Neurostimulation Devices Market: Asia Pacific Is Expected To Be The Fastest-Growing Region From 2022 To 2030
Neurostimulation Devices Industry Overview
The global neurostimulation devices market size was valued at USD 4.5 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 12.8% during the forecast period. Neurostimulation is a process that makes use of an implantable medical device to modulate and alter neural activities for therapeutic purposes. Equipment used for neuromodulation are called neurostimulators and the process is termed neurostimulation. During the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) pandemic, containment measures by different governments led outpatient clinics’ neurological activities to be disrupted.
Vulnerable patients, such as those with Parkinson’s disease (PD) or dystonic patients with Deep Brain Stimulation (DBS), were at a higher risk of chronic stress as a result of social restriction measures and their motor & psychiatric symptoms were reported to deteriorate. Neurostimulators help in the treatment of neurologic disorders that aid in the delivery of electrical stimulation to the intended parts of the patient’s brain, peripheral nervous system, and spinal cord. These are particularly used for the treatment of various diseases, such as movement disorders, epilepsy, Parkinson’s disease, chronic pain, and depression.
Gather more insights about the market drivers, restrains and growth of the Global Neurostimulation Devices market
Some of the key factors driving the market include the growing geriatric population, the introduction of technologically advanced products, escalating product demand as add-on therapy, an increasing incidence of chronic diseases, such as migraine and epilepsy, and the presence of highly unmet medical needs in these disease segments. Also, the rising prevalence of neurological disorders and lifestyle-related disorders, external funding for R&D, and demand for minimally invasive surgeries are other factors propelling the market growth. According to the American Academy of Neurology, stroke is ranked as the third-leading cause of death in the U.S., with Alzheimer’s being ranked as the sixth-leading cause of death.
Statistics from the same source indicate that Parkinson’s affects nearly 1 million Americans with at least 60,000 new cases that are reported annually. Thus, with the increasing cases of neurological diseases, the demand for neurostimulation devices is expected to grow shortly. Moreover, manufacturers are investing more in R&D for the development of advanced products and technologies, such as implantable neurostimulation devices, which is expected to boost the market growth. Neurostimulation device implantation is a minimally invasive process and the rising demand for such surgeries, due to shorter hospital stays & faster recovery, is expected to offer new growth opportunities for the market.
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Neurostimulation Devices Market Segmentation
Grand View Research has segmented the global neurostimulation devices market based on product, application, and region:
Neurostimulation Devices Product Outlook (Volume, 000 Units; Revenue, USD Million, 2018 - 2030)
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electric Stimulators
Neurostimulation Devices Application Outlook (Volume, 000 Units; Revenue, USD Million, 2018 - 2030)
- Pain Management
- Epilepsy
- Essential Tremor
- Urinary & Fecal Incontinence
- Depression
- Dystonia
- Gastroparesis
- Parkinson’s Disease
- Others
Neurostimulation Devices Regional Outlook (Volume, 000 Units; Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- April 2017: Boston Scientific announced that the first patient was successfully implanted in the PRISM (Precision Implantable Stimulator for Migraine) clinical study.
Key Companies profiled:
Some of the prominent companies operating in the global neurostimulation devices market include:
- Medtronic PLC
- Cyberonics
- Boston Scientific Corp.
- Jude Medical, Inc.
- Nevro Corp.
Order a free sample PDF of the Neurostimulation Devices Market Intelligence Study, published by Grand View Research.
About Grand View Research
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