Neurostimulation Devices Market Trend Analysis Report By Technology (Internal Neuromodulation, External-Neuromodulation), By Application (Spinal Cord-Stimulation, Deep-Brain Stimulation, Sacral-Nerve Stimulation, Vagus-Nerve Stimulation, Gastric-Electrical Stimulation, Transcutaneous-Electric Nerve Stimulation, Transcranial-Magnetic Stimulation, Respiratory ElectricStimulation, Others) By Application Type (Dairy Products, Snacks, Meat & Poultry Products, Beverages, Bakery Products, Others) & Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2030
Pages: 300 | Jul-2024 Formats | PDF | Category: Pharma and Healthcare | Delivery: 24 to 72 Hours
Neurostimulation Devices Market Overview
Neurostimulation Devices Market is expected to grow rapidly at 8.5% CAGR consequently, it will grow from its existing size of from $ 7.3 Billion in 2023 to $ 12.5 Billion by 2030.
For Insights Consultancy presents an extensive market analysis report titled “Neurostimulation Devices Market Report 2024″providing businesses with an edge in competition by providing a thorough analysis of market structures with estimates for various segmentations and segments.
The report also focuses new trends, major drivers, challenges, as well as opportunities. The report provides all necessary information needed to thrive in the Neurostimulation Devices industry. This report is aboutNeurostimulation Devices market research provides a complete analysis, which includes a comprehensive analysis of the current and future trends in the market.
Neurostimulation Devices Market is experiencing explosive growth due to the increasing prevalence of neurological disorders, technological advancements and increasing demand for noninvasive treatment solutions. Neurostimulation devices like spinal cord stimulators, deep brain stimulators, sacral nerve stimulators and vagus nerve stimulators are used to treat conditions like chronic pain, epilepsy Parkinson’s disease depression through electrical impulse delivery to specific nerves which helps modulate symptoms by providing electrical impulses which work like medicine to alleviate discomfort and alleviate symptoms.
Technological advances have led to more sophisticated and effective neurostimulation devices that are smaller, more durable, and capable of more precise stimulation. Furthermore, with an increasing geriatric population more susceptible to neurological disorders driving market growth.
The neurostimulation devices market is being driven by increasing investments in research and development, resulting in new product launches and approvals. North America holds a large share of this market due to high adoption of advanced medical technologies and supportive healthcare infrastructure; however, Asia-Pacific region is expected to experience exponential growth thanks to improving healthcare facilities, awareness initiatives and rising patient pool. Even though high costs and regulatory hurdles pose challenges for future growth of the neurostimulation devices industry.
Neurostimulation Devices Market Trends 2024
Technological Innovations:
Development of neurostimulation devices that offer greater precision and longer battery life will be an emerging trend, while innovations like wireless and rechargeable devices with improved programming capabilities should contribute significantly to market expansion.
Neurostimulation Devices Are Expanding Applications: Beyond their traditional uses for treating chronic pain and movement disorders, neurostimulation devices are being explored for treating conditions as diverse as Alzheimer’s disease, tinnitus and sleep disorders – opening new market opportunities in doing so.
Personalized Medicine:
With personalized medicine on the rise, neurostimulation devices will increasingly be tailored to individual patient needs. By developing tailored stimulation protocols based on this data, treatment efficacy will improve significantly while patient outcomes will also increase significantly.
Minimally Invasive Neurostimulation Procedures Are Gaining in Favor Due to Fast Recovery Times and Fewer Risk Complications This trend will likely drive greater adoption rates of these devices. Integrate Digital Health Technologies:
Integration of digital health technologies such as mobile apps and wearable devices will enable remote monitoring and management of neurostimulation therapy, improving patient adherence while providing valuable data for healthcare providers.
Reimbursement Policies and Approvals:
Positive regulatory approvals and cost-cutting reimbursement policies will play a vital role in market expansion, streamlining approval processes and making these devices more easily available to patients. With an aging population in need of health services, market expansion will become even more crucial.
Increased elderly population exposure to neurological conditions will boost demand for neurostimulation devices, including Parkinson’s disease and chronic pain conditions that are expected to fuel market expansion.
Focus on Emerging Markets:
Emerging markets, particularly those located in Asia-Pacific and Latin America, will witness increased attention from key players. Improvements to healthcare infrastructure, increased awareness, and rising expenditure will provide potential growth opportunities in these regions.
