Neurostimulation Devices Industry Overview
The global Neurostimulation Devices Marketsize is expected to reach USD 14.8 billion by 2030, registering a CAGR of 12.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases, such as migraine and epilepsy, due to unhealthy diets lifestyle, and rising geriatric population across the globe are expected to be the major growth-driving factors for the market. On the other hand, adverse effects and risks associated with neurostimulation devices and stringent regulations regarding product approval are expected to hamper the market growth to some extent. The increasing incidence of Road Traffic Accidents (RTAs) is another key factor supporting the market development.
In addition, manufacturers are investing in RD activities to develop new products with advanced technology, such as MRI safety-incorporated devices by Medtronic Inc. and minimally invasive transdermal neuromodulation technology by Neurowave Medical Technologies. Asia Pacific is projected to be the fastest-growing regional market from 2022 to 2030 on account of the rising healthcare expenditures and rapid economic growth in emerging countries, such as India and China. The presence of unmet medical needs and untapped markets are also boosting the market growth in the region. Moreover, changing lifestyles and eating habits resulting in various lifestyle-related diseases will contribute to the regional market growth. The growing cases of RTAs and resultant nerve injuries, which require neurostimulation postoperatively, are also likely to boost the product demand.
Neurostimulation Devices Market Segmentation
Grand View Research has segmented the global neurostimulation devices market based on product, application, and region:
Based on the Product Insights, the market is segmented into Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators and Gastric Electric Stimulators.
- The spinal cord stimulator segment led the market in 2021 and accounted for the largest revenue share of more than 51.5% owing to the wide scope of product application and high market penetration of commercially available products in this segment.
- Sacral nerve stimulators, used in the treatment of chronic diseases including urinary incontinence and fecal incontinence, are expected to witness the fastest CAGR from 2022 to 2030. Increasing awareness regarding these devices is expected to be the major driving factor for this segment.
Based on the Application Insights, the market is segmented into Pain Management, Epilepsy, Essential Tremor, Urinary Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease and Others.
- The pain management segment led the market in 2021 and accounted for the maximum revenue share of more than 68.0%. The high prevalence of chronic pain disorders and growing product usage for pain management on account of its high therapeutic value are the key factors driving the growth of this segment.
- Epilepsy is a seizure-causing neurological disorder and affects approximately 50 million people across the globe, according to the World Health Organization (WHO). The high product efficacy exhibited in treating epilepsy coupled with the availability of limited treatment options for the disease is expected to impel the segment growth during the forecast period.
Neurostimulation Devices Regional Outlook
- North America
- Asia Pacific
- Central South America
- Middle East Africa (MEA)
Key Companies Profile
Manufacturers are focusing more on RD activities to develop novel products and technologies. Regional expansions and MAs are the key strategic initiatives followed by most market players to gain a competitive advantage.
Some prominent players in the global Neurostimulation Devices market include
- Medtronic PLC
- Boston Scientific Corp.
- Jude Medical, Inc.
- Nevro Corp.
Order a free sample PDF of the Neurostimulation Devices Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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