USD 5.3 Billion
Report ID:
SQMIG35B2087 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
59 |
Figures:
75
Global Neurostimulation Devices Market size was valued at USD 5.3 Billion in 2022 and is poised to grow from USD 5.98 Billion in 2023 to USD 15.67 Billion by 2031, at a CAGR of 12.80% during the forecast period (2024-2031).
The neurostimulation device market is driven by several factors, including an aging population, the introduction of advanced products, increasing demand as add-on therapy, rising incidence of chronic diseases, such as migraine and epilepsy, and high unmet medical needs in these disease segments. Additionally, the prevalence of neurological disorders and lifestyle-related diseases, external funding for research and development, and demand for minimally invasive surgeries are fueling market growth. According to the American Academy of Neurology, stroke is the third-leading cause of death in the United States, and Alzheimer's is the sixth-leading cause of death. Furthermore, Parkinson's disease affects nearly one million Americans, with at least 60,000 new cases reported each year. As the number of neurological diseases continues to rise, the demand for neurostimulation devices is expected to increase. Manufacturers are investing more in research and development to develop advanced products and technologies, such as implantable neurostimulation devices, which are expected to drive market growth. Furthermore, the minimally invasive nature of neurostimulation device implantation, which results in shorter hospital stays and faster recovery times, is expected to create new growth opportunities for the market.
Global Market Size
USD 5.3 Billion
Largest Segment
Implantable Devices
Fastest Growth
Implantable Devices
Growth Rate
12.80% CAGR
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Global Neurostimulation Devices market is segmented by type, Application, and region. Based on type, the market can be segmented into implantable devices and non-implantable devices. Based on Application, the market is segmented into pain management, and Parkinson's disease. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Neurostimulation Devices Market Analysis by Type
By type, the market can be segmented into implantable devices and non-implantable devices. Implantable devices have been the dominating segment in the neurostimulation devices market, with spinal cord stimulators (SCS) being the most commonly used devices for pain management. This dominance can be attributed to the rising incidence of chronic pain, increasing awareness about advanced neurostimulation therapies, and technological advancements in implantable devices. Moreover, implantable devices offer better therapeutic efficacy, as they are positioned closer to the affected area, and can provide long-term relief with minimal side-effects. Companies such as Medtronic, Boston Scientific, and Abbott Laboratories are major players in this segment, and have a strong hold in the market due to their extensive product portfolio and established distribution networks.
However, the non-implantable devices segment is expected to witness the fastest growth during the forecast period. This growth can be attributed to the increasing popularity of non-invasive neurostimulation therapies, which have fewer risks and lower costs compared to implantable devices. Moreover, non-implantable devices have a wider range of applications and can be used for treating multiple conditions such as depression, anxiety, and insomnia, apart from pain management. Transcranial magnetic stimulators (TMS) and transcutaneous electrical nerve stimulators (TENS) are the most commonly used non-implantable devices. Companies such as NeuroSigma, Magstim, and Brainsway are major players in this segment, and are investing heavily in R&D to develop advanced non-invasive neurostimulation therapies.
Global Neurostimulation Devices Market Analysis by Application
By Application, the market can be segmented into pain management, and Parkinson's disease. Pain management has been the dominating segment in the neurostimulation devices market, owing to the rising incidence of chronic pain and increasing awareness about advanced neurostimulation therapies. Spinal cord stimulators (SCS) are the most commonly used devices for pain management, and this trend is expected to continue in the future. The demand for pain management devices is also driven by the aging population and the increasing prevalence of diseases such as arthritis and cancer. Major players in this segment include Medtronic, Boston Scientific, and Abbott Laboratories, who have a strong hold in the market due to their extensive product portfolio and established distribution networks.
Parkinson's disease is another significant segment in the neurostimulation devices market, and it is expected to witness substantial growth in the future. Deep brain stimulators (DBS) are the most commonly used devices for treating Parkinson's disease, and their efficacy in reducing motor symptoms has been well established. The increasing prevalence of Parkinson's disease globally and the limited availability of alternative treatment options are the key factors driving the demand for neurostimulation devices in this segment. Companies such as Medtronic and Boston Scientific have a significant presence in this segment, owing to their extensive research and development efforts and strong collaborations with healthcare providers.
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North America dominated the global neurostimulation devices market, accounting for a significant share of the market. The growth in the North American region is primarily attributed to the increasing prevalence of neurological disorders, the presence of advanced healthcare infrastructure, and the high adoption rate of technologically advanced neurostimulation devices. Furthermore, the availability of a large number of key players and the high disposable income of the population are contributing to market growth in this region.
The APAC region is expected to register the fastest growth during the forecast period. The market growth in this region is driven by factors such as the increasing geriatric population, rising incidence of neurological disorders, increasing healthcare expenditure, and the growing adoption of technologically advanced neurostimulation devices. Moreover, the large patient pool and unmet medical needs in the region are also contributing to the growth of the market.
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Global Neurostimulation Devices Market Drivers
Rising prevalence of neurological disorders
Global Neurostimulation Devices Market Restraints
High cost associated with these devices
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The global neurostimulation devices market is highly competitive and is characterized by the presence of several large and small players. The market players are focusing on strategic initiatives such as mergers and acquisitions, partnerships, collaborations, and new product launches to strengthen their market position. Additionally, players are investing in research and development activities to develop technologically advanced neurostimulation devices and expand their product portfolio. The increasing competition among market players is expected to lead to product innovation and technological advancements, thereby driving market growth in the coming years.
Top Player’s Company Profiles in Global Neurostimulation Devices Market
Global Neurostimulation Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global neurostimulation devices market analysis, the market is driven by several factors, including the growing geriatric population, increasing prevalence of neurological disorders, and technological advancements in neurostimulation devices. The market is highly competitive, with several large and small players competing to strengthen their market position. Key market trends include the development of minimally invasive and non-invasive neurostimulation technologies, as well as the focus on wireless and implantable devices. However, the market is restrained by factors such as the high cost of neurostimulation devices, lack of awareness among patients, and stringent regulatory requirements. North America and Asia Pacific are the significant markets, with the U.S. and China being the largest contributors, respectively. The global neurostimulation devices market is expected to continue growing in the coming years, driven by increasing demand for advanced neurostimulation devices and expanding applications of the technology.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 5.3 Billion |
Market size value in 2031 | USD 15.67 Billion |
Growth Rate | 12.80% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Neurostimulation Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Neurostimulation Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG35B2087