The global neurostimulation devices market is expected to be valued at USD 13.70 Billion by 2027 from USD 5.60 billion in 2019, registering a CAGR of 12.6% through the forecast period. This growth of the market is credited to factors, such as increasing prevalence of chronic nervous disorders, rising adoption of minimally invasive surgeries, and growing preference of faster recovering procedures. Additionally, rising focus on shorter hospital stays is fueling the adoption of neurostimulation devices and, in turn, boosting growth of the market.
Growing prevalence of several neurological disorders including Dystonia, epilepsy, and Parkinson’s diseases is creating need for advanced neurostimulation devices. Further technological advancement coupled with robust investment in the healthcare infrastructure across the globe are encouraging introduction and adoption of newer technologies, which is driving growth of the neurostimulation devices market. Adoption of advanced technologies, including Artificial Intelligence and machine learning, is contributing to the formation of smart neuromodulation, which is benefiting patients suffering from brain damage. This is a key factor driving growth of the global neurostimulation devices market in the coming years.
Key Highlights From Report
- In 2019, Medtronic launched the Intellis, a management platform for the chronic intractable pain. It is able to track patients and get real time data over chronic pain.
- The spinal cord stimulator sub-segment acquired the largest market share of 46.2% in 2019. This growth is attributable to the rising need for treatment of spinal injuries and neuropathic pain. This factor is estimated to benefit over the forecast period.
- Pain management sub-segment is projected to expand at a fastest CAGR of 14.0% during the foreseeable future. This growth is attributable to increasing incidence of chronic and acute pain disorders coupled with patients suffering from neurological disorders.
- Regionally, the Asia Pacific region is projected to exhibit the fastest growth over the forecast period. This growth is attributable to the economic development, coupled with increasing Healthcare Budgetary Allocation, especially in emerging economies, is expected to drive the growth of neurostimulation devices in the region.
- Key participants include St. Jude Medical, Boston Scientific Corporation, Medtronic, Neuronetics, Inc., Nevro Corporation, Codman & Shurtleff, Inc., Intrapace, LivaNova plc, Abbott Laboratories, and Bayer AG.
Emergen Research has segmented the Global Neurostimulation Devices Market on the basis of product, application, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Sacral Nerve stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- Gastric Electric Stimulators
- Deep Brain Stimulators
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Pain management
- Urinary and Fecal Incontinence
- Essential Tremor
- Parkinson’s Disease
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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