Overall, the 2024 Neurostimulation Devices Market looks set for significant development due to technological progress, expanding therapeutic applications, and an emphasis on personalized and connected healthcare solutions.
Neurostimulation Devices Market Dynamics
Growth Drivers
Increase in Neurological Disorders: A Review.
Rising incidence of neurological conditions like chronic pain, epilepsy, Parkinson’s disease and depression has created an increased demand for neurostimulation devices. With their prevalence growing more prevalent, effective treatment solutions must also become increasingly available. Advancements in Technology:
Technological developments have resulted in more efficient, durable, and user-friendly neurostimulation devices. Features like wireless capabilities, rechargeable batteries and improved precision stimulation delivery are making these devices increasingly desirable to both healthcare providers and patients.
Expanding Geriatric Population:
An aging population is more vulnerable to neurological conditions, leading to increased demand for neurostimulation therapies. With an ever-increasing geriatric population worldwide comes more need for treatments that improve quality of life for elderly patients. Minimally Invasive Options Available for Treatment:
Neurostimulation devices have seen increasing popularity with minimally invasive procedures and surgeries, providing less invasive alternatives with quicker recovery times and reduced risks of complications than traditional surgeries. They’re also helping increase research and development by offering new opportunities for investigation and experimentation.
Major investments in research and development (R&D) are leading to the launch of innovative neurostimulation devices. Continued efforts at discovering new applications and improving existing technologies are expanding market potential and leading to favorable reimbursement policies.
Improved reimbursement frameworks and insurance coverage of neurostimulation treatments have made neurostimulation procedures more accessible to patients, providing vital financial support that drives market expansion.
Restraints:
High Costs:
Neurostimulation devices and associated procedures may present high costs that present significant barriers to wide adoption by both patients and healthcare systems alike, creating financial strain. For many of them and healthcare systems alike, paying these expenses remains a burdensome responsibility that needs to be managed appropriately.
Regulatory Challenges:
Complying with strict regulatory requirements and lengthy approval processes can delay the release of new neurostimulation devices on the market, creating additional hurdles for manufacturers navigating an ever-evolving regulatory environment.
Neurostimulation devices offer many benefits; however, they also present risks and side effects, including infection, device malfunction and adverse reactions due to electrical stimulation. This may limit their acceptance among both patients and healthcare providers.
Limitated Awareness and Acceptance:
Neurostimulation therapies remain unfamiliar and unaccepted in some regions due to cultural, educational, or resistance barriers that limit market expansion. Competiton from Alternative Therapies:
Neurostimulation devices market growth may be restricted by alternative treatments like pharmaceuticals and non-invasive therapies that are available. Patients and healthcare providers alike may prefer these solutions due to their familiarity and perceived lower risks.
Technical Complexities: Device implantation can be complex and require special training for healthcare providers; making sure these professionals feel comfortable using these technologies is key for wider adoption.
Neurostimulation Devices Market Segment Analysis
Neurostimulation Devices Market can be divided into product type, application, end-user, and geography categories.
Product Type:Widely Utilized Spinal Cord Stimulators (SCS) for Chronic Pain Management:
SCS are widely utilized for managing chronic pain, making up the largest segment. Their proven ability to alleviate suffering while simultaneously improving quality of life drives its popularity.
Deep Brain Stimulators (DBS): DBS are typically employed to treat movement disorders like Parkinson’s, dystonia and essential tremor. Their increasing prevalence bolsters this market segment’s expansion.
Sacral Nerve Stimulators (SNS): SNS are effective devices for treating urinary and fecal incontinence, and increasing awareness and acceptance is driving their market expansion. Vagus Nerve Stimulators (VNS): Whilst SNS provide treatment of incontinence issues, VNS are used more extensively as part of overall therapy plans to manage vagal nerve stimulation symptoms such as anxiety and tension headaches.
VNS are currently used for epilepsy and treatment-resistant depression. Due to ongoing research and expanding indications, this segment should experience growth. Atti:
Pain Management: Within this broad application segment lies neurostimulation’s most notable use: relieving chronic pain conditions through neurostimulation therapy. When combined with its effectiveness in relieving discomfort, neurostimulation provides effective pain relief solutions. As for neurological disorders:
Epilepsy, Parkinson’s disease and other neurological conditions are major growth drivers. But applications related to cardiovascular disease, hearing loss and obesity have also proven successful at increasing market growth.
