Increasing prevalence of neurological diseases, gastroparesis, urinary and fecal incontinence, growing demand for minimally invasive surgeries, and improving healthcare infrastructure are some key factors expected to drive global market growth.
Increasing prevalence of neurological diseases, gastroparesis, urinary and fecal incontinence, growing demand for minimally invasive surgeries, and improving healthcare infrastructure are some key factors expected to drive global market growth
According to Emergen Research, the global neurostimulation devices market size was USD 5.60 billion in 2019 and is expected to reach USD 13.70 billion in 2027 and register a steady revenue CAGR of 12.6% during the forecast period, 2020-2027.
Market Dynamics:
Neurostimulation devices are used in the treatment and diagnosis of various neurological disorders such as Parkinson’s disease, epilepsy, dystonia, essential tremor, depression, and neuropathic pain. These devices can be used externally or are implanted inside the brain, central nervous systems, or peripheral nervous systems. Sacral nerve stimulators, spinal cord stimulators, vagus nerve stimulators, gastric electric stimulators, and deep brain stimulators are some of the commonly used neurostimulation devices used across hospitals and ambulatory surgery centers. Factors such as increasing prevalence of lifestyle-associated diseases and chronic pain, rising geriatric population across the globe, rapid adoption of advanced neurostimulation devices, growing awareness about the importance of neurostimulation therapy and devices, and increasing focus on developing devices with advanced features are expected to drive global market revenue growth during the forecast period.
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However, requirement of high initial investments, availability of cost-effective alternative therapeutic procedures, and inaccessibility to advanced products due to lack of sufficient funds are some key factors that can restrain overall market growth going ahead.
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
Pain Management Segment To Register Robust Revenue Growth:
The pain management segment is expected to register robust revenue CAGR over the forecast period. Factors such as increasing incidence of acute and chronic pain disorders, disk surgery pain, leg pain, rising geriatric population, and rapid adoption of advanced neurostimulation devices across many hospitals and clinics are expected to drive revenue growth of the segment during the forecast period.
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Spinal Cord Stimulator Segment to Account for Significantly Larger Revenue Share:
The spinal cord stimulator segment is expected to account for significantly larger revenue share between 2020 and 2027 owing to increasing prevalence of chronic diseases, growing demand for minimally invasive surgical procedures, and high usage of spinal cord stimulators in non-malignant chronic neuropathic pain management.
North America to Lead In Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share during the forecast period. This can be attributed to factors such as rising prevalence of neurological diseases and lifestyle-associated diseases across the region, increasing availability of advanced devices and technology, and presence of well-developed healthcare infrastructure and trained healthcare professionals and technicians.
Major Companies in the Market Include:
- Boston Scientific Corporation
- St. Jude Medical
- Medtronic
- Neuronetics, Inc.
- Codman & Shurtleff, Inc.
- Nevro Corporation
- Intrapace
- Abbott Laboratories
- Livanova Plc
- Bayer Ag
For the purpose of this report, Emergen Research has segmented the global Neurostimulation Devices Market on the basis of Product, Application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Sacral Nerve stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- Gastric Electric Stimulators
- Deep Brain Stimulators
Application Outlook (Revenue, USD Billion; 2017-2027)
- Epilepsy
- Depression
- Dystonia
- Gastroparesis
- Pain Management
- Urinary and Fecal Incontinence
- Essential Tremor
- Parkinson’s Disease
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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