Neurostimulation Devices Market is projected to exhibit a CAGR of 48.1% by year 2032

According to a research report "Neurostimulation Devices Market, by Type(Spinal Cord Stimulators, Deep Brain Stimulators, Cochlear Implants, Vagus Nerve Stimulators, Sacral Nerve Stimulators, Percutaneous Tibial Nerve Stimulators, Transcranial Magnetic Stimulators), by Technology (Internal Neuromodulation, External-Neuromodulation), by Application (Spinal Cord-Stimulation, Deep-Brain Stimulation, Sacral-Nerve Stimulation, Vagus-Nerve Stimulation, Gastric-Electrical Stimulation, Transcutaneous-Electric Nerve Stimulation, Transcranial-Magnetic Stimulation, Respiratory Electric Stimulation, Movement Disorders, Hearing Impairment, Epilepsy, Urinary Incontinence, Others), by End-user(Hospitals, Ambulatory Surgery Centers, Specialty Clinics), And Region - Global Forecast To 2032" published by MarketDigits, the Neurostimulation Devices Market was valued USD 13.58 Billion in 2024 and projected to reach USD  56.66 Billion by 2030, growing at a CAGR of 17.2% ,during the forecast period of 2023-2032.

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits. View detailed Table of Content here - https://marketdigits.com/ neurostimulation devices market/sample

Market Overview

The market for neurostimulation devices provides implantable and programmable medical devices that are utilized for the diagnosis and treatment of various disorders affecting the central, peripheral, and autonomic nervous systems. These devices administer electrical stimulation to specific areas, offering relief from chronic pain (nociceptive and neuropathic), epilepsy, depression, and Parkinson's disease. Although the COVID-19 pandemic led to a temporary decrease in demand, the market is projected to witness a resurgence, particularly in the Asia Pacific region. This growth is driven by the increasing prevalence of neurological disorders such as arthritis and osteoporosis in countries like Japan and China. Neurostimulation devices work by disrupting the transmission of pain signals between the spinal cord and brain, providing significant relief to patients. The complete system typically consists of a neurostimulator, leads (wires for transmitting electrical signals), programmer tools for physicians and patients to adjust stimulation levels, and is designed for patient comfort and control.

Increasing Awareness & Adoption of Neurostimulation Therapies

The market for neurostimulation devices is experiencing growth due to a combination of factors. The increasing adoption of treatments such as deep brain stimulation (DBS) and spinal cord stimulation (SCS) is boosting the demand for non-invasive and drug-free options for neurological and mental health disorders. This trend is being driven by a greater awareness of mental health issues, with both private and public organizations as well as NGOs investing in and advocating for screenings for conditions that can be treated with neurostimulation devices. Notably, non-invasive brain stimulation (NIBS) provides a non-surgical approach to cortical stimulation. Moreover, the expanding global population aged 60 and above is a key factor. According to the World Health Organization (WHO), this demographic was 1 billion in 2020 and is projected to reach a remarkable 1.4 billion by 2050. This aging population is more prone to neurological conditions such as Parkinson's disease, Alzheimer's disease, chronic pain, and movement disorders. Neurostimulation devices offer a less invasive alternative to traditional treatments, enhancing the longevity and quality of life for elderly patients. Additionally, research indicates a significant increase in the elderly population, from 6% globally in 1990 to 9% in 2019. In the United States alone, it is estimated that 25% of adults (90 million) and 10% (30.6 million) reported experiencing chronic pain in 2020, underscoring the substantial potential of neurostimulation devices for pain management in this expanding demographic. This surge in demand is expected to result in a notable rise in the utilization of infusion pumps, electrical nerve stimulators, and spinal cord stimulators.

Market Dynamics

Drivers:

·        Rising Prevalence of Neurological Disorders

·        Advancements in Technology

·        Increasing Awareness & Adoption of Neurostimulation Therapies

Opportunities:

·        Increasing Prevalence of Neurological Disorders

·        Escalating Need for Non-Invasive Therapies

·        Efficacy of Non-Invasive Therapies

Escalating Need for Non-Invasive Therapies

Non-invasive therapies are on the rise due to their painless and safe nature, as well as their minimal side effects. They are widely used in the treatment of neurological conditions, aiming to enhance quality of life and alleviate speech, swallowing, movement, and cognitive difficulties. Both patients and healthcare professionals are increasingly opting for non-invasive or minimally invasive treatments for added comfort. Neurostimulation devices like TENS and TMS offer a non-invasive approach to managing pain and mood disorders. The growing demand for these less invasive therapies creates substantial market potential for neurostimulation devices.

The market for Neurostimulation Devices is dominated by North America

In 2023, North America is projected to lead the global neurostimulation devices market, primarily due to a combination of factors. The region holds a significant portion of the market due to reasons such as increasing healthcare expenditure, the presence of major manufacturers, and a high incidence of neurological disorders. The market growth is also attributed to the rise in research and development investments by both private and public sectors, favorable reimbursement policies, and growing patient awareness. Within the region, the United States takes the lead due to its large population suffering from chronic pain and advanced healthcare infrastructure, while Canada is anticipated to experience substantial growth driven by the increasing acceptance of these therapies. This dominance is further supported by projections indicating that North America will capture a substantial 60% revenue share in the market, fueled by factors such as a high prevalence of neurological conditions, a well-established healthcare system, and supportive reimbursement policies.

