Neurostimulation Devices Market – Industry Analysis and Forecast (2023-2029)

The Neurostimulation Devices Market is expected to reach USD 11.96 billion by 2029, with a CAGR of 13 % between 2023 and 2029.

The research gives a comprehensive perspective of the market by combining qualitative and quantitative data. It examines the global Neurostimulation Devices Market and provides forecasts for the key segments. It also includes market size and forecast estimates for five key regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America, for the years 2022 to 2029. The Neurostimulation Devices Market is further split into countries and markets within each location.To know about the Research Methodology :- Request Free Sample Report
Neurostimulation Devices Market Dynamics
Neurostimulation devices are expected to bring treatment to an unprecedented number of individuals suffering from significant neurologic and mental problems as technology advances. The market is expected to increase due to the availability of implanted neurostimulation devices that target particular cranial, spinal, and peripheral nerve regions to control neuronal activity and provide therapeutic benefits for a range of neurological illnesses.

Growing geriatric population, rising prevalence of chronic neurological disorders, increasing preference for minimally invasive surgical procedures due to advantages such as faster patient recovery, shorter hospital stay, less pain, and lower treatment costs are driving the global neurostimulation devices market revenue growth.

Restraints:

However, unfavourable factors such as negative side effects and hazards associated with neurostimulation devices, such as allergic responses and skin prickling, rising device costs, and the expanding availability of alternative treatment techniques are likely to hamper market revenue growth.

Trends:

Manufacturers are spending on R&D to produce new goods with advanced technology, such as Medtronic Inc.'s MRI safety-incorporated devices and Neurowave Medical Technologies' minimally invasive transdermal neuromodulation technology. Due to increased healthcare expenditures and high economic expansion in emerging countries such as India and China, Asia Pacific is expected to be the fastest-growing regional market from 2022 to 2029. The region's market growth is also aided by the availability of unmet medical requirements and unexplored markets. Changing lifestyles and eating habits, which result in a variety of lifestyle-related ailments, will also contribute to regional market growth. The rising number of RTAs and the resulting nerve damage, which necessitate postoperative neurostimulation, are also expected to raise product demand.
Neurostimulation Devices Market Segment Insight
By Product, The spinal cord stimulator sector dominates the market in 2022, accounting for more than 51.5 % of total revenue, thanks to a wide variety of product applications and significant market penetration of commercially available items. As a result of technical advancements, this field is expected to expand. Spinal cord stimulators create little nerve impulses without generating any physical changes to the target site, which is used to treat non-malignant chronic neuropathic pain.

By Application, in 2022, the pain management segment dominated the market, accounting for more than 68.0 % of total revenue. The increasing prevalence of chronic pain problems, as well as expanding product usage for pain management due to its high therapeutic value, are driving this segment's growth. Over the forecast period, the segment is predicted to have the highest CAGR. Chronic pain, disc surgery pain, and leg pain are just a few of the disorders covered in this section.
Regional Insight
North America had the greatest revenue share of more than 60.0 % in 2022, and this dominance is expected to continue over the forecast period. However, the region's growth may be hampered by rigorous government rules and an increase in the average number of days required in the FDA clearance procedure. In terms of revenue share, Europe came in second to North America. Eastern European nations' rapid economic development is likely to boost this trend even further. Additionally, because obtaining a CE clearance is easier than receiving an FDA approval, this region has a larger industrial penetration.

From 2022 to 2029, Asia Pacific, on the other hand, is expected to be the fastest-growing regional market. Due to the availability of unmet medical demands and unexplored growth opportunities, numerous global manufacturers are transferring their manufacturing bases to this region. Secondly, the market expansion in the APAC region is expected to be aided by rapid economic development in emerging countries such as India and China, as well as growing healthcare expenditures.
Report Objectives:
Landscape analysis of the Neurostimulation Devices Market
competitive benchmarking
Past and current status of the industry with the forecasted market size and trends
Evaluation of potential key players that include market leaders, followers, and new entrants
Technology trends
The potential impact of micro-economic factors on the market
External and Internal factors affecting the market have been analyzed

The report also helps in understanding the Neurostimulation Devices Market dynamics, and structure by analyzing the market segments to project the Neurostimulation Devices Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Neurostimulation Devices Market make the report investor’s guide.
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Global Neurostimulation Devices Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.08 Bn.


Forecast Period 2023 to 2029 CAGR:
13%
Market Size in 2029:
US $ 11.96 Bn.


 Segments Covered:
by Product
Spinal Cord Stimulator
Deep Brain Stimulator
Sacral Nerve Stimulator
Vagus Nerve Stimulator
Gastric Electric Stimulator


by Application
Pain Management
Epilepsy
Essential Tremor
Urinary and Fecal Incontinence
Depression
Dystonia


by End Users
Clinics
Hospitals
Rehabilitation Centers



Neurostimulation Devices Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Medtronic
2. Cyberonics
3. Boston Scientific Corporation
4. St. Jude Medical
5. Nevro Corporation
6. Neuronetics Inc
7. NeuroPace Inc
8. NeuroSigma Inc
9. Cochlear Ltd
10. NDI Medical
11. Synapse Biomedical Inc
12. MED-EL
13. LivaNova PLC
14. DePuy Synthes Inc

Frequently Asked Questions

1. What is the projected market size & growth rate of the Neurostimulation Devices Market?
Ans- The Neurostimulation Devices Market was valued at USD  5.08 billion in 2022 and is projected to reach USD 11.96 billion by 2029, growing at a CAGR of 13 % during the forecast period.

2. What is the key driving factors for the growth of the Neurostimulation Devices Market?
Ans- The market is expected to increase due to the availability of implanted neurostimulation devices that target particular cranial, spinal, and peripheral nerve regions.

3. Which Region accounted for the largest Neurostimulation Devices Market share?
Ans- North America had the greatest revenue share of more than 60.0 % in 2022, and this dominance is expected to continue over the forecast period.

4. What makes Asia Pacific a Lucrative Market for Neurostimulation Devices Market?
Ans- market expansion in the APAC region is expected to be aided by rapid economic development in emerging countries such as India and China, as well as growing healthcare expenditures.

5. What are the top players operating in the Neurostimulation Devices Market?
Ans- Medtronic, Cyberonics, Boston Scientific Corporation, St. Jude Medical, and Nevro Corporation.