Others: There have also been applications in cardiovascular disorders, hearing loss and obesity which have shown particular promise as emerging areas of interest for providers. Hospitals and Clinics represent important end-users.
Neurostimulation device installation and management services are often conducted in neurostimulation facilities that specialize in this niche area of health care. Ambulatory Surgery Centers: Consumer preferences favoring minimally invasive outpatient procedures are driving growth in this segment of healthcare delivery.
Home Care Settings: The availability of professional support makes home care services appealing in this segment.
Increased portability and user-friendliness of devices is expanding homecare markets.
By Technology
- Internal Neuromodulation
- Spinal-Cord Stimulation
- Gastric-Electrical Stimulation
- Vagus-Nerve Stimulation
- Sacral-Nerve Stimulation
- Deep-Brain Stimulation
- External-Neuromodulation
- TENS/Transcutaneous-ElectricNerve Stimulation
- TMS/Transcranial-Magnetic Stimulation
- RES/Respiratory-Electrical Stimulation
By Application
- Parkinson’s Disease
- Chronic Pain
- Migraine
- Epilepsy
- Tremor
- Depression
- Urinary & Faecal Incontinence
- Others
Competitive Landscape of the Neurostimulation Devices Market
Neurostimulation Devices Market is marked by fierce competition between both established and emerging companies. Key drivers influencing its landscape include technological innovations, strategic collaborations, mergers & acquisitions as well as extensive R&D activities.
Key Players:
Medtronic Plc: As market leader, Medtronic provides a broad selection of neurostimulation devices ranging from spinal cord stimulators and deep brain stimulators to deep brain stimulators. Their emphasis on innovation and vast product portfolio ensure they remain market leaders.
Boston Scientific Corporation:
Boston Scientific is widely recognized for their cutting-edge technology and provides neurostimulation solutions, particularly pain management. Their investments in R&D and strategic acquisitions have cemented their position within their market.
Abbott Laboratories:
Abbott is an industry-leader offering an expansive portfolio of neurostimulation devices for chronic pain relief and movement disorders, along with advanced technology and global distribution network support that set it apart as a competitive advantage.
Nevro Corporation:
Specializing in high-frequency spinal cord stimulation, Nevro has created a distinct place in the market with their innovative offerings and focus on innovation that distinguish them as strong competitors.
LivaNova Plc stands out in the vagus nerve stimulation market as a leader for treating epilepsy. Their focus and innovation has propelled them to an impressive position among competitors.
Synapse Biomedical Inc:
An emerging player in neurostimulation for respiratory insufficiency, Synapse Biomedical stands out with their niche focus and innovative approach as an attractive competitive edge.
- St. Jude Medical, Inc.
- Nevro Corp.
- Cyberonics
- Boston Scientific Corp.
- Medtronic PLC
- Neutronics Inc.
- Aleva Therapeutics SA
- ElectroCore Inc.
- NeuroSigma, Inc.
- EndoStim Inc.
- Synapse Biomedical Inc.
- NeuroPace Inc.
New Developments
- On May 2023, FDA approved Abbott’s spinal cord stimulation (SCS) devices for treating chronic back pain in people who have not had or are not eligible to receive back surgery. This labelling expansion was supported by results from the DISTINCT study, which demonstrated that Abbott’s proprietary BurstDRTM SCS technology improved pain levels, ability to perform daily activities, and emotional well-being in people with chronic back pain.
Neurostimulation Devices Market Regional Outlook
Neurostimulation Devices Market exhibits differing growth trends depending on geographical factors like healthcare infrastructures, economic climate and demographic trends.
North America:
Market Leader:
North America, particularly the United States, leads the neurostimulation devices market due to its advanced healthcare infrastructure, high adoption rates for new technologies and favorable reimbursement policies – factors which contribute significantly to its dominance.
Research and Innovation:
Research and development combined with major market players ensures continuous innovation and new product introduction.
Europe:
Europe holds a significant market share, with countries like Germany, the UK and France making significant contributions. Europe benefits from well-established healthcare systems and significant investments in medical technology.
