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The neurostimulation devices market size is forecast to increase by USD 7.29 billion at a CAGR of 12.7% between 2023 and 2028.
The neurostimulation devices industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The implantable neurostimulation devices segment is estimated to witness significant growth during the forecast period.
Neurostimulation devices, a type of implantable medical technology, function as programmable and electrically stimulating medical tools for the central nervous system (CNS). These neurostimulators are utilized to stimulate specific areas of the peripheral nerve, spinal cord, or brain, offering relief from various neurological disorders and chronic pain. Notable neurostimulation therapies include spinal cord stimulation (SCS), sacral nerve stimulation (SNS), deep brain stimulation (DBS), vagus nerve stimulation (VNS), gastric electric stimulation (GES), and peripheral nerve stimulation (PNS). SCS, also known as dorsal column stimulation (DCS,) involves the use of a small spinal cord stimulator to deliver low-voltage electrical current continuously to the spinal cord or specific nerves, thereby blocking pain signals from reaching the brain.
Neurological conditions treated with neurostimulation devices encompass essential tremors, arthritis, Parkinson's, dystonia, migraine, depression, chronic pain, nerve injuries, osteoarthritis, and other neurovascular disorders. The regulatory approval process for these devices is rigorous to ensure safety and efficacy. Neurostimulation devices offer an alternative to invasive procedures and drug therapies, making them an essential tool for healthcare providers in managing neurological diseases and chronic conditions, particularly in the geriatric population base.
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The Implantable neurostimulation devices segment was valued at USD 4.76 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 40% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to the high prevalence of neurological disorders such as essential tremors, Parkinson's disease, dystonia, migraine, and epilepsy, among others. Favorable reimbursement policies and the increasing adoption of advanced neurostimulation devices, including sacral nerve stimulators, transcutaneous electrical nerve stimulators (TENS), vagus nerve stimulators, and deep brain stimulators (DBS), are key factors driving market expansion. Initiatives to raise awareness about neurological disorders, the growth of the North American economy, and rising healthcare expenditure are also contributing to market growth. The US, as the largest contributor to the market in the Americas and a significant contributor globally, benefits from favorable reimbursement policies, a large geriatric population base, and high healthcare spending.
Neurostimulation devices are used to treat various conditions, including chronic pain, musculoskeletal disorders, gastroparesis, depression, and neurovascular embolization. Market growth is further fueled by the development of neurotech devices for pain management, nerve injuries, and neurovascular devices for stroke and Alzheimer's disease. The regulatory approval process for neurostimulation devices is stringent, ensuring their safety and efficacy. Neuspera Medical, a leading neurostimulation device manufacturer, offers innovative solutions for essential tremor, urinary incontinence, and chronic pain. Healthcare providers and patients increasingly recognize the benefits of neurostimulation devices in managing neurological disorders and chronic diseases.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The neurostimulation devices market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the neurostimulation devices market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, neurostimulation devices market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Abbott Laboratories - Neurostimulation devices, including the Proclaim SCS system, provide a safe and effective, non-opioid alternative for managing chronic pain. These advanced medical solutions utilize electrical pulses to modulate pain signals, enabling patients to experience significant pain relief without relying on opioids. By targeting specific nerves, neurostimulation devices offer a personalized approach to pain management, providing long-term benefits for individuals suffering from various types of chronic pain conditions. This non-invasive and reversible therapy carries a low risk of side effects, making it a preferred option for those seeking an alternative to traditional pain management methods.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Neurostimulation devices have gained significant attention in the healthcare industry due to their effectiveness in managing various neurological conditions. These devices utilize electrical or magnetic signals to modify the activity of the nervous system, providing relief for individuals suffering from chronic pain, movement disorders, and other neurological conditions. The neurostimulation market is driven by the increasing prevalence of neurological disorders and the growing demand for minimally invasive treatment options. Neurological disorders, such as essential tremors, dystonia, Parkinson's disease, epilepsy, and Alzheimer's disease, affect millions of people worldwide. These conditions often result in debilitating symptoms that significantly impact patients' quality of life.
Neurostimulation devices offer a viable alternative to traditional procedures and drug therapies, providing targeted relief with minimal side effects. For instance, sacral nerve stimulation is an effective treatment for overactive bladder syndrome and fecal incontinence. Transcranial magnetic stimulation is used to treat depression and migraines, while deep brain stimulation is an established therapy for Parkinson's disease and dystonia. The regulatory approval process for neurostimulation devices is rigorous, ensuring their safety and efficacy. Neurostimulation devices undergo extensive clinical trials to demonstrate their benefits and risk-benefit profile. Regulatory agencies, such as the Food and Drug Administration (FDA), closely monitor the development and marketing of these devices to ensure they meet the highest standards of quality and safety.
Neurostimulation devices can be broadly categorized into internal and external neuromodulation. Internal neuromodulation involves the implantation of a device, such as a spinal cord stimulator or a vagus nerve stimulator, which delivers electrical signals directly to the nervous system. External neuromodulation, on the other hand, involves the use of transcutaneous electrical nerve stimulation (TENS) or transcranial magnetic stimulation, which stimulates the nervous system through the skin. The market for neurostimulation devices is expected to grow significantly due to the increasing geriatric population base and the rising prevalence of chronic diseases. Elderly people are more susceptible to neurological disorders, such as Parkinson's disease, Alzheimer's disease, and essential tremors.
Neurostimulation devices offer a minimally invasive treatment option for these conditions, making them an attractive alternative to surgical treatments. Emerging countries are expected to contribute significantly to the growth of the market. These countries have large populations with a high prevalence of neurological disorders and a growing awareness of the benefits of neurostimulation devices. Additionally, the increasing availability of reimbursement options and the growing presence of healthcare providers specialized in neurostimulation therapies are expected to drive market growth in these regions. In , the market is poised for significant growth due to the increasing prevalence of neurological disorders, the growing demand for minimally invasive treatment options, and the regulatory approval of new devices.
Neurostimulation devices offer a targeted and effective treatment option for various neurological conditions, making them an attractive alternative to traditional procedures and drug therapies. The future of neurostimulation devices looks promising, with ongoing research and development efforts focused on expanding their indications and improving their efficacy.
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Market Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.7% |
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Market growth 2024-2028 |
USD 7289.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
11.0 |
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Key countries |
US, Germany, UK, Japan, China, Canada, Italy, Australia, Japan, South Korea, Netherlands, and Rest of World(RoW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Market Segmentation by Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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