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Long-term nerve problems have a big effect on the market for neurostimulation devices. Movement disorders, epilepsy, and chronic pain are becoming more common around the world because more people want to find ways to treat them.
The main thing that is driving the market for neurostimulation devices is pain control, especially to treat chronic pain. Neuromodulation treatments, like spinal cord stimulation and peripheral nerve stimulation, are changes that happen in the industry because people need them to help with severe pain.
Important parts of the business include combining personal and mobile technologies with neurostimulation devices. Because these tools can connect to each other and allow for patient participation, custom scripting, and distant tracking, they are becoming more and more appealing.
Neuroscience study progress and new information about brain pathways affect how markets change over time. Understanding the physiology of many illnesses has led to the development of specialized neurostimulation treatments that improve the success of therapy and patient results.
The decisions patients make about non-invasive and alternative treatments affect how the market works. The market is growing because neurostimulation devices offer less invasive ways to treat nerve disorders compared to normal treatments. A major market trend is the expansion of neurostimulation into uses linked to mental health and psychotherapy.
Application of neurostimulation for restoring function in diseases like Parkinson's disease and epilepsy affects how markets grow. Devices that try to fix different brain problems by getting neurons to work normally are becoming more popular.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 10.7% |
Neurostimulation Devices Market Highlights:
Neurostimulation Devices Market Overview
The neurostimulation devices market size is expected to reach USD 17.36 Billion by 2030 at 10.7% CAGR during the forecast period 2022-2030. The Neurostimulation device is used for the modulation of the activity of the nervous system. It is done by both non-invasive and invasive techniques. Mainly, the implantable devices are used for the treatment of neurological problems such as Parkinson's disease, epilepsy, depression, tremors, OBC (Obsessive Compulsive Disorder), and others.
Due to various technological developments, it is possible to effectively treat patients suffering from neurological disorders. According to the neurostimulation devices market forecast, the Asia-Pacific region is evaluated to have the fastest growth in the studied forecast period. Also, the increasing investments and other strategic implications by key players are focusing on positively impacting the market.Â
COVID-19 Analysis
The COVID-19 disease had an adverse effect on the growth of the market. It is mainly because the focus of healthcare shifted to treat the affected patients and control the spread. As a result, the patients suffering from other diseases largely suffered. Along with that, it halted the manufacturing of technologically advanced products for the treatment. However, the rising cases of various neurological diseases and control of the virus spread can boost the market growth in the future.
Neurostimulation Devices Market Market Trends
Market Drivers
There are various drivers such as rising cases of neurological disorders that will have a positive impact on the market growth. Some neurological diseases are epilepsy, migraine, Parkinson's disease, and many more. The growing need for technological development for the treatment of neurological diseases will further drive the market.
Restraints
The factor that is restraining the neurostimulation devices market growth is the requirement of high costs for surgeries. Also, the need for an increasing process for technological development will further hamper market growth.
Opportunities
The positive initiatives taken by the key players such as partnerships, acquisitions, mergers are estimated to improve neurostimulation devices market growth.
Challenges
Some challenges such as the low availability of skilled professionals can slow down the market growth. Also, the requirement of advanced infrastructure in various mid-level income countries is a challenging factor.
Value Chain Analysis
The rising technological development and growing cases of neurological disorders will be favorable for the market. The rising demand for the new product will be advantageous for neurostimulation devices market trends. Therefore, the market value will improve simultaneously in the forthcoming years. Â
Neurostimulation Devices Market Segment Insights
The segments of the neurostimulation devices market are divided into application, type, and end-user. Based on application, the Market is segmented into Epilepsy, Depression, Pain Management, Gastroparesis, Parkinson’s disease, Dystonia, Fecal Incontinence, Urinary, Tremors, and Others.
Based on type, the market is segmented into External Devices and Implantable Devices. The implantable devices are further segmented into Spinal Cord Stimulators, Vagus Nerve Stimulators, Cochlear Implants, Sacral Nerve Nerve Stimulators, and Gastric Electric Stimulators. The external devices are further divided into Transcranial Magnetic Stimulator and Transcutaneous Electrical Nerve Stimulator.
Based on end-user segment of the Market is again divided into Cognitive Care, Research Institutes, Clinics and Hospitals, and Others.
Regional Analysis
Based on region, the neurostimulation devices market size is divided into Europe, Americas, Asia-Pacific and Africa, and the Middle East. The Americas is anticipated to hold the largest share in the market. It is divided into North America and Lain America. In 2019, the North Americas region revenue of the market increased to up to USD 4 Billion. The presence of various key players and the rising adoption of less invasive surgical procedures are the crucial reason for the market growth.
Secondly, Europe is depicted to hold the second largest neurostimulation devices market share in the forecast period. Increasing development adoption of new technologies is further leading to significant growth.
Apart from that, the Asia-Pacific region is anticipated to grow at the fastest CAGR in the upcoming years. Developing countries such as China, India are playing a crucial role to enhance growth. Also, significant development by the key players will have a positive effect.
However, Africa and the Middle East region is estimated to have a steady growth in the market. The rising awareness and adoption of new technology are estimated to fuel the market growth.
Competitive Landscape
The Neurostimulation Devices Market is fragmented with the presence of various key players. These key layers use different strategies to improve their market growth. They do market analysis, partnerships, new product development, new ventures, acquisitions, mergers, and many more. Some of the crucial key players in the market are as follows.
- Nevro Corporation
- NeuroPace
- ImThera Medical
- Therapeutics
- LivaNova (Cyberonics)
- SPR Therapeutics
- Autonomic Technologies
- ElectroCore
- NeuroSigma
- Neuros Medical
- Jude Medical
- Neurometrix
- Synapse Biomedical
- Boston Scientific
- BioControl Medical
- Soterix Medical
- Helius Medical
- Abbott
- GiMer Medical
- BlueWind
- Neuronano
- Bioindduction
- MicroTransponder
Recent Developments
- NeuroSigma announced its partnership with a company called Teijin Limited. This partnership enabled Teijin Pharma to have exclusive rights for the TNS system of NeuroSigma in Japan. It also gave the rights for the TNS patent of its non-invasive treatment related to ADHD.
- Medtronic in 2017 partnered with Mercy for the establishment of new analysis and data-sharing network. This will help the company to accumulate clinical evidence for the patient and development of the medical device.
Report Overview
The report overview of the Neurostimulation Devices Market Outlook is as follows.
- Market Overview
- COVID-19 Analysis
- Dynamics of the Market
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Development
Report Score and Segmentation
The report score provides the necessary information about the Neurostimulation Devices Market. It highlights the market value, CAGR, opportunities, drivers, challenges, etc. The information covered in this report is gathered from various secondary and primary sources.
Neurostimulation Devices Market Segmentation
Neurostimulation Devices Application Outlook
- Epilepsy
- Depression
- Pain Management
- Gastroparesis
- Parkinson’s disease
- Dystonia
- Fecal Incontinence
- Urinary
- Tremors
- Others
Neurostimulation Devices End-User Outlook
- Cognitive Care
- Research Institutes
- Clinics and Hospitals
- Others
Neurostimulation Devices Type Outlook
- External Devices
- Transcranial Magnetic Stimulator
- Transcutaneous Electrical Nerve Stimulator
- Implantable Devices
- Spinal Cord Stimulators
- Vagus Nerve Stimulators
- Cochlear Implants
- Sacral Nerve Nerve Stimulators
- Gastric Electric Stimulators
Neurostimulation Devices Region Outlook
- Europe
- Americas
- Asia-Pacific
- Africa and the Middle East
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