Newark, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the neurostimulation devices market will grow from USD 5.78 Billion in 2022 to USD 18.12 Billion by 2032. The neurostimulation devices market is expanding due to the rising prevalence of chronic and infectious diseases, rising investments in the healthcare industry and supporting government initiatives.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 5.78 Billion |
| Market Size in 2032 | USD 18.12 Billion |
| CAGR | 12.11% |
| No. of Pages in Report | 238 |
| Segments Covered | Product Type, Application and End-users |
| Drivers | Increasing use of neurostimulation devices |
| Opportunities | Increasing prevalence of Parkinson’s disease |
| Restraints | High cost |
Key Insight of the Neurostimulation devices Market
North America region to account for the largest market size during the forecast period.
North America will have the most major neurostimulation devices market share during the forecast period. The factors supporting the growth of the regional neurostimulation devices market include the growth of healthcare industries in countries such as the U.S., Canada and Mexico. Many regional players are investing in the development of neurostimulation devices which can be used to provide relief pain to patients suffering from neurological diseases.
The sacral nerve stimulator segment is expected to augment the market during the forecast period.
The product type segment is divided into deep brain stimulator, sacral nerve stimulator, gastric electric stimulator, spinal cord stimulator, vagus nerve stimulator and transcutaneous electric nerve stimulator. The sacral nerve stimulator segment is expected to augment the market during the forecast period. A tiny transmitter called a sacral nerve stimulator is inserted under the skin in the upper buttock region.
The epilepsy segment is expected to grow at the highest CAGR during the forecast period.
The application segment is divided into Parkinson’s disease, epilepsy, depression, pain management, essential tremor, dystonia, urinary and fecal incontinence, gastroparesis and others. The epilepsy segment is expected to augment the market during the forecast period. Around 50 million people worldwide suffer from epilepsy, a chronic noncommunicable brain condition. Epilepsy is responsible for recurrent and unannounced seizures and hence treatment is necessary in such condition.
The rehabilitation centres segment is expected to augment the market during the forecast period.
The end-users segment is divided into hospitals, clinics and rehabilitation centres. The rehabilitation centres segment is expected to augment the market during the forecast period. Along with disease prevention, palliative care, treatment, and the promotion of good health, rehabilitation centres provide all kinds of support to the patients dealing with chronic conditions.
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Market Dynamics
Driver: Increasing prevalence of neurological diseases
There is a rising significant burden on societies and their healthcare systems as the number of persons with NCDs rises. The scale of the global, regional, and national disease-specific burdens may be grasped more fully than ever before with the use of new visualisations and enhanced data gathering. In Asia, neurological illnesses are the second-largest cause of deaths and the top cause of disability-adjusted life years as of 2019. As the population ages and grows especially in Asia, this burden is anticipated to rise. Regionally and nationally, urgent action is required in the areas of prevention, treatment, rehabilitation, and support services for common neurologic illnesses. Thus, the demand for neurostimulation devices is increasing rapidly.
Restraint: Lack of effectiveness
Efficacy is an issue with most of the neurostimulation devices. While some patients benefit greatly from neurostimulators, others might not even feel any pain reduction. The neurostimulation devices have the potential for infection and other unfavourable side effects which can limit the effectiveness of the treatment.
Opportunity: Growing preference for minimally invasive surgeries
Minimally invasive surgery was first introduced for the treatment of patients suffering from neurological disorder more than two decades ago. Doctors utilise a number of procedures in minimally invasive surgery to avoid surgery related complications. Minimally invasive surgery is linked to less discomfort, a shorter stay in the hospital, and fewer problems. Minimally invasive surgery continues to improve, making it more advantageous for people with a wide range of ailments. Advances in surgery have centred on reducing the invasiveness of surgical procedures to the point that some treatments have undergone a dramatic paradigm shift in which doctors no longer physically touch or see the structures on which they operate.
Challenges: Stringent regulations
Several regulatory restrictions are implied on the product approval for neurostimulation devices. The manufacturers should adhere to the regulations provided by the FDA authorities and local agencies to launch their products in the commercial market. These regulations increase the barriers to entry for manufacturers.
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Some of the major players operating in the neurostimulation devices market are:
• Cyberonics
• Medtronic
• Boston Scientific Corp.
• Nevro Corp.
• St. Jude Medical, Inc.
• Neutronics Inc.
• Aleva Therapeutics SA
• NeuroSigma, Inc.
• ElectroCore Inc.
• Synapse Biomedical Inc.
• EndoStim Inc.
Key Segments Cover in the Market:
By Product Type:
• Deep Brain Stimulator
• Sacral Nerve Stimulator
• Gastric Electric Stimulator
• Spinal Cord Stimulator
• Vagus Nerve Stimulator
• Transcutaneous Electric Nerve Stimulator
By Application:
• Parkinson’s Disease
• Epilepsy
• Depression
• Pain Management
• Essential Tremor
• Dystonia
• Urinary and Fecal Incontinence
• Gastroparesis
• Others
By End-users:
• Hospitals
• Clinics
• Rehabilitation Centres
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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