The global neurostimulation devices market size is valued at USD 6,141 million in 2021 and is estimated to achieve a market size of USD 15,994 million by 2030; growing at a CAGR of 11.3%.
Neurostimulation provides pain relief by disrupting the pain signals traveling between the spinal cord and the brain. Neurostimulation technology can improve the life quality of those who are severely paralyzed or have profound losses to various sense organs. Rising chronic disorders is one of the primary reasons that have fueled the demand for neurostimulation devices market. Technological advancements in these devices are boosting the neurostimulation devices market revenue.
Neurostimulation Devices Market Dynamics
Neurostimulation Devices Market Drivers
Neurostimulation Devices Market Restraints
Neurostimulation Devices Market Opportunities
Neurostimulation Devices Market Report Coverage:
|Market||Neurostimulation Devices Market|
|Neurostimulation Devices Market Size 2021||USD 6,141 Million|
|Neurostimulation Devices Market Forecast 2030||USD 15,994 Million|
|Neurostimulation Devices Market||11.3% CAGR During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, End-Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Boston Scientific Corporation, Medtronic, St. Jude Medical, Bayer AG, Cyberonics, Inc, IntraPace Inc., Neuronetics, Nevro Corp., Uroplasty, Inc., ImThera Medical, Inc., and NeuroPace, Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Increasing number of patients suffering from chronic pain across the globe, rapid technological advancement in medical devices and demand for effective therapeutic solutions are major factors expected to drive the growth of global market. In addition, increasing geriatric population in developing countries and demand for minimally invasive advanced surgical procedure is another factor expected to support the growth of target market.
Government is spending high on the development of healthcare infrastructure in order to facilitate the adoption of advanced devices, along with players investing high for R&D activities and introducing new innovative products are factors responsible to positively impact the growth of target market.
However, factors such as high cost of surgeries and problems associated to devices are factors expected to hamper the growth of global neurostimulation devices market. In addition, lack of skilled labor and unavailability of favorable policies in developing countries are factors expected to challenge the growth of target market.
Technological advancements by major players and player’s inclination towards emerging economies are factors responsible to create new opportunities for players operating in the target market over the forecast period. In addition, increasing awareness among patients and availability of insurance policies are factors expected to revenue support the growth of target market
Neurostimulation Devices Market Segmentation
The global neurostimulation devices market is segmented into product, application, and end use. The product segment is further bifurcated into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and gastric electric stimulators. Among the product the deep brain stimulators is expected to account for significant revenue share in the target segment.
Neurostimulation Devices Market By Product
According to our neurostimulation devices industry analysis, the spinal cord stimulators generated the largest market revenue in 2021 and are likely to do so in the coming future. One of the primary reasons for the market's expansion is the emergence of regulations for spinal cord stimulation therapy. Several government organizations are working on developing guidelines for this therapy's use in the treatment of chronic pain and other disorder indications.
Neurostimulation Devices Market By Application
The application segment is divided into pain management, epilepsy, essential tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, parkinson’s disease. Among the application the pain management segment is expected to account for major revenue share in the global market. Epilepsy, on the other hand is likely to witness a significant growth rate during the projected timeframe from 2022 to 2030.
Neurostimulation Devices Market By End Use
According to our neurostimulation devices market forecast, the hospitals segment is expected to achieve a significant market share from 2022 to 2030. The presence of advanced healthcare facilities along with the medical professionals is supporting the hospitals segment. However, the specialty clinics segment is anticipated to witness a substantial growth rate (CAGR) throughout the forecasted timeframe from 2022 to 2030.
Neurostimulation Devices Market Regional Outlook
Middle East & Africa
Increasing Chronic and Neurological Disorders in U.S. Fuels the North America Neurostimulation Devices Market
The market in North America is expected to account for significant revenue share owing to increase in number of patients in hospitals suffering from chronic illness. In addition, presence of large number of players operating in the country and introduction of innovative solutions are factors expected to support the growth of target market. Availability of favorable reimbursement policies and growing adoption of innovative and technologically advanced products are factors expected to support the growth of target market..
Neurostimulation Devices Market Players
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Some of the key neurostimulation devices companies include Boston Scientific Corporation, Medtronic, St. Jude Medical, Bayer AG, Cyberonics, Inc, IntraPace Inc., Neuronetics, Nevro Corp., Uroplasty, Inc., ImThera Medical, Inc., and NeuroPace, Inc.
Business development activities through strategic merger and acquisition in order to enhance the customer base and increase the profit are factors expected to support the growth of target market.
In addition, players approach towards tracking the untapped market in developing countries is expected to support the growth of target market.
The global neurostimulation devices market size in 2021 was accounted to be USD 6,141 Million.
The projected CAGR neurostimulation devices market during the analysis period of 2022 to 2030 is 11.3%.
The prominent players of the global neurostimulation devices market are Boston Scientific Corporation, Medtronic, St. Jude Medical, Bayer AG, Cyberonics, Inc, IntraPace Inc., Neuronetics, Nevro Corp., Uroplasty, Inc., ImThera Medical, Inc., and NeuroPace, Inc.
North America held the dominating neurostimulation devices during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for neurostimulation devices during the analysis period of 2022 to 2030.
Growing prevalence of neurological disorders and nerve injuries worldwide, rising demand for minimally invasive surgeries, and growing base of geriatric patients with neurological disorders drives the growth of global neurostimulation devices market.
Based on product, spinal cord stimulators segment held the maximum share neurostimulation devices market in 2021.