DUBLIN--(BUSINESS WIRE)--The "Global Neurostimulation Devices Market, by Device Type, by Application, by End-user, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global neurostimulation devices market held a market value of USD 7,622.7 Million in 2021 and is estimated to reach USD 17,367.0 Million by the year 2030. The market is anticipated to register a CAGR of 9.7% during the forecast period.
A neurostimulation device comprises a neurostimulator which generates the electrical impulses, leads constituting insulated medical wires to deliver electrical pulses, and a patient's handheld device. The ideal calibration of all components leads to an effective patient wellbeing response to the neuro disorder.
The increasing neurological diseases across the globe, rising clinical trials for neurostimulation devices, investments by companies, are driving factor for the growth of the neurostimulation devices market. in addition to that, the advancements in technologies, including silicon micro-fabrication and wireless energy transfer, propel the market growth.
On the other hand, the high cost to end user is a restrictive factor for neurostimulation devices market. Also, according Sandvik Material Technology survey, regarding the challenges during the medical device design phase, 20% of respondents stated that a common issue was to meet deadlines due to lack of resources. In light of this, the expertise in metal alloy materials and insulation coating is vital for engineering a medical-wire component customised for pain management devices. Thus, such factors hinder the market growth.
Growth Influencers:
Increasing number of incidences related to Neurological disorders
The rising number of cases of neurological diseases demand for top-notch neurostimulation devices drive the market growth. For instance, according to the statistics published by the American Academy of Neurology, Alzheimer has been ranked as the sixth-leading cause of death, and Parkinson's affects approximate 1 Million Americans with at least 60,000 new cases annually. Overall, such increase in incidence rate is projected to drive the market in the coming years.
Investment for Neurological R&D
The prominent players are investing in clinical trials to sustain their products in the industry. For instance, Boston Scientific Corporation is running a clinical trial study investigating patient satisfaction with treatment using a new implantable neurostimulation system for chronic pain of the trunk and/or limbs. Such a factor aids significantly in increasing the growth rate of the neurostimulation devices market
The global neurostimulation devices market report answers questions such as:
- What is the market size and forecast of the global neurostimulation devices market?
- What are the inhibiting factors and impact of COVID-19 on the global neurostimulation devices market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the global neurostimulation devices market?
- What is the competitive strategic window for opportunities in the global neurostimulation devices market?
- What are the technology trends and regulatory frameworks in the global neurostimulation devices market?
- What is the market share of the leading players in the global neurostimulation devices market?
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What modes and strategic moves are considered favorable for entering the global neurostimulation devices market?
Segments Overview:
The global neurostimulation devices market is segmented into device type, application, and end user.
By Device Type
- Implantable Device
- Cochlear Implants (CI)
- Sacral Nerve Stimulation (SNS)
- Gastric Electric Stimulation (GES)
- Deep Brain Stimulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Spinal Cord Stimulation (SCS)
- External Device
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
The implantable device segment held the market share of more than 85% in 2021. Based on the implantable device segment, the cochlear implant sub-segment is projected to cross the mark of USD 2,000 Million revenue by 2026. On the other hand, on the basis of external device, the transcranial magnetic stimulation is estimated to generate 5 times more revenue in 2024 in comparison to the TENS segment.
By Application
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson's Disease
- Epilepsy
- Gastroparesis
- Depression
- Others
The pain management segment is projected to hold an opportunity of more than USD 3,500 Million during 2022-2030. Moreover, the depression segment is estimated to grow at the highest growth rate of more than 10% over the anticipated period.
By End User
- Hospitals/Clinics
- Cognitive Care Centres
- Research Institutes
- Others
The hospitals and clinics segment held the largest market share of approximately 85% in 2021 owing to the increasing preference of hospitals and clinics by patients for neuro treatments and management systems.
Regional Overview
By region, the global neurostimulation devices market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North American regional market for neurostimulation devices held the largest market share of around 40% in 2021 owing to the increasing initiatives by government.
The European region is anticipated to grow substantially owing to the increasing number of companies investing in research and development to develop cutting-edge products. The Asia Pacific market is also anticipated to grow at a considerable rate, and is expected to hold an opportunity of more than USD 2,500 Million during 2022-2030.
Companies Mentioned
- Abbott Laboratories
- Advanced Bionics
- B. Braun Melsungen AG
- Boston Scientific Corporation
- BrainsWay
- Cochlear
- CONMED Corporation
- KONINKLIJKE PHILIPS
- Laborie Medical Technologies Inc.
- MED-EL Medical Electronics
- Medtronic PLC
- Nevro Corp
- Zimmer Biomet Holdings, Inc.
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