What is the global market size of Neurostimulation Devices Market?

Global Neurostimulation Devices Market size was valued at USD 4.6 billion in 2021 and is poised to grow from USD 5.3 billion in 2022 to USD 12.33 billion by 2030, growing at a CAGR of 12.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Neurostimulation Devices Market?

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. 'Medtronic (Ireland)', 'Abbott Laboratories (US)', 'Boston Scientific Corporation (US)', 'LivaNova PLC (U.K.)', 'Nevro Corp. (US)', 'NeuroPace, Inc. (US)', 'Synapse Biomedical Inc. (US)', 'Neuronetics, Inc. (US)', 'Cyberonics, Inc. (US)', 'St. Jude Medical, Inc. (US)', 'Cogentix Medical, Inc. (US)', 'NDI Medical LLC (US)', 'Stimwave Technologies (US)', 'BioControl Medical (Israel)', 'EndoStim (US)', 'EnteroMedics (US)', 'Aleva Neurotherapeutics (Switzerland)', 'SPR Therapeutics (US)', 'electroCore, Inc. (US)', 'Soterix Medical Inc. (US)'.

What is the key driver of Global Neurostimulation Devices Market?

One of the key drivers of the neurostimulation devices market is the rising prevalence of neurological disorders worldwide. According to the World Health Organization, neurological disorders are responsible for a significant burden of disease globally, affecting millions of people worldwide. The increasing incidence of neurological disorders, such as Parkinson's disease, epilepsy, and chronic pain, is leading to a growing demand for neurostimulation devices as an effective treatment option. As a result, manufacturers are investing in research and development to develop advanced neurostimulation devices, which is expected to further propel market growth.

What is the key market trend for Global Neurostimulation Devices Market?

The key trends in the neurostimulation devices market is the development of minimally invasive and non-invasive neurostimulation technologies. These technologies are gaining popularity due to their advantages over traditional surgical procedures, including reduced pain, shorter hospital stays, and faster recovery times. Additionally, the development of wireless and implantable devices is also driving market growth. These devices offer greater convenience and comfort for patients, as they do not require external wires or bulky external devices. The trend towards minimally invasive and non-invasive neurostimulation technologies is expected to continue in the coming years, fueling market growth.

Which region accounted for the largest share in Global Neurostimulation Devices Market?

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.

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

Report ID: SQMIG35B2087 | Region: Global | Published Date: August, 2024
Pages: 219 | Tables: 88 | Figures: 76

Neurostimulation Devices Market News

In August 2024, the United States Food and Drug Administration announced the approval of a new neurostimulation devices. Inspire Medical Systems, a leading provider of neurostimulation devices has developed the Inspire V device to treat treating obstructive sleep apnoea (OSA). Following the approval the company revealed it will launch the product in 2025.
In January 2024, Medtronic plc, global leader in medical device technology announced that it had won an approval for a new neurostimulation device. Percept™ RC Deep Brain Stimulation (DBS) system is a rechargeable medical device equipped with Medtronic’s exclusive BrainSense™ technology to provide personalized treatment for multiple disorders.
In January 2024, Abbott, a renowned American medical device manufacturer announced the launch of Liberta RC™ deep brain stimulation (DBS) system. The newly launched product was dubbed the world’s smallest rechargeable neurostimulation device for the treatment of movement disorders.

Neurostimulation Devices Market Report Snapshots

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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).

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. 'Medtronic (Ireland) ', 'Abbott Laboratories (US) ', 'Boston Scientific Corporation (US) ', 'LivaNova PLC (U.K.) ', 'Nevro Corp. (US) ', 'NeuroPace, Inc. (US) ', 'Synapse Biomedical Inc. (US) ', 'Neuronetics, Inc. (US) ', 'NDI Medical LLC (US) ', 'Stimwave Technologies (US) ', 'BioControl Medical (Israel) ', 'EndoStim (US) ', 'Aleva Neurotherapeutics (Switzerland) ', 'SPR Therapeutics (US) ', 'electroCore, Inc. (US) ', 'Soterix Medical Inc. (US) ', 'Cala Health (US ', 'Inspire Medical Systems, Inc. (US) ', 'NeuroSigma, Inc. (US) ', 'Autonomic Technologies Inc. (US) ', 'Axonics Modulation Technologies, Inc. (US) ', 'Nexstim Plc (Finland) '

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.

Development of Personalized Neurostimulation: Preference of personalized medicine is increasing rapidly around the world and this trend has also reached the neurostimulation devices market. Neurostimulation devices can easily adapt to a patient's unique neurological patterns and are estimated to be highly popular in the future as they improve the effectiveness and efficiency of therapies for conditions like chronic pain and epilepsy.

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.

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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 News

Neurostimulation Devices Market Report Snapshots

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FAQs

What is the global market size of Neurostimulation Devices Market?

Who are the key vendors in the Neurostimulation Devices Market?

What is the key driver of Neurostimulation Devices Market?

What is the key market trend for Neurostimulation Devices Market?

Which region accounted for the largest share in Neurostimulation Devices Market?

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