activities, they need additional funding and they adopted the strategy of raising funding. Some of the market players have already raised the funding, however, some of them filed for initial public offering (IPO) to raise the required funding. Advanced and innovative devices will be launched in the coming years with the funding. According to the report published by Allied Market Research, the global neurostimulation devices market is estimated to reach $11.25 billion by 2026. Following are some of the activities taking place across the world.
Raising funding for development and commercialization of neurostimulation devices is one of the major strategies adopted by market players. The funding will help them in providing advanced devices and raise their market share in the coming years through improved customer base. Nalu Medical, Inc., raised $104 million in equity financing. The developer of innovative and minimally invasive solutions for neuropathic pain raised the funding in a round led by investors MVM Partners and Gilde Healthcare along with participation from Aperture Venture Partners and Pura Vida Investments. The medical technology company has a range of neurostimulation devices that offer electrical pulses to nervous system for modulating the pain signals to the brain. The existing devices have been cleared by the U.S. Food & Drug Administration for Peripheral Nerve Stimulation (PNS) and Spinal Cord Stimulation (SCS) indications. The company will utilize the funding in scaling up commercialization of neurostimulation devices, expanding clinical evidence, and develop advanced products.
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Along with closing funding, many companies filed for initial public offering for raising the required funding for development of products. Nexalin Technology, a medical device developer, filed an IPO for raising $10 million for development of neurostimulation devices for treatment of mental health conditions including anxiety, depression, and insomnia. The Texas-based medical device developer is providing shares at $5 to $7 per share. The company developed Gen-1 for treatment of anxiety and insomnia. Moreover, it will develop and launch Gen-2 for treatment of all of the three conditions mentioned above. The company joined hands with Wider Come Ltd. for conducting clinical research and developing distribution strategy in China, Hong Kong, Macau, and Taiwan. Along with development of advanced devices, the newly-raised funding will be utilized for carrying out distribution plans in the Asian countries.
Major Highlights of the Market Globally-
- North America occupied 40.0% share of the global neurostimulation devices market in 2018.
- Asia-Pacific is anticipated to grow with the highest CAGR throughout the forecast period.
- The spinal cord stimulators segment accounted for 49.9% share of the market in 2018.
- The pain management segment is anticipated to grow at the 14.5% during the analysis period.
The Major Key Players are:
- Abbott Laboratories
- Aleva neurotherapeutics SA
- Boston scientific corporation
- ElectroCore Inc.
- EndoStim Inc.
- Medtronic plc
- NeuroPace Inc.
- Nevro Corporation
- Neuronetics Inc.
- NeuroSigma Inc.
- Synapse Biomedical Inc.