New York, May 24, 2023 (GLOBE NEWSWIRE) -- The Neurostimulation Devices Market stood at US$ 11.1 billion in 2022 and the global market is projected to reach US$ 36.5 billion by 2032. The global industry is anticipated to expand at a CAGR of 13% between 2023 and 2032.
Neurostimulation devices are implants, programmable medical devices that provide electrical stimulation to a particular portion of the patient, such as the spinal cord, brain, or peripheral nervous system, to help treat several disorders, containing chronic pain, movement disorders, Parkinson’s disease, and epilepsy. Neurostimulation devices are generally used to identify and treat disorders of the nervous system. A neurostimulation device is a key element used in neural prosthetics for artificial limbs, artificial vision, and hearing aids.
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Key Takeaway
- By Devices Type, the spinal cord stimulator segment generated the highest revenue share in 2022.
- By Application, the pain segment has dominated the market, and it is growing at the largest CAGR over the forecast period 2023 to 2032.
- By End-user, the hospital segment is projected to lucrative growth of the market during the forecast period in 2022.
- In 2022, North America dominated the market with the highest revenue share of 50%.
- Europe held a 20.8% revenue share in 2022.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
The electrical impulse causes feelings in the injured neurons and benefits in the treatment of chronic pain of pain messages from the neurons to the brain. The rising boost of neurological illness and chronic pain and neurological illness and the growing geriatric populations are thus boosting the growth of the market. However, the growing awareness of neurological illness and an increase in investments in development and research for inventive and new neurostimulation equipment for the treatment of neurological illness.
Factors affecting the growth of Neurostimulation Devices market
There are several factors that can affect the growth of the neurostimulation devices market. Some of these factors include:
- Technological advancements and new product development: The increase in demand for improved product outcomes & efficacy has led to the development of innovative products and technologies to address the unmet needs of patients as well as surgeons.
- The increasing dominance of chronic diseases: The neurostimulation equipment help in providing therapeutic solutions which have limited solutions, such as migraine and epilepsy.
- Rise in R&D: Manufacturers are growing their R&D expenditure to create cutting-edge products and technology, such as implantable neurostimulation devices, which are predicted to accelerate market growth.
- Increasing Geriatric Population: Rising geriatric populations in emerging countries create expansive market opportunities in the global neurostimulation market. The global geriatric population is increasing at an exceptional rate.
- Change in Lifestyle: The prevalence of lifestyle-induced disease is also increasing.
- Rise in minimally invasive surgeries: Rise in demand for minimally invasive surgery adoption of technologically advanced products propels the growth of the market.
Top Trends in Global Neurostimulation Devices Market
Manufacturers are presently developing new equipment while augmenting deep brain stimulation systems. Developing technologies for the treatment of various diseases is expected to increase the demand for neurostimulation devices. Furthermore, the increase in FDA approvals for new devices with new applications is anticipated to accelerate the growth of the market. Manufacturers are favoring advanced technologies for responsive neurostimulation and magnetic neurostimulation, eventually driving high sales in the market. In order to provide enhanced and alternative solutions to unmet needs in neurological disease, companies have developed new technologies and devices.
Market Growth
The increasing neurological disease across the world, increasing clinical trials for neurostimulation devices, and investments by major companies are driving the growth of the neurostimulation devices market. The increasing developments in the products are projected to increase the approval of neurostimulation devices, thereby driving the market growth. The rise in the prevalence of neurological disease and the technical advancements in neurostimulation devices. An increase in research, product approval, and development in neuroscience drives market growth.
Regional Analysis
The neurostimulation devices market was dominated by North America, which acquired the most significant revenue share. Strategic government regulations and an increase in the average amount of days required in the FDA authorization procedures may hinder the region’s growth. Development of innovative neurostimulators authorizations by health authorities for new methods in neurostimulators and acquisitions and mergers to obtain novel technologies and products are important market trends in North America.
Europe is followed by the US in terms of revenue share. Rapid economic development in eastern European countries is anticipated to accelerate the growth. The Asia-Pacific region provides profitable growth to the key players in the neurostimulator market, as it is projected to be the highest-growing market.
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Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include
- Medtronic plc
- Boston Scientific Corporation
- Nevro Corporation
- St. Jude Medical, Inc.
- Abbott
- NeuroPace Inc.
- NDI Medical, LLC
- Cochlear Limited
- EndoStim Inc.
