Neurostimulation devices market size will reach USD

LOS ANGELES, Aug. 04, 2022 (GLOBE NEWSWIRE) – The Global Neurostimulation Devices Market The market size is estimated at USD 6,141 million in 2021 and is projected to reach USD 15,994 million by 2030; is growing at a CAGR of 11.3%.

The rising prevalence of neurological disorders is driving global neurostimulation device market revenue. According to a report by the World Health Organization (WHO), up to a billion people worldwide are affected by neurological diseases. Alzheimer’s disease, multiple sclerosis, brain injuries, neuroinfections and Parkinson’s disease are examples of neurological disorders. According to the same report, neurological disorders can affect people of all ages, genders and income levels. According to the “Neurological Disorders – Public Health Challenges” study, around 6.8 million people die every year as a result of neurological diseases. The diagnosis of neurological diseases is a widespread concern and one of the most difficult challenges in modern medicine. Consequently, increasing technological advancements and increasing R&D activities are two major neurostimulation device market trends driving the demand of the industry.

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Report Coverage:

market Neurostimulation Devices Market
neurostimulation devices Market size 2021 $6,141 million
neurostimulation devices Market Forecast 2030 $15,994 million
Neurostimulation Devices Market 11.3% CAGR over the period 2022-2030
analysis period 2018 – 2030
base year 2021
forecast data 2022 – 2030
Covered Segments By product, application, end use and geography
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Important companies in profile Boston Scientific Corporation, Medtronic, St. Jude Medical, Bayer AG, Cyberonics, Inc, IntraPace Inc., Neuronetics, Nevro Corp., Uroplasty, Inc., ImThera Medical, Inc. and NeuroPace, Inc.
report coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis

Impact of COVID-19 on the Global Neurostimulation Devices Market Value

The neurostimulation device industry has been slightly impacted by the COVID-19 pandemic. This happened due to the lockdowns being imposed, reduced production and the disrupted supply chain. In addition, a shortage of labor and a slowing distribution network of many companies hampered industry growth. However, the gradual lifting of lockdowns and the resumption of manufacturing and sales increased the market share of neurostimulation devices from 2021. Despite this, the industry did not recover quickly as the treatment of non-Covid-19 emergency procedures declined.

Neurostimulation Devices Market Dynamics

The increasing prevalence of lifestyle disorders such as chronic pain and depression, as well as the increase in neurological diseases are the main factors driving the market share of neurostimulation devices. The growing elderly population combined with the increasing prevalence of chronic diseases is driving demand for neurostimulation devices. In addition, the increasing demand for minimally invasive surgeries is expected to boost the market demand. However, neurostimulation devices can cause complications in the human body and limit the market growth. As a result, strict regulatory frameworks are imposed on these devices, resulting in a time-consuming approval process by global health and regulatory organizations. This factor once again prevents the market from expanding.

The growing burden of multiple neurological and chronic diseases is driving the market share of neurostimulation devices

Neurological diseases are increasingly recognized as a leading cause of death and disability worldwide. According to data from Neurological Disorders: Public Health Challenges, the 1 billion people diagnosed with neurological disorders include 50 million people with epilepsy and 24 million with Alzheimer’s or other dementias. According to a systematic analysis conducted for the Global Burden of Disease Study, neurological disorders are the leading cause of disability-adjusted life years (DALYs), or years of healthy life, lost through death or disability. Neurological disorders accounted for 250.7 million disability-adjusted life-years (DALYs) in 2015, a 7.4 percent increase from 1990, with stroke included for the first time in such a broad and thorough study.

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Neurostimulation Devices Market Segmentation

The global market is divided into four segments: product, application, end-use and region.

Based on the products, the market is segmented into Vagus Nerve Stimulators, Deep Brain Stimulators, Gastric Electrical Stimulators, Sacral Nerve Stimulators and Spinal Cord Stimulators. According to our Neurostimulation Devices Industry Analysis, Spinal Cord Stimulators will gain a dominant market share between 2022 and 2030. However, the deep brain stimulator sub-segment is expected to witness the fastest growth rate during the projected period of 2022-2030.

The application segment includes depression, dystonia, epilepsy, essential tremor, gastroparesis, pain management, Parkinson’s disease, urinary and fecal incontinence and others. Pain management had a notable market share in 2021 while epilepsy is expected to increase rapidly in the forecast years.

In addition, hospitals and special clinics are covered in the consumer segment. In 2021, hospitals have acquired a remarkable market share and are expected to continue doing so during the forecast period. In terms of growth, specialty clinics are set to grow at a remarkable rate in the coming years.

Regional Outlook for the Neurostimulation Devices Market

The global neurostimulation devices market is segmented into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. According to the global neurostimulation devices market forecast, North America held the majority of the share in 2021 and will continue its dominance henceforth. Recent data released by the Hearing Health Foundation suggests that over 48 million Americans are affected by neurological disorders. According to the CDC, more than 50% of older Americans experienced bowel or urinary leakage in 2014. All these statistics pave the way for the growth of the North American neurostimulation devices market

In terms of growth, the Asia Pacific region is likely to see a sizeable CAGR due to increasing awareness of neurological diseases. Furthermore, growing government initiatives, increasing research and development activities, and improving healthcare infrastructure are some of the aspects driving the Asia-Pacific neurostimulation devices market.

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Neurostimulation Devices Market Players

Some well-known neurostimulation device companies present in the industry are Bayer AG, Boston Scientific Corporation, Cyberonics, Inc, ImThera Medical, Inc., IntraPace Inc., Medtronic, NeuroPace, Inc., Neuronetics, Nevro Corp., St. Jude Medical and Uroplasty, Inc.

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