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Neurostimulation Devices Market worth over $13.6bn by 2027

  • Published Date: January 21, 2022

Neurostimulation Devices Market size is set to surpass USD 13.6 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Increasing incidence of chronic pain and depression globally surges the demand for neurostimulation devices for better patient care. Higher demand for minimally invasive surgery, coupled with rising prevalence of neurological disorders and technological advances are foremost factors propelling the market growth. Prominent players are widely focusing on the development of technologically advanced neurostimulation devices in order to ease pain of patients that will stimulate the market expansion. Also, different awareness campaigns fosters the market demand.

 

Increasing prevalence of neurological disorders will augment the market progression

The market for neurostimulation devices is expected to rise owing to the surging prevalence of neurological disorders. For instance, according to the WHO report, dementia affects 55 million individuals across the globe, with over 60% of them residing in low- and middle-income nations. This figure is predicted to climb to 78 million in 2030 and 139 million in 2050, as the proportion of elderly in the population is surging in nearly every country. Another report, from the WHO published in 2019, stated that epilepsy is the most common chronic brain disease affecting around 50 million people of all ages worldwide and over 80% of them live in low- and middle-income economies. Additionally, on an average five million individuals globally are diagnosed with epilepsy each year.
 

Growing industry revenue for spinal cord stimulators to impel the industry expansion

Global Neurostimulation Devices Market, By Product

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The spinal cord stimulators segment captured USD 2.8 billion in 2020 led by the rising prevalence of chronic pain and the increasing number of failed back surgeries. For instance, according to the CDC 2016 report, nearly 50 million adults in the U.S suffer with chronic pain. Such scenarios are poised to provide a massive opportunity to the spinal cord stimulator segment. Growing R&D to develop advanced spinal cord stimulators coupled with launch of better and innovative devices for the treatment of neurological disorders are factors fostering the industry growth.
 

Further, other benefits of spinal cord stimulator such as increased activity and mobility, improved functioning and potential to reduce the risks of long-term opioid therapy for pain management will spur its industry progression during the forecast timeline.
 

Browse key industry insights spread across 110 pages with 128 market data tables & 11 figures & charts from the report, “Neurostimulation Devices Market Size By Product (Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Transcutaneous Electrical Nerve Stimulation [TENS]), By Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/neurostimulation-devices-market-report
 

Rising prevalence of depression will offer a significant market value

The depression segment is predicetd to witness 8.5% growthr rate through 2027 owing to surging prevalence of depression globally. Depression is a common mental disorder and affects millions of people across the globe. Nearly 280 million people across the world have depression and it is estimated that 5.0% of adults suffer from depression. Hence, growing number of depression cases stimulates the demand for neurostimulation devices. Moreover, several substitutes for antidepressant drugs including vagus nerve stimulation, direct current transcranial stimulation and electroconvulsive therapy will favor industry demand.
 

Increasing prevalence of neurological disorders in Europe will drive the market revenue

Europe neurostimulation devices market is slated to attain a CAGR of 11.4% till 2027 on account of the growing elderly population, coupled with rising prevalence of chronic pain and neurological disorders. Additionally, changing lifestyle, and increasing consumption of alcohol and junk food are factors that will positively impact the business growth. Presence of prominent business players launching innovative and advanced neurostimulators in the region will fuel the regional growth.
 

Adoption of various strategic initiatives by key market players will offer substantial growth opportunities

Key companeis operating in market are Abbott, Boston Scientific Corporation, IntraPace, Laborie, LivaNova, Medtronic, Neuronetics, and SPR Therapeutics, Cyberonics, ElectroCore Inc., Aleva Neurotherapeutics SA, Synapse Biomedical Inc., MicroTransponder, RS Medical, helbling holding AG, EndoStim Inc., and BioControl Medical.  These industry leaders have adopted various strategic initiatives such as collaborations, launch of new neurostimulation devices as well as acquisitions. These initiatives related to neurostimulation devices has provided financial stability and sustainability as well as helped them to evolve as major market participants.
 

Authors: Sumant Ugalmugle, Rupali Swain