New York, USA, May 26, 2022 (GLOBE NEWSWIRE) -- Neurostimulation Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Neurostimulation Devices Market Information by Type, Application, End-User, and Region - Forecast till 2030”, the market will garner a 10.7% CAGR from 2022 to 2030. The global market can anticipate touching USD 17.36 Billion by the end of 2030.
Neurostimulation Devices Market Synopsis
Neurological disorders like Parkinson’s disease, Alzheimer’s disease, cerebrovascular diseases and epilepsy have a huge impact on the central nervous system (CNS) as well as the peripheral nervous system (PNS) in humans. To manage such neurological disorders, the neurostimulation technique has a critical role. The electrodes present in these devices produce mild electrical impulses that help supplement the patients’ neurological activities.
Neurostimulation devices can either be implanted or can be external. These are directly fixed into the brain, CNS, or PNS. Spinal cord stimulators, sacral nerve stimulators, vagus nerve stimulators, and deep brain stimulators are some of the major neurostimulation devices that help in the treatment of patients affected by various diseases including hearing loss, pain management, Parkinson's disease, epilepsy, and urinary incontinence.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 17.36 Billion |
| CAGR | 10.7% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing cases of the neurological disorders such as chronic pain and depression high adoption of the Neurostimulation therapy |
| The growing need for technological development for the treatment of neurological diseases |
Neurostimulation Devices Market Competitive Landscape:
The important firms in the emergency medical services market include
- St.Jude Medical
- ElectroCore
- ImThera Medical
- Inspire Medical Systems
- Autonomic Technologies
- NeuroMetrix
- NeuroPace
- Nevro Corporation
- NeuroSigma
- Boston Scientific
- SPR Therapeutics
- Medtronic
- Synapse Biomedical
- Neuros Medical
- LivaNova (Cyberonics)
Neurostimulation Devices Market USP Covered:
Market Drivers:
The neurostimulation devices market is on track to perform remarkably well in the coming years, thanks to the constantly expanding geriatric pool and the emergence of highly advanced devices. Other prime growth boosters include escalating cases of chronic diseases, like epilepsy as well as migraine along with the extensive unmet medical needs across developing regions.
Launch of technically superior devices on the grounds of cost-effectiveness, accuracy, and safety should foster the market demand in the forthcoming years. Players actively partake in strategic initiatives including technical innovations, acquisition, and production expansion to elevate their rankings. Besides, the rapid escalation in diabetic neuropathy cases could be a massive opportunity for neurostimulation devices vendors in the ensuing years.
Depression cases have soared considerably in recent years. The National Institute of Mental Health reveals that depression is touted to be a major reason for mental disorder across the United States with roughly 17.2 million people recorded suffering from the condition in 2017. Moreover, vendors are striving to leverage the significant potential of IoT, big data, and artificial intelligence by incorporating these technologies in their products to bolster their demand, which should facilitate further market growth over the next several years.
Market Restraints:
A few challenges including the shortage of skilled healthcare professionals can mean slower market growth. Additionally, the lack of advanced medical infrastructure in mid-level income economies can be a challenging factor.
Neurostimulation Devices Market COVID-19 Analysis
To curb the number of infected people, the demand for a variety of medical supplies has surged. Respiratory support devices life-support machines, like atomizers, monitors and oxygen generators are some of the medical devices most extensively deployed in primary clinical treatment.
The COVID-19 outbreak had an adverse impact on the neurostimulation devices market, given that the healthcare sector’s focus is now on treating affected patients and curbing the pandemic spread. Therefore, patients affected by other diseases remain largely untreated.
Furthermore, the production of technologically innovative neurostimulation devices was halted due to the surging cases of COVID-19. However, the accelerated cases of neurological diseases and the control of the pandemic spread will ensure sustained market growth in the years to come.
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Neurostimulation Devices Market Segmentation
By Type
Different neurostimulation device types studied in the MRFR report are implantable devices, as well as external devices. Types of implantable devices are spinal cord stimulators, deep brain stimulators, gastric electric stimulators, sacral nerve stimulators, vagus nerve stimulators, and cochlear implants, while external device types are transcranial magnetic stimulators and transcutaneous electrical nerve stimulators.
By Application
Top applications of neurostimulation devices in the market are epilepsy, dystonia, depression, Parkinson's disease, pain management, gastroparesis, urinary and fecal incontinence, tremors, and more. Impressive efficiency shown by neurostimulation devices during the treatment process of epilepsy along with the shortage of alternative treatment options for this disorder has fostered the segmental growth. The burgeoning elderly populace affected by epilepsy also induces major business growth.
By End-User
With respect to end user, the key segments listed in the study are research institutes, cognitive care centers, hospitals/clinics, and more. Rising number of hospitals and clinics all over the globe along with the surging number of patients seeking admissions in them to receive treatment boost market growth. As a result, the hospital & clinic category can take the lead in the years to come.
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Neurostimulation Devices Market Regional Insights
America is the industry leader and is touted to remain the top performing market for neurostimulation devices throughout the analysis period. The market growth in America is the result of the rising demand for advanced cardiovascular devices and mounting burden of neurological diseases. Additionally, the high spending on neurostimulation devices, invention of the latest technologies, and surging awareness along with exhaustive research and development activities work in favor of the regional market as well.
Europe owns the second biggest portion of the global market, given the massive geriatric patient pool affected by numerous neurological issues along with the large-scale healthcare expenditure. Escalating cognizance among the mass regarding mental health and the willingness to seek help also boosts business expansion in the region. Other than this, technical advances that result in better patient management also benefit the European market.
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Asia Pacific presents a host of significant opportunities to the top players and can blossom into one of the fastest advancing markets for neurostimulation devices. The key growth inducing factors are the continuously expanding patient base suffering from several neurological disorders, and surge in government support for better healthcare practices.
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