The global neurostimulation devices market is expected to be valued at USD 13.70 billion by 2027 from USD 5.60billion in 2019, registering a CAGR of 12.6% through the forecast period according to the latest report by Emergen Research.The growing prevalence of chronic nervous disorders has been driving the growth of this industry. The growth of neurostimulation devices is expected to be driven by increased demand for minimally invasive surgeries due to the increasing preference among patients and doctors for faster recovery and shorter hospital stays. Demand for neurostimulation devices is most likely to be motivated by the growing prevalence of neurological disorders, such as epilepsy, dystonia and Parkinson’s disease. With the introduction of intelligent technology, technological developments in the healthcare infrastructure of many countries are projected to increase the demand for devices. The advancement of smart neuromodulation, which is most likely to aid patients with brain injury, is helped by the introduction of advanced technologies such as artificial intelligence and machine learning.
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Key Highlights From The Report:
- The Intellis platform for treating some forms of chronic intractable pain was introduced by Medtronic in 2019. the software has been built to resolve limitations in current spinal cord stimulation (SCS) systems, such as battery performance, and can power the Evolve workflow. It can monitor patients 24/7 and aid with chronic pain monitoring.
- The largest market share of 46.2% in 2019 was held by the spinal cord stimulator product segment. The increasing need to treat spinal wounds and neuropathic pain is likely to raise the global demand for spinal cord stimulators.
- Pain relief application segment is expected to grow with the fastest CAGR of 14.0 percent over the forecast period. It is expected that the rising prevalence of chronic and acute pain disorders in patients suffering from neurological disorders will increase the use of pain control neurostimulation devices.
- Over the projected period, the Asia Pacific region is expected to be the fastest growing region. Economic development and growing budgetary allocation for healthcare in developing countries are expected to drive the growth of the region’s neurostimulation devices market.
- Key participants include Boston Scientific Corporation, St. Jude Medical, Medtronic, Neuronetics, Inc., Codman & Shurtleff, Inc., Nevro Corporation, Intrapace, Abbott Laboratories, LivaNova PLC, and Bayer AG, among others.
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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
- Saudi Arabia
- Rest of MEA
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