NEWARK, DEL, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global neurostimulation market value is expected to rise from US$ 6,221.2 million in 2023 to US$ 15,417.4 million by 2033. This estimated growth is expected to be driven by a healthy CAGR of 9.5% in the global neurostimulation market over the next decade.
Increasing cases of chronic pain continue to pave the growth of the neurostimulation market. In the United States, 1 in 5 people report they are suffering from chronic pain, as per the latest estimates from National Institutes of Health. By opting for neurostimulation therapy, patients can take charge of their pain and enjoy a better quality of life.
Many research studies are being conducted to cover the full potential of neurostimulation in treating multiple disorders. For instance, in 2022, a study found that the efficiency of restorative neurostimulation in treating lower back pain originating from multifidus dysfunction. The efficiency of this therapy stays intact for three years.
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Latest research on Parkinson’s disease has revealed that neuromodulation technologies can be used to mitigate some of the incapacitating symptoms like rigidity and tremors. Since the disease is impacting a growing number of people and putting a strain on healthcare systems, families, and economies, new advancements in neurostimulation to manage Parkinson’s disease are predicted to be beneficial for the neurostimulation market.
“Increasing government support to drive advancement in the medical field, along with high growth prospects in the Asia Pacific, are motivating key players to concentrate their efforts on targeting a market in the region. Apart from this, participants are partnering with domestic players and distributors to enjoy easy access to emerging markets in the future,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Neurostimulation Market Report
- India and China are emerging as robust market players, expanding at CAGRs of 14.3% and 12.4%, respectively, through 2033.
- Australia is predicted to exhibit high potential for growth. FMI analysts have estimated that the neurostimulation market in Australia is going to witness a CAGR of 10.5% through 2033.
- The United States accounts for the leading market share. As per the latest study, the neurostimulation market in the United States is expected to be 40.3% in 2023.
- Germany is predicted to lead the market in Europe. The country is anticipated to acquire a 4.2% share of the overall market.
- Pain management segment acquires 45.3% value in the global market.
- Spinal cord stimulator records market share of 52.3% in 2023.
Key Players:
- Boston Scientific Corporation
- Cyberonics Inc.
- St. Jude Medical Inc.
- Medtronic Inc.
- NeuroPace Inc.
- NeuroSigma, Inc.
- Others
Key Developments Taking Place in the Neurostimulation Market
- In August 2023, the University of Glasgow published the latest brain stimulation project on their site. The project aims to develop revolutionary methods to treat a wide array of neurological conditions. Researchers from Glasgow are going to partner with colleagues from Italy, Germany, Finland, and Spain to develop BRAINSTORM technology, that could provide better results via less invasive techniques.
- In September 2023, an implanted restorative neurostimulation clinical trial, after its three-year follow-up found out that ReActiv8 (Mainstay Medical) is effective and safe.
- In October 2022, a review demonstrated that neurostimulation can show effective results in the treatment of dysphagia.
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Key Segmentations:
By Type:
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Others
By Application:
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson's disease
- Epilepsy
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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