As stated in our extensive report; the Global Neurostimulation Devices Market accounted for USD 4.3 Billion in 2021.
Neurological disabilities include a broad range of disorders like Alzheimer's disease, Parkinson's disease, epilepsy, and cerebrovascular diseases. These disorders affect the human body's central nervous system (CNS) and peripheral nervous system (PNS). And to manage such neurological disorders, the neurostimulation technique plays a vital part. The electrodes in the devices produce mild electrical impulses to supplement the neurological activities in the people. Such devices can be implanted or can be external. In addition, some Neurostimulation Devices include spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, and sacral nerve stimulators used to treat patients with numerous diseases like epilepsy, hearing loss, pain management, urinary incontinence, and Parkinson's disease. The demand for neurostimulators is increasing as these devices facilitate neuropathic and nociceptive pain management. Also, they assist in the direction of depression, epilepsy, and Parkinson's disease.
The rise in the geriatric population and the increasing prevalence of chronic pain caused owing to several factors such as cancer, failed back surgery syndrome, traumatic pain, nerve injuries, and others are growth factors driving the market growth. In addition, the launch of novel products with updated technologies in spinal cord stimulation and favorable medical reimbursement policies in developed regions are likely to propel the market in the future. Furthermore, the increasing incidence of lifestyle-related diseases leading to an increase in cardiovascular disorders will fuel the market's growth. Moreover, the growing demand for improved product outcomes and efficiency is leading to the development of innovative products and technology to address the unmet requirements of patients and surgeons. Seeing this, market players have developed new technologies and devices such as Neurostimulation Devices to enhance the overall life quality of the affected patient population.
North Americaholds the largest share in theNeurostimulation Devices Market and is expected to continue this trend in the forecast period. Rising incidences of depression and epilepsy drive market growth in this region. In addition, the presence of numerous manufacturing companies and the highly developed healthcare system inNorth Americaare other factors that will support the market expansion in this region. Moreover, according to the Hearing Health Foundation, around 48 million populace is affected inNorth Americaand almost 360 million public worldwide in 2020. This surge in the prevalence and occurrence of neurological diseases is anticipated to stimulate regional market growth during the forecast period.
Some of the prominent players in the Global Neurostimulation Devices Market include- Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Nevro Corp., LivaNova PLC, Axonics Modulation Technologies Inc., Neuropace Inc., EndoStimInc., NDI Medical, Cochlear Limited, Neuronetics Inc. and others.