According to IMARC Group latest report titled “Neurostimulation Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on neurostimulation devices industry report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global neurostimulation devices market reached a value of US$ 7.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.4 Billion by 2027, exhibiting a CAGR of 12.3% during 2022-2027.
Neurostimulation is a method of modulating and altering neural activity using an implantable medical device. Neurostimulation devices can either be implanted or external, and they are directly placed within the central nervous system, peripheral nervous system, and brain. They function by generating mild electrical impulses using inbuilt electrodes to augment neurological activity in these areas. The most commonly used neurostimulation devices include spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, and vagus nerve stimulators.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The market is primarily driven by the increasing incidences of neurological disorders, depression and chronic diseases, such as migraine and epilepsy. In addition to this, the escalating product demand as an add-on therapy is providing an impetus to the market growth. Also, the rising demand for minimally invasive surgeries leading to the adoption of technologically advanced neurostimulator devices is fueling the market. The market is further driven by the growing geriatric population that are more susceptible to neurological disorders. Some of the other factors contributing to the market include extensive research and development (R&D) activities, a rise in healthcare expenditure and increasing awareness regarding mental health.
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Competitive Landscape with Key players:
The competitive landscape of the industry has also been examined with some of the key players.
- Biocontrol Medical
- Boston Scientific Corporation
- Cyberonics Inc.
- Medtronic Inc.
- Neuronetics Inc.
- Nevro Corporation
- Jude Medical Inc.
Global Neurostimulation Devices Market Segmentation:
Our report has categorized the market based on region, stimulation type, device type, application and end-use.
By Stimulation Type:
- Internal Neurostimulation
- External Neurostimulation
By Device Type:
- SCS (Spinal Cord Stimulation) Devices
- DBS (Deep Brain Stimulation) Devices
- SNS (Sacral Nerve Stimulation) Devices
- VNS (Vagus Nerve Stimulation) Devices
- GES (Gastric Electrical Stimulation) Devices
- Transcutaneous Electrical Nerve Stimulation Devices
- Transcranial Magnetic Stimulation Devices
- Pain Management
- Essential Tremors
- Urinary and Fecal Incontinence
- Parkinson’s Disease
- Rehabilitation Centers
- Medical Clinics
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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