Neurostimulation Devices Market was valued at more than USD 5.5 billion in 2020 and is expected to grow at a CAGR of around 11% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Neurostimulation Devices Market was valued at more than USD 5.5 billion in 2020 and is expected to grow at a CAGR of around 11% from 2022-2028. The analysis has been segmented into Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others); Application (Pain Management, Hearing Loss, Depression, Parkinson's Disease, Epilepsy, and Others), End User (Hospitals, Ambulatory Surgical Centres and Others); Region/Country.
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The neurostimulation devices market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the neurostimulation devices market. The neurostimulation devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the neurostimulation devices market at the global and regional levels.
Market Overview
Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to specific parts of the patient's brain, spinal cord, or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy, and Parkinson's disease. Thus, the rising incidence of neurological disorders and the demand for neurostimulation devices is expected to drive the market. According to World Health Organization, on 13 June 2022, globally, disability and death due to PD are increasing faster than for any other neurological disorder. Global estimates in 2019 showed over 8.5 million individuals with PD. Moreover, the rising funding for R&D, and the increase in FDA approvals for novel neurostimulation devices with new applications, will accelerate the growth of the global neurostimulation devices market. For instance, In July 2021, Nevro Corp. received FDA approval for its Senza® System for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN).
Some of the major players operating in the market include Medtronic; Boston Scientific Corporation; Abbott; Aleva neurotherapeutics; electroCore, Inc.; EndoStim Inc.; Nevro Corporation; Neuronetics Inc.; NeuroSigma, Inc.; Synapse Biomedical Inc.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The neurostimulation devices market has been significantly affected during these times owing to the delay in several non-emergency surgeries during the pandemic.
The global neurostimulation devices market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on device type, the market is segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. Spinal cord stimulators held a significant share of the market in 2020. This market is expanding as a result of the increased usage of spinal cord stimulators, sometimes referred to as dorsal column stimulation, for the treatment of neuropathic pain and spinal injuries. The treatment uses pulsed electrical energy close to the spinal cord to control pain and it is more invasive than percutaneous injection therapy but less invasive than back surgery.
· On the basis of application, the market is categorized into pain management, hearing loss, depression, Parkinson’s disease, epilepsy, and others. Among these, epilepsy grows with a significant CAGR during the forecast period. Epilepsy is a chronic noncommunicable disease of the brain that affects people of all ages. According to the World Health Organization, on 9 February 2022, around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally.
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Neurostimulation Devices Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America held a significant share of the global neurostimulation devices market. This is mainly attributed to the availability of market players in the region and the rising initiative undertaken by key players to develop various therapies for different neurological disorders are the major factors that are expected to increase the market share. For instance, in August 2021, Merck announced a collaboration in its new Bioelectronics innovation field with neuroloop GmbH, a B. Braun subsidiary, to develop a neurostimulator device that can complement the existing drug therapies of patients with chronic inflammatory diseases. Moreover, the growing cases of mental health and neurodegenerative disorders such as multiple sclerosis, Alzheimer’s, Parkinson’s disease, and brain cancer is fueling the demand for neurologic disorders therapeutics in the region. According to the Centers for Disease Control and Prevention (CDC), in 2020, about 5.8 million Americas suffered from Alzheimer’s disease.
The major players targeting the market include
· Medtronic
· Boston Scientific Corporation
· Abbott
· Aleva Neurotherapeutics
· electroCore, Inc.
· EndoStim Inc.
· NEVRO CORP.
· Neuronetics
· NeuroSigma, Inc.
· Synapse Biomedical Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Neurostimulation devices market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the neurostimulation devices market?
• Which factors are influencing the neurostimulation devices market over the forecast period?
• What are the global challenges, threats, and risks in the neurostimulation devices market?
• Which factors are propelling and restraining the neurostimulation devices market?
• What are the demanding global regions of the neurostimulation devices market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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