LOS ANGELES, Aug. 04, 2022 (GLOBE NEWSWIRE) — The Global Neurostimulation Devices Market size is valued at USD 6,141 million in 2021 and is estimated to achieve a market size of USD 15,994 million by 2030; growing at a CAGR of 11.3%.
The rising prevalence of neurological disorders is driving the global neurostimulation devices market revenue. Neurological disorders affect up to one billion people worldwide, according to a World Health Organization (WHO) report. Alzheimer’s disease, multiple sclerosis, brain injuries, neuro infections, and Parkinson’s disease are examples of neurological disorders. According to the same report, neurological disorders can affect people of any age, gender, or income. According to the Neurological Disorders – Public Health Challenges study, approximately 6.8 million people die each year as a result of neurological disorders. The diagnosis of neurological disorders is a widespread concern and one of modern medicine’s most difficult challenges. As a result, growing technological advancements and rising R&D activities are two key neurostimulation devices market trends driving industry demand.
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|Market||Neurostimulation Devices Market|
|Neurostimulation Devices Market Size 2021||USD 6,141 Million|
|Neurostimulation Devices Market Forecast 2030||USD 15,994 Million|
|Neurostimulation Devices Market||11.3% CAGR During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Application, End-Use, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Boston Scientific Corporation, Medtronic, St. Jude Medical, Bayer AG, Cyberonics, Inc, IntraPace Inc., Neuronetics, Nevro Corp., Uroplasty, Inc., ImThera Medical, Inc., and NeuroPace, Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
COVID-19 Impact on the Global Neurostimulation Devices Market Value
The neurostimulation device industry is slightly affected by the COVID-19 pandemic. Because of the imposed lockdowns, reduced manufacturing, and disrupted supply chain, this occurred. Additionally, a lack of workforce and a slowed distribution network of many companies hampered industry growth. However, the gradual removal of lockdowns and the resumption of manufacturing and sales boosted the neurostimulation devices market share beginning in 2021. Despite this, the industry did not recover quickly due to a drop in the treatment of non-covid-19 emergency procedures.
Neurostimulation Devices Market Dynamics
The increasing prevalence of lifestyle disorders such as chronic pain and depression, as well as the increase in the number of neurological disorders, are the primary factors driving the neurostimulation devices market share. The growing elderly population, combined with the rising prevalence of chronic diseases, is driving the demand for neurostimulation devices. Additionally, rising demand for minimally invasive surgeries is expected to drive market demand. However, neurostimulation devices can cause complications in the human body, limiting the market growth. As a result, strict regulatory frameworks are imposed on these devices, resulting in a time-consuming approval process by global health and regulatory organizations. This factor is once again preventing the market from expanding.
The growing burden of several neurological and chronic disorders fuels the neurostimulation devices market share
Neurological disorders are becoming more widely recognized as major causes of death and disability around the world. According to data from Neurological Disorders: Public Health Challenges, 50 million people with epilepsy and 24 million with Alzheimer’s or other dementias are among the 1 billion people diagnosed with neurological disorders. According to a systematic analysis conducted for the Global Burden of Disease Study, neurological diseases are the leading cause of disability-adjusted life years (DALYs), or years of healthy life lost due to death or disability. Neurological disorders caused 250.7 million disability-adjusted life years (DALYs) in 2015, a rise of 7.4 percent from 1990, with stroke included for the first time in such a broad and thorough study.
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Neurostimulation Devices Market Segmentation
The global market is divided into four segments: product, application, end-use, and region.
Based on products, the market is segregated into vagus nerve stimulators, deep brain stimulators, gastric electric stimulators, sacral nerve stimulators, and spinal cord stimulators. According to our neurostimulation devices industry analysis, spinal cord stimulators gathered a dominant market share between 2022 and 2030. However, the deep brain stimulators sub-segment is anticipated to register the fastest growth rate during the forecast timeframe from 2022 to 2030.
The application segment includes depression, dystonia, epilepsy, essential tremor, gastroparesis, pain management, Parkinson’s disease, urinary & fecal incontinence, and others. Pain management held a noteworthy market share in 2021, whereas epilepsy is expected to grow rapidly during the forecasted years.
Furthermore, hospitals and specialty clinics are covered under the end-use segment. In 2021, hospitals acquired a noteworthy market share and are expected to continue during the forecast period. In terms of growth, specialty clinics will grow at a notable rate in the coming years.
Neurostimulation Devices Market Regional Outlook
The global neurostimulation devices market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the global neurostimulation devices market forecast, North America held the majority of the share in 2021 and will continue its dominance henceforth. Recent data published by the Hearing Health Foundation suggest that over 48 million Americans are affected by neurological disorders. According to the CDC, more than 50% of elderly Americans experienced bowel or urinary leakage in 2014. All these statistics are paving a way for the growth of the North America neurostimulation devices market
In terms of growth, the Asia-Pacific region is likely to register a substantial CAGR owing to the increasing awareness related to neurological disorders. Additionally, growing government initiatives, rising research & development activities, and improving healthcare infrastructure are some of the aspects that are driving the Asia-Pacific neurostimulation devices market.
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Neurostimulation Devices Market Players
Some prominent neurostimulation devices companies covered in the industry are Bayer AG, Boston Scientific Corporation, Cyberonics, Inc, ImThera Medical, Inc., IntraPace Inc., Medtronic, NeuroPace, Inc., Neuronetics, Nevro Corp., St. Jude Medical, and Uroplasty, Inc.
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