Wilmington, Delaware, United States, June 09, 2023 (GLOBE NEWSWIRE) -- The global neurostimulation devices market size was worth at US$ 119.7 Bn in 2022. Expanding at a CAGR of 12.0% between 2023 and 2031, the global industry is likely to be valued at US$ 331.5 Bn by 2031.
Incidence of neurological illnesses is on an upward trajectory, the number of elderly people is also rising, insurance reimbursement rates are favorable, and new creative technologies are being introduced, all of which would contribute to growth of the global neurostimulation devices market. Utilization of neurostimulation devices to treat a variety of medical ailments, including stroke-related symptoms as well as depression in patients, is growing.
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Small external controllers that can detect any aberrant brain activity are being developed by healthcare companies. Firms prepare to make significant investment in the healthcare industry of Asia Pacific, as it is expected to experience rapid expansion in the next few years.
The need for neurostimulators is growing, as more people realize how effective they are in treating both neuropathic and nociceptive pain. Additionally, they support the treatment of epilepsy, Parkinson's disease, and depression. The market in Asia Pacific is anticipated to develop at the highest pace from 2023 to 2031, mainly because neurological conditions such as osteoporosis and arthritis are becoming more common in Japan and China.
Key Findings of Market Report
- Based on product type, the spinal cord stimulators segment held lion's share of the global market in 2021. The segment is expected to expand at a rapid pace during the forecast period. The segment is driven by high incidence of chronic pain brought on by a variety of conditions, including failed back surgery syndrome, cancer, nerve damage, and severe pain. Additionally, attractive health insurance policies in developed nations and introduction of novel products, including updated spinal cord stimulation technology, are likely to drive market development.
- Based on application, the chronic pain segment accounted for sizeable market share in 2021. This growth can be ascribed to the increase in chronic pain prevalence brought on by conditions such as nerve injuries, trauma, cancer, and surgical trauma.
- Based on end-user, hospitals is estimated to be a promising end-user segment during the forecast period. Favorable reimbursement policies for neurostimulation devices in industrialized nations, strong hospital infrastructure, and high price of implanted devices accounted for the segment's dominant position in 2021.
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Global Neurostimulation Devices Market: Growth Drivers
- Parkinson's disease is a neurological condition associated with aging that affects a sizable population worldwide. It is distinguished by muscular contraction, which impairs physical mobility, tremors, muscle stiffness, and gait. Multiple bodily systems could be impacted. Over 10 million individuals worldwide suffer from Parkinson's disease, as per the Parkinson's Foundation. Parkinson's illness is becoming more common, which is projected to boost the market.
- Development of novel goods and technology to meet the unmet requirements of both surgeons and patients has resulted from a rise in demand for enhanced product outcomes and effectiveness. Companies have created revolutionary technology and products, including neurostimulation equipment, to address unmet medical requirements in neurological illnesses. The affected patient population's overall life quality is improved by these cutting-edge devices. Development as well as commercialization of innovative electrical stimulation devices is a major trend that is likely to propel the global neurostimulation devices market.
Global Neurostimulation Devices Market: Regional Landscape
- In terms of revenue, North America held the largest market share in 2021, at almost 60.0%. The region is anticipated to lead the global market from 2022 to 2031. Early acceptance of technologically sophisticated technologies, introduction of novel products, and surge in installation of transcranial magnetic stimulation systems in specialized clinics in Canada and the U.S. are likely to drive the market in North America.
Global Neurostimulation Devices Market: Key Players
Some of the key players in the global neurostimulation devices market are
- Integer Holdings Corporation
- Synapse Biomedical
- Boston Scientific Corporation
- Neurosigma, Inc.
- Soterix Medical
- Abbott Laboratories
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Global Neurostimulation Devices Market: Segmentation
Product Type
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Cochlear Implants
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Percutaneous Tibial Nerve Stimulators
- Transcranial Magnetic Stimulators
Application
- Chronic Pain
- Movement Disorders
- Hearing Impairment
- Epilepsy
- Urinary Incontinence
- Others
End-user
- Hospitals
- Ambulatory Surgery Centers
- Specialty Clinics
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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