Quick Summary:
In the rapidly advancing medical world, the global neurostimulation devices market has been witnessing notable growth. Neurostimulation devices, which can transmit electrical signals to specific parts of the brain, have become an invaluable tool in treating a myriad of medical ailments such as movement disorders, chronic pain, and epilepsy. Additionally, they have proved essential in operating neural prosthetics, hearing aids, artificial vision, artificial limbs, and brain-machine interfaces.
Rising incidences of neurological and lifestyle-related disorders coupled with a growing geriatric population worldwide, have majorly driven the market expansion. In tandem with this, an increasing preference for minimally invasive procedures, ongoing technological advancements, and significant development in the medical industry are further propelling market growth. The well-detailed analysis, industry outlook, and forecasts of this market research report situate you at a vantage point to make well-informed business decisions within the neurostimulation devices market.
The global neurostimulation devices market size reached US$ 7.9 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 14.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.9% during 2023-2028.
A neurostimulation device is a programmable medical transmitter that can deliver electrical signals to the specific parts of the human brain. It is also used to stimulate, inhibit, modify, regulate and alter the activity of the autonomous, central and peripheral nervous systems in the patient’s body. This primarily aids in the treatment of various medical ailments, such as movement disorders, chronic pain and epilepsy. It is also utilized in the operation of neural prosthetics, hearing aids, artificial vision, artificial limbs and brain-machine interfaces. Neurostimulation devices can be both implantable or externally placed.
The rising instances of neurological and lifestyle-related disorders, along with the rapidly growing geriatric population across the globe, are among the key factors driving the growth of the market. Furthermore, the increasing preference for minimally invasive (MI) procedures among patients is also providing a boost to the market growth. For instance, deep brain stimulation (DBS) is an MI procedure that uses neurostimulation devices to deliver electrical signals to a specific spot in the brain circuits. This aids in treating various degenerative disorders, such as Parkinson’s and Alzheimer’s disease. Additionally, technological advancements, including the development of devices that can electronically stimulate the nervous system to restore vision and regain post-paralysis motor movements, are creating a positive outlook for the market. Other factors, including significant growth in the medical industry, increasing healthcare expenditure and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.
2. What is the expected growth rate of the global neurostimulation devices market during 2023-2028?
3. What are the key factors driving the global neurostimulation devices market?
4. What has been the impact of COVID-19 on the global neurostimulation devices market?
5. What is the breakup of the global neurostimulation devices market based on the device type?
6. What is the breakup of the global neurostimulation devices market based on the application?
7. What is the breakup of the global neurostimulation devices market based on the end-user?
8. What are the key regions in the global neurostimulation devices market?
9. Who are the key players/companies in the global neurostimulation devices market?
A neurostimulation device is a programmable medical transmitter that can deliver electrical signals to the specific parts of the human brain. It is also used to stimulate, inhibit, modify, regulate and alter the activity of the autonomous, central and peripheral nervous systems in the patient’s body. This primarily aids in the treatment of various medical ailments, such as movement disorders, chronic pain and epilepsy. It is also utilized in the operation of neural prosthetics, hearing aids, artificial vision, artificial limbs and brain-machine interfaces. Neurostimulation devices can be both implantable or externally placed.
The rising instances of neurological and lifestyle-related disorders, along with the rapidly growing geriatric population across the globe, are among the key factors driving the growth of the market. Furthermore, the increasing preference for minimally invasive (MI) procedures among patients is also providing a boost to the market growth. For instance, deep brain stimulation (DBS) is an MI procedure that uses neurostimulation devices to deliver electrical signals to a specific spot in the brain circuits. This aids in treating various degenerative disorders, such as Parkinson’s and Alzheimer’s disease. Additionally, technological advancements, including the development of devices that can electronically stimulate the nervous system to restore vision and regain post-paralysis motor movements, are creating a positive outlook for the market. Other factors, including significant growth in the medical industry, increasing healthcare expenditure and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global neurostimulation devices market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on stimulation type, device type, application and end-user.Breakup by Stimulation Type:
- Internal Stimulation
- External Stimulation
Breakup by Device Type:
- SCS (Spinal Cord Stimulation) Devices
- DBS (Deep Brain Stimulation) Devices
- SNS (Sacral Nerve Stimulation) Devices
- VNS (Vagus Nerve Stimulation) Devices
- GES (Gastric Electrical Stimulation) Devices
- Transcutaneous Electrical Nerve Stimulation Devices
- Transcranial Magnetic Stimulation Devices
- Others
Breakup by Application:
- Pain Management
- Epilepsy
- Essential Tremors
- Urinary and Fecal Incontinence
- Depression
- Dystonia
- Parkinson’s Disease
- Others
Breakup by End-User:
- Rehabilitation Centers
- Hospitals
- Medical Clinics
- Others
Breakup by Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
- The competitive landscape of the industry has also been examined with some of the key players being Biocontrol Medical, Boston Scientific Corporation, Cyberonics Inc., Medtronic Inc., Neuronetics Inc., Neuropace Inc., Neurosigma Inc., Nevro Corporation, ST. Jude Medical Inc., Synapse Biomedical Inc., etc
Key Questions Answered in This Report
1. What was the size of the global neurostimulation devices market in 2022?2. What is the expected growth rate of the global neurostimulation devices market during 2023-2028?
3. What are the key factors driving the global neurostimulation devices market?
4. What has been the impact of COVID-19 on the global neurostimulation devices market?
5. What is the breakup of the global neurostimulation devices market based on the device type?
6. What is the breakup of the global neurostimulation devices market based on the application?
7. What is the breakup of the global neurostimulation devices market based on the end-user?
8. What are the key regions in the global neurostimulation devices market?
9. Who are the key players/companies in the global neurostimulation devices market?
Frequently Asked Questions about the Global Neurostimulation Devices Market
What is the estimated value of the Global Neurostimulation Devices Market?
What is the growth rate of the Global Neurostimulation Devices Market?
What is the forecasted size of the Global Neurostimulation Devices Market?
Who are the key companies in the Global Neurostimulation Devices Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | September 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 7.9 Billion |
| Forecasted Market Value ( USD | $ 14.8 Billion |
| Compound Annual Growth Rate | 11.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1 Preface3 Executive Summary14 Price Indicators
2 Scope and Methodology
4 Introduction
5 Global Neurostimulation Devices Market
6 Market Breakup by Stimulation Type
7 Market Breakup by Device Type
8 Market Breakup by Application
9 Market Breakup by End-User
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Tables
List of Tables
Companies Mentioned
- Biocontrol Medical
- Boston Scientific Corporation
- Cyberonics Inc.
- Medtronic Inc.
- Neuronetics Inc.
- Neuropace Inc.
- Neurosigma Inc.
- Nevro Corporation
- ST. Jude Medical Inc.
- Synapse Biomedical Inc.
Methodology
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