Europe is anticipated to experience robust growth as the second-largest market for neurostimulation devices, following North America. The market is driven by factors such as the presence of key players, advanced healthcare infrastructure, and a rising prevalence of neurological diseases affecting millions of Europeans. Additionally, favorable reimbursement policies, increasing awareness of these therapies, and growing investments in research and development by governments and companies are contributing to the expansion of the market. Germany, known for its well-developed healthcare system, currently leads within Europe and is expected to continue its strong position in the forecast period.

The internal type segment is anticipated to hold the largest market share during the forecast period

In 2023, The internal segment has been the leader in the market in 2022 due to technological advancements and is projected to maintain its dominance globally in the coming years. The growth of this segment is primarily attributed to the increased use of internal neurostimulation devices by patients with chronic pain, Parkinson's disease, and epilepsy, as well as the growing preference for these devices by healthcare providers and patients due to their enhanced effectiveness and safety resulting from recent technological advancements. Furthermore, favorable reimbursement policies in many countries, the global aging population, and increased investments in research and development by market players to enhance internal neurostimulation devices are also contributing to the segment's growth.

Major vendors in the global Neurostimulation Devices Market are Bristol-Myers Squibb Co., Merck and Co., F. Hoffmann-La Roche, Amgen Inc., Celgene Corp, Daiichi Sankyo, and Pfizer Inc., Abbott Laboratories, Boston Scientific Corporation, Bioinduction, Integer Holdings Corporation, Medtronic, Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Neuronetics, Synapse Biomedical, Soterix Medical, and Others.

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Segmentations Analysis of Neurostimulation Devices Market: -

Major Segmentations Are Distributed as follows:

·        By Type

o  Spinal Cord Stimulators

o  Deep Brain Stimulators

o  Cochlear Implants

o  Vagus Nerve Stimulators

o  Sacral Nerve Stimulators

o  Percutaneous Tibial Nerve Stimulators

o  Transcranial Magnetic Stimulators

·        By Technology:

o  Internal

o  External

·        By Application

o  Chronic Pain

o  Spinal Cord Stimulation

o  Deep Brain Stimulation

o  Sacral Nerve Stimulation

o  Gastric Electrical Stimulation

o  Transcutaneous Electrical Nerve Stimulation

o  Transcranial Magnetic Stimulation

o  Respiratory Electrical Stimulation

o  Movement Disorders

o  Hearing Impairment

o  Epilepsy

o  Urinary Incontinence

o  Others

·        End-user

o  Hospitals

o  Ambulatory Surgery Centers

o  Specialty Clinics

·        By Region

o  North America

§ U.S.

§ Canada

o  Latin America

§ Brazil

§ Mexico

§ Argentina

§ Colombia

§ Chile

§ Peru

§ Rest of Latin America

o  Europe

§ Germany

§ France

§ Italy

§ Spain

§ U.K.

§ BENELUX

§ CIS & Russia

§ Nordics

§ Austria

§ Poland

§ Rest of Europe

o  Asia Pacific

§ China

§ Japan

§ South Korea

§ India

§ Thailand

§ Indonesia

§ Malaysia

§ Vietnam

§ Australia & New Zealand

§ Rest of Asia Pacific

o  Middle East & Africa

§ Saudi Arabia

§ UAE

§ South Africa

§ Nigeria

§ Egypt

§ Israel

§ Turkey

§ Rest of MEA

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 Recent Developments

·        In March 2023, Sooma Medical, a company based in Finland, which provides efficient brain stimulation treatments for psychiatric and neurological disorders, was granted Breakthrough Device designation by the US Food and Drug Administration (FDA) for their portable, patient-administered neuromodulation device designed to treat depression.

·        In June of 2021, Oticon Medical, a prominent market participant, disclosed that the U.S. Food and Drug Administration (USFDA) had issued premarket approval for its Neuro System, allowing it to be used for individuals aged 18 and older. The system was designed to address the needs of patients with bilateral severe-to-profound sensorineural hearing loss, and is recognized as the Neuro Cochlear Implant System.

·        In February 2019, Medtronic plc introduced a deep brain stimulation device for patients with medically refractory epilepsy in the U.S.

·        In February 2019, in the U.S., Medtronic plc released a deep brain stimulation device for patients with medically refractory epilepsy.

Answers to Following Key Questions:

·        What will be the Neurostimulation Devices Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the Neurostimulation Devices Market?

·        What are the main forces behind worldwide Neurostimulation Devices Market? Which companies dominate Neurostimulation Devices Market?

·        Which companies dominate Neurostimulation Devices Market? Which business possibilities, dangers, and tactics did they embrace in the market?

·        What are the global Insight Engines industry's suppliers' opportunities and dangers in Neurostimulation Devices Market?

·        What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Neurostimulation Devices Market, who are the distributors, traders, and resellers?

·        What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Neurostimulation Devices Market?

·        What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Neurostimulation Devices Market?

·        What are the dominant revenue-generating regions for Neurostimulation Devices Market, as well as regional growth trends?

·        By the end of the forecast period, what will the market size and growth rate be?

·        What are the main Neurostimulation Devices Market trends that are influencing the market's expansion?

·        Which key product categories dominate Neurostimulation Devices Market? What is Neurostimulation Devices Market’s main applications?

·        In the coming years, which Neurostimulation Devices Market technology will dominate the market?

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