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The study published by Astute Analytica foresees a tremendous growth in revenue of the Global Neurostimulation Device Market from US$ 7,622.7 Mn in 2021 to 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 involves the purposeful modulation of 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. Further, 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 growing impetus of the market is attributed to 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’s 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. 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 opportunities for market expansion. However, the high cost of neurostimulation procedures and equipment is restraining the overall market growth.
The segmentations considered to analyze the Global Neurostimulation Device Market are based on device type, applications, end-users, and region. In terms of device type, implantable devices hold the highest share in the market in 2021. Further, in terms of application, the pain management segment dominates the neurostimulation devices market in 2021. Hospital/clinics are the highest end-users in the market in 2021. Moreover, it is estimated that North America is the highest shareholder region in the Global Neurostimulation Device Market in 2021.
The key players in the Global Neurostimulation Device Market are Medtronic plc, Cochlear Ltd., Boston Scientific Corporation, and Abbott Laboratories, Inc. among others.
Strategies adopted by key market players:
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:
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