Neurostimulation devices can improve the quality of life of those who are severely paralyzed or suffering from profound losses to various sense organs, as well as for permanent reduction of severe, chronic pain which otherwise requires high-dose opioid therapy. The Global Neurostimulation Devices Market, analyzed by Astute Analytica, was valued at US$ 7,622.7 Mn in 2021 and is estimated to reach US$ 17,367 Mn by 2030, registering a CAGR of 9.7% over the forecast period. In terms of volume, the market is recording a CAGR of 8.3% during 2022-2030. Neurostimulation is changing the face of neurological rehabilitation as it has a wide variety of uses including pain relief, treatment for psychiatric diseases, and more recent treatment of movement disorders such as multiple sclerosis and spinal cord injury. Neurostimulation involves the purposeful modulation of the nervous system's activity using invasive (e.g., microelectrodes) or non-invasive means (e.g., transcranial magnetic). Neurostimulation devices treat the nervous system directly with implantable or wearable devices that rebalance neural circuitry with pulses of electrical currents.
The market is majorly driven by factors such as the increasing incidence of neurological disorders and rising investment in neurological R&D. Neurological disorders are diseases of the central and peripheral nervous system. In other words, the brain, spinal cord, cranial nerves, peripheral nerves, nerve roots, autonomic nervous system, neuromuscular junction, and muscles. These disorders include epilepsy, Alzheimer disease and other dementias, cerebrovascular diseases including stroke, migraine and other headache disorders, multiple sclerosis, Parkinson's disease, neuroinfectious, brain tumors, traumatic disorders of the nervous system due to head trauma, and neurological disorders as a result of malnutrition. Neurological disorders pose a large burden on worldwide health. Hundreds of millions of people worldwide are affected by neurological disorders. According to WHO (World Health Organization), more than 6 million people die because of stroke each year; over 80% of these deaths take place in low- and middle-income countries. More than 50 million people have epilepsy worldwide. Further, it is estimated that there are globally 47.5 million people with dementia with 7.7 million new cases every year - Alzheimer's disease is the most common cause of dementia and may contribute to 60–70% of cases. The prevalence of migraine is more than 10% worldwide. With awareness of the massive burden associated with neurological disorders came the recognition that neurological services and devices were disproportionately scarce, especially in low income and developing countries. This led to rising investments by various governments for neurological R&D. Furthermore, the adoption of emerging technologies, such as silicon micro-fabrication and wireless energy transfer is creating an opportunity for market expansion. However, the high cost of neurostimulation procedures and equipment is restraining market growth.
Key Insights of the Report:
Key Takeaways from the Global Neurostimulation Devices Market Report:
Competitive Dashboard
The key players in the Global Neurostimulation Device Market are Medtronic plc, Cochlear Ltd., Boston Scientific Corporation, and Abbott Laboratories, Inc. among others.
Segmentation Overview
The following are the various segments of the Global Neurostimulation Device Market:
By Device Type segment of the Global Neurostimulation Device Market is sub-segmented into:
By Application segment of the Global Neurostimulation Device Market is sub-segmented into:
By End User segment of the Global Neurostimulation Device Market is sub-segmented into:
By Region segment of the Global Neurostimulation Device Market is sub-segmented into:
Market Size Value in 2021 | US$ 7,622.7 Mn |
Expected Revenue in 2030 | US$ 17,367 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Unit | Value (USD Mn) |
CAGR | 9.7% (2022-2030) |
Segments covered | By Device Type, By Application, By End-User, By Region |
Key Companies | Medtronic plc, Cochlear Ltd., Boston Scientific Corporation, and Abbott Laboratories, Inc. among others |
Customization Scope | Get your customized report as per your preference. Ask for customization |
The Global Neurostimulation Device Market was valued at US$ 7,622.7 Mn in 2021.
Neurostimulation is changing the face of neurological rehabilitation as it has a wide variety of uses including pain relief, treatment for psychiatric diseases, and more recently treat movement disorders such as multiple sclerosis and spinal cord injury.
Neurological disorders include epilepsy, Alzheimer’s disease, other dementias, cerebrovascular diseases including stroke, Parkinson's disease, neuro infections, and brain tumors, among others.
The market is majorly driven by factors such as the increasing incidence of neurological disorders and rising investment in neurological R&D.
The high cost of neurostimulation procedures and equipment is restraining the market growth.
The Global Neurostimulation Device Market is segmented based on device type, application, end-users, and region.
Global Neurostimulation Device Market is projected to expand at a CAGR of 9.7% over the forecast period.
Implantable devices hold the highest market share in 2021.
Pain management segment dominates the Global Neurostimulation Device Market in 2021.
Hospitals/clinics are the highest end-users in the market in 2021.
North America dominates the Global Neurostimulation Device Market in 2021.
Asia Pacific is recording the highest growth rate over the forecast period.
The key players in the Global Neurostimulation Device Market are Medtronic plc, Cochlear Ltd., Boston Scientific Corporation and Abbott Laboratories, Inc. among others.