Neurostimulation Devices Market Size, Share, Growth Analysis, By Type(Implantable Devices and Non-Implantable Devices), By Application(Pain Management and Parkinson's Disease), By Region(North America, Europe, Asia Pacific, Middle East and Africa), By Region - Industry Forecast 2024-2031

Neurostimulation Devices Market Drivers

Rising Incidence of Neurological Disorders 

• Poor lifestyle choices and the growing adoption of unhealthy habits have significantly increased the number of people suffering from neurological diseases. Growing incidence of Parkinson's disease, epilepsy, chronic pain, and depression are also contributing to the high demand for neurostimulation devices as they play a crucial role in the management and treatment of the conditions.

Growing Geriatric Population  

• Increasing life expectancy around the world has led to a massive upsurge in the senior population. Old people are more at risk of developing neurological disorders such as dementia, Alzheimer's, and Parkinson’s, which makes them a key end user of neurostimulation devices. Hence, as the senescent population increases it is also expected to benefit neurostimulation devices market growth as well.  

Restraints 

Dearth of Skilled Medical Professionals 

• Neurostimulation devices are highly advanced medical devices that require highly skilled medical professionals to operate. However, the world is facing a shortage of skilled workforce, and this trend is also true for the neurostimulation devices market as well. This absence of skilled medical professionals to use neurostimulation devices could impede market development potential going forward.  

Risk of Failure or Complications 

• Even though neurostimulation devices are often used through minimally invasive procedures, they have multiple risks and complications associated with them. Infections, device malfunction, and adverse neurological effects are some key concerns that are expected to hamper the sales of neurostimulation devices across the study period. Addressing these concerns of risk and complications will be vital for market players in the future.