According to IMARC Group latest report titled “Neurostimulation Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on global neurostimulation devices market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global neurostimulation devices market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.9% during 2023-2028.
What are neurostimulation devices?
Neurostimulation devices refer to medical devices that use electrical stimulation to modulate or alter the activity of the nervous system. They consist of a small implantable generator, electrodes, and a remote control. They are used to stimulate, inhibit, modify, regulate, and alter the activity of the autonomous, central, and peripheral nervous systems in the patient’s body. Consequently, they are utilized in the operation of neural prosthetics, hearing aids, artificial vision, artificial limbs, and brain-machine interfaces. These devices provide long-term relief for patients with chronic pain or other conditions and are considered a minimally invasive alternative to surgery or long-term medication use. Some commonly available neurostimulation devices include spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, and peripheral nerve stimulators.
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What are the growth prospects and trends in the neurostimulation devices industry?
The increasing prevalence of chronic pain and neurological disorders among the masses is driving the global market. Moreover, the rising awareness and acceptance of neurostimulation therapy among patients and healthcare providers is fuelling the market across the globe. Besides, continuous technological developments in advanced and efficient neurostimulation devices that can provide more targeted and personalized stimulation, with better control of symptoms and fewer side effects, are providing a boost to the market. In line with this, the development of non-invasive neurostimulation alternatives such as transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS) is acting as another growth-inducing factor. The market is further driven by extensive research and development (R&D) activities by key players and increasing healthcare expenditure.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Biocontrol Medical
- Boston Scientific Corporation
- Cyberonics Inc.
- Medtronic Inc.
- Neuronetics Inc.
- Nevro Corporation
- Jude Medical Inc.
Global Neurostimulation Devices Market Segmentation:
Our report has categorized the market based on region, stimulation type, device type, application and end-use.
Breakup by Stimulation Type:
- Internal Neurostimulation
- External Neurostimulation
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, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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