Neurostimulation Devices Market Forecast Showing $51 Billion Opportunity, Current Perspectives and Industry Outlook

New York, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The market value of Neurostimulation devices in 2021 was USD 4.796 million, and it will be worth USD 50.7 billion by 2030 at a 12.8% CAGR. Patients with chronic pain can get neurostimulation via neurostimulator devices to reduce some symptoms brought on by a variety of diseases. Neurostimulation devices allow patients to test the effectiveness of the treatment before committing to a longer period, unlike other pain management procedures.

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The Neurostimulation Devices Market Insights: 

• In 2021, the spinal cord stimulator segment maintained the maximum position in the market with 51.5% of revenue share on the basis of product.
• By application, the pain management segment ruled the entire market in 2021 with a 68.0% revenue share.
• North America held a considerable market position in 2021, with the largest market share of 60%.
  
  

Factors influencing the Neurostimulation Devices Market growth: 

Factors like the increasing incidence of neurological disorders and investment in neurological R&D influence market expansion. 

• The increased incidence of neurological illnesses drives the need for high-end neurostimulation devices. For instance, Parkinson's affects roughly 1 million Americans, with at least 60,000 new cases reported each year, and Alzheimer's is the sixth-leading cause of death. The market will grow in the upcoming years due to this overall increase in neurological disorders.
  
  
• To stay competitive in the market, major participants are spending on clinical trials. For example, Boston Scientific Corporation is conducting clinical trial research to examine patient satisfaction with the management of chronic pain in the trunk and limbs utilizing a new implantable neurostimulation system. 
  
  

Neurostimulation Devices Market Segmentation Analysis

The market segmentation of neurostimulation devices is done on the basis of application, product, and Region. 

By Product

• Deep Brain Stimulator
• Spinal Cord Stimulator
• Vagus Nerve Stimulator
• Sacral Nerve Stimulator
• Gastric Electric Stimulator
  
  

By Application

• Epilepsy
• Chronic Pain
• Urinary & Faecal Incontinence
• Parkinson's Disease
• Migraine
• Depression
• Tremor
• Others

For Region

North America

• Canada
• U.S.A.

Asia-Pacific 

• Japan
• India
• China
• Rest of Asia Pacific

Europe 

• UK.
• France
• Germany
• Italy
• Spain
• Rest of Europe

Rest of the World

• The African Region & Middle East
• Latin America

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In 2021, the spinal cord stimulator segment maintained the maximum position in the market with 51.5% of revenue share on the basis of product. It is due to a wide range of product applications and a sizable market penetration of commercially available products. Spinal cord stimulators are employed to cure non-malignant chronic neuropathic pain producing minute nerve impulses without causing physiological changes to the target region.

By application, the pain management segment ruled the entire market in 2021 with a 68.0% revenue share. The expansion of this market is driven by the rising incidence of chronic pain issues and a rise in product consumption for pain management because of its significant therapeutic value. 

North America held a considerable market position in 2021, with the largest market share of 60% because of the growing geriatric population and the incidence of neurological diseases. The preference for minimally invasive therapies and growing awareness of mental diseases contribute to an increase in the demand for neurostimulation devices. Additionally, the market will expand due to the increased R&D spending for developing cutting-edge neurostimulation devices.

Neurostimulation Devices Market Report Coverage

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Key players in the Neurostimulation Devices Market:

• Nevro Corp.
• NeuroSigma, Inc.
• EndoStim Inc.
• Neutronics Inc.
• Aleva Therapeutics SA
• Boston Scientific Corp.
• Medtronic PLC
• Jude Medical, Inc.
• Cyberonics
• ElectroCore Inc.
• Synapse Biomedical Inc.
• NeuroPace Inc.

Recent Developments

• On December 2022, Abbott announced that its device Eterna System had received FDA approval. Eterna is the smallest rechargeable spinal cord stimulation implant designed to treat the signs and symptoms of chronic pain.
  
  
• On July 2022, According to a release from Dyansys Inc., the US Food and Drug Administration approved First Relief, a PENS (percutaneous electrical neurostimulation) device, for use in multiple sessions lasting up to 56 days for the symptomatic relief of chronic, intractable pain caused by diabetic peripheral neuropathy.
  
  

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