- Electromedics Meditek Private Limited
- Medical Centre Inc.
- Electro Care Private Limited
- Synapse Biomedical Inc.
- LivaNova, PLC
- ElectroCore Inc.
- Cyberonics, Inc.
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 11.1 Billion |
| Market Size in 2032 | US$ 36.5 Billion |
| CAGR (2023 to 2032) | 13% |
| North America Revenue Share | 50% |
| Europe Revenue Share | 20.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The global geriatric population is rising at an exceptional rate. The geriatric population in terms of Parkinson’s disease is also rising at a steadfast pace. Extensive R&D activities for developing new products and innovative technologies will additionally drive market growth. Recent developments such as spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, and sacral nerve stimulation will more be rising the chance of enhanced market growth.
Neurostimulation helps in offering therapeutic solutions which have limited solutions, such as migraine and epilepsy. Individuals suffering from depression are prone to cardiovascular diseases, which are anticipated to play into the market value. External aid for an extensive range of development and research activities has also increased.
Market Restraints
The Implementation of neurostimulation devices includes an extensive scope of surgical processes, which cause many associated risks such as hoarseness of voice and allergies. While these adverse effects are frequently temporary, electrical signals commonly generated by these devices can prolong to limit the growth of the market.
The market's expansion is poised to be restricted by adverse effects such as allergic responses and pricking of the skin owing to the implantation of neurostimulation devices into the body. Apart from these, the higher cost of neurostimulation devices is also reducing market growth.
Market Opportunities
The need for better production efficiency as well as outcomes has risen, thereby stimulating the formation of cutting-edge products and technology to meet the unmet demand of surgeons and patients. Companies have produced exclusive devices and skills, such as neurostimulation devices, to improve the overall situation of the patient affected by neurological illness and provide improved and advanced medicines to meet medical needs. Increase in initiatives by renewed corporations for handlings Parkinson’s disease and the fast technological advancements.
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Report Segmentation of the Neurostimulation Devices Market
Product Type Insight
The spinal cord segment dominated the neurostimulation devices market, which also held the greatest revenue share due to the extensive scope of product demand and high market permeation of commercially available products in this segment. Technological innovations in this segment are anticipated to boost the segment more. Spinal cord stimulators are useful in non-malignant chronic neuropathic pain management. They mask pain by generating small nerve impulses in excess of creating any functioning changes to the target portion.
Application Insight
The pain management segment registers the highest market share. This prevalence of chronic disorders and increasing product use for pain management on the reason of its high therapeutic significance are the vital factors that boost the growth of this segment. Some of the diseases encompassed under this segment include leg pain and chronic pain.
End-user Insight
The Hospital segment is projected to be a lucrative segment of the market during the forecast period. Due to favorable medical; facilities well, established healthcare infrastructure for neurostimulation devices in developed nations, and the high cost of the implantable devices contributed to the projected share of the segments. An increase in the number of hospitals in developed countries and a rise in implantable surgeries of neurostimulation is likely to boost the sector's growth throughout the forecast period.
We do provide a sample copy of our rigorous written report, which you can download here (consist of full TOC, infographics, charts graphs, and valuable information regarding the industry): https://market.us/report/neurostimulation-devices-market/request-sample/
Market Segmentation
By Devices Type
- Transcutaneous Electrical Nerve Stimulation
- Gastric Electric Stimulator
- Sacral Nerve Stimulator
- Spinal Cord Stimulator
- Deep Brain Stimulator
- Vagus Nerve Stimulato
By Application
- Epilepsy
- Essential Tremor
- Pain Management
- Depression
- Dystonia
- Urinary and Fecal Incontinence
- Parkinson’s Disease Gastroparesis
By End-user
- Hospitals
- Specialty Clinics
- Medical Clinics
- Rehabilitation Center
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Neurostimulation Devices Market
- In May 2021, Abbott launched NeuroSphere, an effective clinic designed to help deep brain stimulation patients by slight programming and rearranging their strategies from the well-being of their homes.
- In January 2020, - Medtronic plc pronounced the acquisition of Stimgemics, LLC. It is identified as an innovative new spinal cord stimulation waveform that is recognized as a difference target multiplexed spinal cord stimulation.
- In February 2022, Precisis GmbH pronounced that it acknowledged the US FDA approval for its breakthrough devices designation slightly invasive epilepsy treatment EASEE.
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