Global Neurostimulation Devices Market is estimated to grow with a CAGR of 9.7% from 2022 to 2030. The market will reach $17,367.0 million by 2030 from $7,622.7 million in 2021. Neurostimulation techniques are useful in relieving neurologic and psychiatric disorder. It involves application of low voltage to the dorsal column of the spinal cord/peripheral nerve, so as to produce therapeutic effects in cases of chronic pain, epilepsy, Parkinson’s disease etc. There are two types of neurostimulation devices- implantable devices (microelectrodes) and external devices (transcranial magnetic stimulation/transcranial electric stimulation).
Get a Free Sample Copy of this Report@ https://www.astuteanalytica.com/request-sample/neurostimulation-device-market
The market for the neurostimulation devices has been increasing owing to the growing prevalence of neurological diseases, chronic pain etc. According to the Pan America Health Organization in 2019, neurological diseases led to the death of 33.1/100,000 men and 32.2 deaths/100,000 population in women, i.e., across the Americas. Additionally, growing R&D by the major players, rising adoption of emerging technologies (silicon micro-fabrication) alongside growing reimbursement for neurostimulation therapies boosts the market growth. In February 2022, Abbott announced that UnitedHealthcare has updated its “Implanted Electrical Stimulator for Spinal Cord” policy. The update included providing chronic pain patient an access to Abbott’s non-opioid dorsal root ganglion (DRG) neurostimulation device. However, high cost of neurostimulation devices is estimated to be a major restraint for market growth. The average price of neuromodulation devices for chronic pain and epilepsy treatment ranges from $13920 to $17940 and $25420 to $25970, respectively.
Segment Overview
By Device Type
- Implantable Device
- Cochlear Implants (CI)
- Sacral Nerve Stimulation (SNS)
- Gastric Electric Stimulation (GES)
- Deep Brain Stimulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Spinal Cord Stimulation (SCS)
- External Device
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
By Application
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson’s Disease
- Epilepsy
- Gastroparesis
- Depression (Highest CAGR of more than 10%)
- Others
By End User
- Hospitals/Clinics
- Cognitive Care Centers
- Research Institutes
- Others
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Key Takeaways
- By device type, implantable device segment held more than 85% of the market in 2021
- By implantable device, by 2026- cochlear implants (CI) segment is estimated to cross $2,000 million in revenue
- By 2024, transcranial magnetic stimulation (TMS) segment is projected to grow 5X Vs transcutaneous electrical nerve stimulation (TENS) segment
- By application, pain management segment is estimated to hold an opportunity of more than $3,500 million, i.e., from 2022-2030. Depression is the fastest growing segment. The segment is projected to grow with a CAGR of more than 10% is estimated during the forecast period
- By end user, in 2021- hospitals/clinics is estimated to hold the largest market share of 85%
- By region, North America is the largest segment and held 40% of the total market value in 2021. Asia Pacific region holds a growth opportunity of more than $2,500 million from 2022-2030
Competitive Landscape
- Abbott Laboratories, Advanced Bionics, B. Braun Melsungen AG, Boston Scientific Corporation, BrainsWay, Cochlear, CONMED Corporation, KONINKLIJKE PHILIPS, Laborie Medical Technologies, Inc., MED-EL Medical Electronics, Medtronic PLC, Nevro Corp, Zimmer Biomet Holdings, Inc., etc. are some of the prominent players in the global neurostimulation market.
- The cumulative market share of the four major players is more than 55%
Recent Developments
- January 2021- Abbott launched NeuroSpher myPath app aimed at tracking and reporting patient perceived pain relief and general well-being associated with spinal cord stimulation (SCS)/dorsal root ganglion (DRG) therapy, i.e., before the permanent implant
- December 2020- Advanced Bionics (AB) received FDA approval for marvel cochlear implant platform and world’s first sound processor for children
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/neurostimulation-device-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com
Follow US: LinkedIn | Twitter