According to Emergen Research, the global neurostimulation devices market size was USD 6.30 billion in 2020 and is expected to reach USD 15.42 billion in 2028 and register a revenue CAGR of 12.6% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Neurostimulation Devices Market, By Product Type (Sacral Nerve stimulator, Spinal Cord Stimulator, Vagus Nerve Stimulator, Gastric Electric Stimulators, Deep Brain Stimulators), By Application (Epilepsy, Depression, Dystonia, Gastroparesis, Pain management, Urinary & Fecal Incontinence, Essential Tremor, Parkinson’s disease, Others), and By Region, Forecast to 2028”
According to Emergen Research, the global neurostimulation devices market size was USD 6.30 billion in 2020 and is expected to reach USD 15.42 billion in 2028 and register a revenue CAGR of 12.6% during the forecast period, 2021-2028.
Market Dynamics:
The global neurostimulation devices market revenue growth is primarily driven by factors such as growing geriatric population, rising prevalence of chronic neurological disorders including epilepsy, dystonia, Parkinson’s disease, and Alzheimer’s disease globally, rising volumes of neurosurgeries, and increasing preference for minimally invasive surgical procedures due to advantages such as faster patient recovery, shorter hospital stay, lesser pain, and lower treatment costs.
Increasing investments by manufacturing companies in the research & development of highly advanced neurostimulation devices, rapid adoption of emerging technologies such as artificial intelligence (AI), machine learning (ML), and robotics in the manufacture of these devices, increasing regulatory approvals for new product launches, and stringent government norms concerning the safety and efficacy of neurostimulation devices are among the other major factors expected to drive revenue growth of the global neurostimulation devices market over the upcoming years.
However, unfavorable factors such as adverse side-effects and risks including allergic reactions and prickling of the skin associated with neurostimulation devices, rising costs of these devices, and growing availability of alternative therapeutic procedures are expected to hamper market revenue growth.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Spinal Cord Stimulator Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the spinal cord stimulator segment was the most dominant in terms of largest revenue share in the global neurostimulation devices market in 2020. Major factors contributing to the revenue growth of this segment are rising geriatric population, increasing incidences of neuropathic pain and spinal cord disorders or injuries, technological advances in neurostimulation devices including spinal cord stimulators, and rising preference for minimally invasive surgeries.
Pain Management Segment to Account for Fastest Revenue CAGR:
Based on application, the global neurostimulation devices market is segmented into Epilepsy, Depression, Dystonia, Gastroparesis, Pain Management, Urinary & Fecal Incontinence, Essential Tremor, Parkinson’s disease, and Others. The pain management segment is the fastest-growing segment in the global market and is projected to register the fastest revenue CAGR over the forecast period. Growing geriatric population, rising prevalence of chronic and acute pain, and growing use of advanced neurostimulation devices in neuropathic pain management are among the major factors supporting this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America neurostimulation devices market was the most dominant in terms of largest revenue share in the global market in 2020. Increase in geriatric population, rising prevalence of neurological diseases, increased government spending on research & development of more advanced and effective neurostimulation devices, and presence of leading market players in the region, including Boston Scientific Corporation, Nevro Corporation, and Synapse Biomedical Inc., are key contributors to the North America market revenue growth.
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Major Companies in the Global Neurostimulation Devices Market Include:
- Abbott Laboratories
- Aleva NeuroTherapeutics SA
- Boston Scientific Corporation
- ElectroCore Inc.
- EndoStim Inc.
- Medtronic plc
- NeuroPace Inc.
- Nevro Corporation
- Neuronetics Inc.
- NeuroSigma, Inc.
- Synapse Biomedical Inc.
For the purpose of this report, Emergen Research has segmented the global neurostimulation devices market based on product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Sacral Nerve stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- Gastric Electric Stimulators
- Deep Brain Stimulators
Application Outlook (Revenue, USD Billion; 2018-2028)
- Epilepsy
- Depression
- Dystonia
- Gastroparesis
- Pain management
- Urinary & Fecal Incontinence
- Essential Tremor
- Parkinson’s disease
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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