Neurostimulation Devices Market Size Worth $16.31 Billion by 2032 | CAGR: 12.22%

Neurostimulation Devices Market Size Worth $16.31 Billion by 2032 | CAGR: 12.22%

The global neurostimulation devices market size is expected to reach USD 16.31 billion by 2032, according to a new study by Polaris Market Research. The report “Neurostimulation Devices Market Size, Share & Trends Analysis Report by Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence & Depression), By Product (Spinal Cord Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator & Gastric Electric Stimulator), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Neurostimulation is the therapeutic modulation and alteration of neural activity using an implantable medical instrument. Both the word "Neurostimulation" and the term "neurostimulators," which refer to the equipment used in neuromodulator, are used. The containment methods implemented by different governments during the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) pandemic interfered with the neurological operations of outpatient centers.

Social restriction measures were found to make the motor & psychiatric symptoms of susceptible patients worse, such as those with Parkinson's disease (PD) or dystonic patients with Deep Brain Stimulation (DBS). Chronic stress was also more likely to affect these individuals. In order to treat neurologic diseases, neurostimulators facilitate the delivery of electrical stimulation to the patient's brain, peripheral nervous system, and spinal cord. Among the diseases that are specifically treated with these are depression, Parkinson's disease, Parkinson's disease-related movement disorders, epilepsy, and chronic pain.

Some of the key market-driving factors include an ageing population, the introduction of technologically advanced products, increasing demand for add-on therapies, an increase in the prevalence of chronic diseases like migraine and epilepsy, and the existence of significant unmet medical needs in these disease segments. Additional drivers of market growth include the demand for minimally invasive procedures, outside financing for R&D, and the rising incidence of neurological disorders and lifestyle-related disorders.

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The neurostimulation device market experienced a substantial decline as a result of the COVID-19 epidemic, which was exacerbated by labour shortages and supply chain problems. A number of non-emergency surgical operations were also postponed in the early months of the crisis. For example, the National Health Service hospitals were told to temporarily stop non-urgent surgeries for at least three months in order to address the challenges caused by the pandemic. However, the industry is anticipated to experience a steady recovery over the coming period as the COVID-19 restrictions are progressively eased.

Neurostimulation Devices Market Report Highlights

  •  Based on products, the worldwide market has been divided into the spinal cord, deep brain, sacral nerve, vagus nerve, and gastric electric stimulators segments. The spinal cord stimulator segment has dominated the market in 2022 and accounted for the largest revenue share because of the wide variety of product applications and high market penetration of widely available products in this segment.
  • According to application, the global market has been segmented into groups for managing pain, seizures, essential tremors, incontinence (fecal and urinary), depression, dystonia, gastroparesis, Parkinson's disease, and other conditions. The pain treatment industry held major market's revenue in 2022.
  • North America accounted for the largest revenue share in 2022, and it is anticipated that it will hold this position throughout the forecast period. Strict government regulations and an increase in the usual number of days required for FDA clearance could impede the region's growth. In terms of income share, Europe was ahead of North America.
  • Some of the major players operating in the global market include Abbott, Bayer AG, Boston Scientific Corporation, Laborie, LivaNova PLC, Neuronetics., NeuroPace, Inc., Nevro Corp., Medtronic, and Synapse Biomedical Inc.

Polaris Market Research has segmented the Neurostimulation Devices Market report based on application, product type and region:

Neurostimulation Devices, Application Outlook (Revenue - USD Billion, 2019 - 2021)

  • Pain Management
  • Epilepsy
  • Essential Tremor
  • Urinary and Faecal Incontinence
  • Depression

Neurostimulation Devices, Product Outlook (Revenue - USD Billion, 2019 - 2021)

  • Spinal Cord Stimulator
  • Deep Brain Stimulator
  • Sacral Nerve Stimulator
  • Vagus Nerve Stimulator
  • Gastric Electric Stimulator

Neurostimulation Devices, Regional Outlook (Revenue - USD Billion, 2019 - 2021)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa