USD 5.98 Billion
Report ID:
SQMIG35B2087 |
Region:
Global |
Published Date: August, 2024
Pages:
219
|Tables:
88
|Figures:
76
Neurostimulation Devices Market size was valued at USD 5.98 Billion in 2023 and is poised to grow from USD 6.75 Billion in 2024 to USD 17.68 Billion by 2032, growing at a CAGR of 12.80% during the forecast period (2025-2032).
Surging cases of neurological disorders and growing investments in neurological research around the world are projected to bolster neurostimulation devices market growth. Growing awareness regarding neurological diseases and growing demand for the treatment of the same are also creating new opportunities for neurostimulation device providers. Advancements in neurostimulation technologies based on extensive research are also expected to uplift the sales of neurostimulation devices in the future. A high preference for minimally invasive surgical procedures is also expected to favor the demand for neurostimulation devices in the long run. The growing availability of favorable reimbursement for neurostimulation procedures and rising awareness regarding the benefits of the same are also expected to create a new business scope for neurostimulation devices market players in the future. On the contrary, the risk of complications and device failure, the high costs of advanced neurostimulation devices, and the dearth of skilled professionals are all expected to slow down neurostimulation devices market growth potential across the forecast period and beyond.
Global Market Size
USD 5.98 Billion
Largest Segment
Pain Management
Fastest Growth
Parkinson's Disease
Growth Rate
12.80% CAGR
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The Global Neurostimulation Devices market is segmented by type, Application, and region. Based on type, the market can be segmented into Internal Neuromosulation (Spinal Cord Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Gastric Electric Stimulator) External neuromodulation (Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS), Respiratory Electrical Stimulation (RES)). Based on Application, the market is segmented into Spinal Cord Stimulation (Failed Back Syndrome, Chronic Pain, Ischemia), Deep Brain Stimulation (Parkinson's Disease, Tremor, Depression, Others), Sacral Nerve Stimulation (Urine Incontinence, Fecal Incontinence), Vagus Nerve Stimulation (VNS) (Epilepsy, Others), Gastric Electrical Stimulation (Gastroparesis, Obesity), Transcutaneous Electrical Nerve Stimulation (Treatment-resistant Depression, Others), Transcranial Magnetic Stimulation (Depression, Migraine Headache), Respiratory Electrical Stimulation (Spinal Cord Injury). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Neurostimulation Devices Market Analysis by Product
Spinal cord stimulators are projected to bring in the most revenue for all neurostimulation device companies going forward. The increasing incidence of spinal cord injuries due to rising accidents and trauma cases around the world is helping this segment maintain its dominance. availability of different types of spinal cord stimulators around the world is also expected to contribute to the high market share. The high use of spinal cord stimulators for non-malignant chronic neuropathic pain management is also expected to create new opportunities for neurostimulation devices market players via this segment in the future.
Meanwhile, the demand for sacral nerve stimulator devices is estimated to increase at an impressive pace across the study period and beyond. Rising issues of fecal and urinary incontinence among people due to neurological disorders are helping boost the sales of sacral nerve stimulators. Rapidly increasing geriatric population is a key factor helping this segment’s growth as incidence of urinary and fecal incontinence is quite high in this population group. Growing awareness regarding benefits of sacral nerve stimulator devices around the world is also expected to create new opportunities for neurostimulation devices companies in the long run via this segment.
Neurostimulation Devices Market Analysis by Application
Pain management leads the global neurostimulation devices demand outlook and holds a substantial chunk of the global market share. The high incidence of chronic diseases has led to a high demand for better chronic pain management solutions around the world, thereby promoting the use of neurostimulation devices for the same. Growing acceptance of neuro therapies for pain management will also help this segment maintain its dominant stance in the future. Surging incidence of disease indications such as arthritis and cancer will also create new opportunities for neurostimulation devices companies operating in the pain management application segment going forward.
On the other hand, the demand for neurostimulation devices for Parkinson’s disease applications is projected to increase at an impressive pace in the future. Growing incidence of Parkinson’s disease, rising awareness regarding the symptoms of this disease, and availability of limited treatment options are some key factors that make neurostimulation devices an important element in Parkinson’s disease management and treatment. Growing senescent population will also play a crucial role in promoting the demand for neurostimulation devices in this segment over the coming years.
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North America secures the top spot when it comes to global neurostimulation device demand. The presence of a developed healthcare infrastructure, high healthcare spending potential, and availability of favorable reimbursement for neurological procedures are helping this region maintain a high market share. The increasing geriatric population and high investments in neurological research are also expected to create new opportunities for suppliers of neurostimulation devices in this region. The United States and Canada are slated to be the top markets in North America for neurostimulation device providers going forward. Moreover, the presence of key medical device manufacturers in this region will also aid the dominance of North America going forward.
Asia-Pacific is expected to emerge as the fastest-expanding regional market for neurostimulation device companies in the world. Growing healthcare expenditure, rising awareness regarding neurological disorders, and a rapidly expanding senescent population base in countries such as Japan and China are providing lucrative opportunities for neurostimulation device companies in this region. Rising disposable income of people and their willingness to opt for novel treatments and therapies will also play a crucial role in promoting sales of neurostimulation devices in the Asia Pacific region. India is also expected to be a highly opportune market for neurostimulation device providers going forward.
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Neurostimulation Devices Market Drivers
Rising Incidence of Neurological Disorders
Growing Geriatric Population
Restraints
Dearth of Skilled Medical Professionals
Risk of Failure or Complications
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Neurostimulation device manufacturers should focus on making their products more affordable to increase their sales potential. Creating products with minimal risk of complications should also be a key area of interest for all neurostimulation devices companies. Targeting countries with rapidly increasing geriatric population will also offer attractive returns for all neurostimulation devices companies in the future.
Top Player’s Company Profiles in Neurostimulation Devices Market
Neurostimulation Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing incidence of neurological disorders and the growing senescent population are slated to bolster the demand for neurostimulation devices over the coming years. However, the risk of complications and dearth of skilled medical professionals are slated to slow down neurostimulation devices market growth potential in the future. North America is estimated to spearhead the global demand for neurostimulation devices owing to the presence of a developed healthcare infrastructure and high investments in neurology research. Development of non-invasive neurostimulation devices will be a major trend that will generate highly rewarding business scope for all market players in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 5.98 Billion |
Market size value in 2032 | USD 17.68 Billion |
Growth Rate | 12.80% |
Base year | 2024 |
Forecast period | 2025-2032 |
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 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neurostimulation Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neurostimulation Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG35B2087
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