Market Scope
The neurostimulation devices market is anticipated to reach USD 17.36 billion by 2030, growing at a 10.7% CAGR during the forecast period 2022-2030.
Major Drivers and Impediments
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.
The Neurostimulation Devices Market includes implanted neurostimulators, offering innovative solutions for managing chronic pain and neurological disorders. These devices deliver targeted electrical stimulation to specific nerves, providing relief to patients. With advancements in technology, implanted neurostimulators are gaining popularity as effective alternatives to traditional pain management methods.
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.
The neurostimulation devices market addresses the growing demand for innovative therapies to manage neurological conditions. Utilizing advanced technologies, these devices deliver targeted electrical stimulation to modulate neural activity, offering relief from chronic pain, movement disorders, and psychiatric conditions. With ongoing research and development, neurostimulation devices continue to expand treatment options for patients worldwide.
Segmentation
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, cochlear implants, while external device types are transcranial magnetic stimulator and transcutaneous electrical nerve stimulators.
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.
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.
Regional Status
Middle East Africa, America coupled with Europe and APAC or Asia Pacific are the key regions across which the global market is spread.
America is the industry leader and is touted to remain the top performing neurostimulation devices market 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.
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.
Eminent Firms
Some of the industry leaders that have been profiled in the MRFR study of the neurostimulation devices 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), and more.
These firms allocate massive budgets to carry out research and development (RD) activities, in a bid to focus primarily on product innovation and foster their regional presence. Some other strategies adopted are acquisitions, collaborations, expansions, joint ventures, FDA approvals, to name a few.
To illustrate, in June 2021, Medtronic plc has gotten the approval from U.S. Food and Drug Administration for Vant, an implantable recharge-free neurostimulator with up to 11 years of lifespan. The Vanta neurostimulator provides close to twice the total device life compared to other primary cell devices. The device also makes use of the company’s proprietary AdaptiveStim technology that offers personalized pain relief, adapting to the patient's position or movement using a built-in accelerometer.
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