WASHINGTON, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The human body's central nervous system (CNS) and peripheral nervous system (PNS) are both affected by neurological conditions such as Alzheimer's disease, Parkinson's disease, epilepsy, and cerebrovascular diseases. Neurostimulation technology is essential for treating some neurological issues. The electrodes in the gadgets produce gentle electrical impulses to support the patients' neurological activity. These devices can either be external or implanted. The brain, PNS, or CNS, is the direct placement site for Neurostimulation Devices Market. Hence, the rising geriatric population suffering from chronic diseases is driving the market growth. The Global Market revenue was valued at USD 4.3 Billion in 2021.
The Global Neurostimulation Devices Market size is forecast to reach USD 8.7 Billion by 2028 and is expected to grow to exhibit a CAGR (Compound Annual Growth Rate) of 12.5% during the forecast period; states Vantage Market Research, in a report, titled “Neurostimulation Devices Market Size, Share & Trends Analysis Report by Product Type (Spinal Cord Stimulators, Deep Brain Stimulators, Cochlear Implants, Vagus Nerve Stimulators), by Application (Chronic Pain, Movement Disorders, Hearing Impairment, Epilepsy), by End Users (Hospitals, Ambulatory Surgery Centers, Specialty Clinics), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in Neurostimulation Devices Market:
Boston Scientific Corporation
Liva Nova PLC
Axonics Modulation Technologies Inc.
Increase Prevalence of Chronic Diseases
The market for Neurostimulation Devices Market is expanding due to factors such as the rising prevalence of lifestyle diseases like depression and chronic pain, the rise in neurological disorders, and investments in neurological R&D. Additionally; the market is being driven by the surge in demand for minimally invasive surgery, the adoption of technologically advanced products, and the growing elderly population, who are more susceptible to neurological disorders like epilepsy, Parkinson's disease, Alzheimer's disease, and chronic pain. However, the implantation of Neurostimulation Devices Market into the body might cause adverse effects like allergic response and tingling or prickling of the skin, and the cost of devices is projected to rise, which will impede market expansion. Additionally, the availability of alternative treatments, including medical procedures and medication therapy, limits market expansion. On the other hand, research into the use of neurostimulators for treating conditions like obsessive-compulsive disorders, interstitial cystitis, and asthma is still ongoing and is anticipated to open up lucrative opportunities for the market expansion of Neurostimulation Devices Market in the years to come.
Increasing Geriatric Population and Rising Technological Advancements
According to projections from the UN Department of Economic and Social Affairs, there will be an increase in the number of elderly people worldwide from 7.7 billion to 9.7 billion by 2050. The geriatric population is likewise expanding steadily in terms of Parkinson's and Alzheimer's disease. The global market for Neurostimulation Devices Market will have significant growth potential due to the growing geriatric populations in developing nations like China and India. Over 20% of the population in Japan is over 65, according to a survey.
The market's potential for expansion will be further fueled by extensive R&D efforts for the creation of novel items and cutting-edge technology. For instance, Neurowave Medical Technologies created a transdermal neuromodulation device with a low level of invasiveness to treat patients with nausea and vomiting. The device intends to enhance the quality of life for patients receiving yearly chemotherapy-radiation therapy. In addition, the potential for extending market growth will be further increased by new innovations, including deep brain stimulation, spinal cord stimulation, sacral nerve stimulation, and vagus nerve stimulation.
Key Industry Findings & Insights from the report:
The Global Neurostimulation Devices Market was valued USD 4.3 Billion in 2021 and is all set to surpass USD 8.7 Billion by 2028, exhibiting a CAGR of 12.5% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Neurostimulation Devices industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Neurostimulation Devices Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Neurostimulation Devices Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Neurostimulation Devices Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Neurostimulation Devices Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Neurostimulation Devices Market has considered the impact of COVID-19 on the Neurostimulation Devices Market globally and the subsidiaries for the Neurostimulation Devices Market industry. In addition, the demand and supply chain are considered while estimating the current and forecast market size for the Global Neurostimulation Devices Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
The report on Neurostimulation Devices Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates, and Forecast
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North America is expected to dominate the growth of Neurostimulation Devices Market in 2021. Significant market trends in North America include the creation of novel neurostimulators, the approval of novel neurostimulator procedures by health authorities, and mergers & acquisitions to acquire novel technologies & goods. The market in this region is anticipated to be driven by an increase in the frequency of neurological illnesses, growth in the elderly population, advantageous reimbursement rates, and the introduction of cutting-edge technologies. Additionally, it is anticipated that research and development efforts to create new technologies to treat neurological conditions like Parkinson's disease, dystonia, and epilepsy will expand the range of available treatments for patients and surgeons in the neurostimulation market. Future market growth is anticipated to be steady.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Neurostimulation Devices Market Size, Share & Trends Analysis Report by Product Type (Spinal Cord Stimulators, Deep Brain Stimulators, Cochlear Implants, Vagus Nerve Stimulators), by Application (Chronic Pain, Movement Disorders, Hearing Impairment, Epilepsy), by End Users (Hospitals, Ambulatory Surgery Centers, Specialty Clinics), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
February 2022 – Precisis announced that it received the US FDA approval for its breakthrough device designation for minimally invasive epilepsy treatment EASEE (Epicranial Application of Stimulation Electrodes for Epilepsy).
Jan 2021 – Abbott announced the upcoming launch of Neuso Spheremy Path which is aimed to track and report on patient-perceived pain relief and general well-being associated with conditions related to Spinal Cord Stimulation (SCS).
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Neurostimulation Devices Market for the base year and forecast period?
This market titled “Neurostimulation Devices Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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