In terms of revenue, the Global Neurostimulation Devices Market is expected to reach USD 8.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.20% from 2022 to 2028.
The components of a neurostimulation device include a neurostimulator, which produces the electrical impulses, leads, which are made up of insulated medical wires and deliver the electrical pulses, and a patient's portable device. The optimal calibration of every component results in a successful patient response to the neuro disease in terms of wellbeing.
The market for Neurostimulation Devices is expanding due to factors such as increased clinical trials for these devices, the prevalence of neurological illnesses worldwide, and corporate investments. In addition, the industry is growing due to technological developments such as wireless energy transmission and silicon microfabrication.
Key Highlights from Report:
- The Hospital's segment dominates the market share during the forecast period. The segment's growth is attributed to increasing preference and awareness among manufacturers' consumers to increase their products' self-life. Moreover, the rise in the efficiency of reverse logistics operation of recycled products, decrease in landfill sites, and eco-friendly legislations for the government are driving the Neurostimulation Devices market growth during the forecast period.
- The Spinal Cord Stimulators segment is anticipated to grow at the highest rate during the forecast period because of the broad range of product applications. The commercially available items in this category have a high market penetration. This market's technological development is anticipated to fuel its growth. Spinal cord stimulators treat non-malignant chronic neuropathic pain because they assist in numbing the discomfort by generating minute nerve impulses without altering the target area's anatomy.
- The Asia Pacific region is accounted for a significant portion of the global market for Neurostimulation Devices. Significant market trends in the Asia Pacific include the development of novel neurostimulators, approval by health authorities for novel procedures in neurostimulators, and mergers & acquisitions to acquire unique technologies & products.
The global market for Neurostimulation Devices is predicted to expand by double digits throughout the forecast period. Neurostimulation equipment is utilized more frequently to treat various medical disorders, including stroke and depression. Healthcare companies are developing small external controllers that can monitor abnormal brain activity due to the rise in the prevalence of neurological illnesses, the aging population, advantageous reimbursement rates, and the development of cutting-edge technology. On the other hand, research into using neurostimulators for treating conditions like obsessive-compulsive disorders, interstitial cystitis, and asthma is still ongoing. It is anticipated that this will open lucrative opportunities for the market for Neurostimulation Devices to expand in the years to come.
North America is estimated to hold a significant share in the market in 2021. Significant market trends in North America include the development of novel neurostimulators, approval by health authorities for novel procedures in neurostimulators, and mergers & acquisitions to acquire unique technologies & products. The market in this region is anticipated to be driven by an increase in the frequency of neurological illnesses, growth in the elderly population, advantageous reimbursement rates, and the introduction of cutting-edge technologies.
The Global Neurostimulation Devices Market is Segmented as follows:
- Product Type
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Cochlear Implants
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Percutaneous Tibial Nerve Stimulators
- Transcranial Magnetic Stimulators
- Chronic Pain
- Movement Disorders
- Hearing Impairment
- Urinary Incontinence
- Other Applications
- End Users
- Ambulatory Surgery Centers
- Specialty Clinics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Neurostimulation Devices Market is:
Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Nevro Corp., LivaNova PLC, Axonics Modulation Technologies Inc., Neuropace Inc., EndoStimInc., NDI Medical, Cochlear Limited, Neuronetics Inc.
The Global Neurostimulation Devices Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|