Product ID: SQMIG35B2087
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.
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Product ID: SQMIG35B2087