Aging Population
Growing elderly populations prone to neurological conditions is driving market expansion in Europe and Asia-Pacific respectively.
Asia-Pacific
Asia-Pacific is projected to experience the highest compound annual growth due to an improving healthcare infrastructure, growing awareness about neurostimulation therapies and an expanding patient pool.
Economic Development:
Rapid economic growth in countries such as China, India and Japan has resulted in higher healthcare expenditure and greater access to advanced treatments.
Frequently Asked Questions
What is the projected market size and Compound Annual Growth Rate (CAGR) of the global neurostimulation devices market during the forecast period (2024-2030)?
Neurostimulation Devices Market is expected to grow rapidly at 8.5% CAGR consequently, it will grow from its existing size of from $ 7.3 Billion in 2023 to $ 12.5 Billion by 2030.
What are the major factors driving the market growth?
Increasing distribution agreements among key market players is expected to drive the market growth.
What are the key factors hampering the growth of the market?
Increasing product recall by regulatory authorities is expected to hinder the market growth over the forecast period.
Which are the major players operating in the market?
The major players operating in the market include Medtronic, BD, LivaNova, Axonics, Inc., ShiraTronics, Abbott, Bioventus, Neuronetics, NEVRO CORP, Integer Holdings Corporation, BIOTRONIK, NeuroPace, Inc., NeuroMetrix, Inc., Helius Medical Technologies, Inc., and Synapse Biomedical Inc
Key Benefits to Stakeholders:
- This study offers a quantitative examination of Neurostimulation Devices Market trends, estimations, and dynamics from 2023-2030 to identify potential opportunities in this space.
- Porter’s five forces study emphasizes the value of buyers and suppliers in helping stakeholders to make profitable business decisions while expanding their network.
- Undergoing in-depth analyses on market size and segmentation is vital in identifying current Neurostimulation Devices Market opportunities.
- Each region’s largest countries are mapped according to their revenue contribution for an accurate picture of this global industry.
- The Neurostimulation Devices Market research report offers a thorough examination of its major players. As such, purchasing this report provides many advantages to any organization looking to enter this competitive industry.
Reasons to Purchase Neurostimulation Devices Market Report:
- Current and Future Prospects of Neurostimulation Devices Market in both developed and emerging markets.
- Porter’s Five Force Analysis to help analyze various perspectives within this market. Major regions should experience rapid increases during this time.
- Uncover the most up-to-date industry developments, Neurostimulation Devices Market shares, and top market players’ strategies.
Research Methodology:
To estimate and validate the size of the Neurostimulation Devices Market as well as several of its dependent submarkets in its entirety, both top-down and bottom-up methodologies were used. Secondary research identified key players within the market while primary sources and verified primary sources provided an accurate picture of all percentage share breakdowns and splits within this global industry.
Table of Contents
- Table 1: Global Neurostimulation Devices Market Size and Forecast (2024-2030)
- Table 2: North America Neurostimulation Devices Market Size and Forecast by Country (2024-2030)
- Table 3: Europe Neurostimulation Devices Market Size and Forecast by Country (2024-2030)
- Table 4: Asia-Pacific Neurostimulation Devices Market Size and Forecast by Country (2024-2030)
- Table 5: Latin America Neurostimulation Devices Market Size and Forecast by Country (2024-2030)
- Table 6: Middle East and Africa Neurostimulation Devices Market Size and Forecast by Country (2024-2030)
- Table 7: Neurostimulation Devices Market Segmentation by Device Type (2024-2030)
- Table 8: Neurostimulation Devices Market Segmentation by Application (2024-2030)
- Table 9: Neurostimulation Devices Market Segmentation by End User (2024-2030)
- Table 10: Key Players in the Global Neurostimulation Devices Market
- Table 11: SWOT Analysis of Major Neurostimulation Devices Providers
- Table 12: Regulatory Landscape for Neurostimulation Devices in Major Regions
- Table 13: Recent Developments and Innovations in the Neurostimulation Devices Market
- Table 14: Neurostimulation Devices Market Growth Drivers and Restraints
- Table 15: Competitive Landscape and Market Share Analysis (2024-2030)
- Table 16: Mergers and Acquisitions in the Neurostimulation Devices Market
- Table 17: Investment Analysis by Region (2024-2030)
- Table 18: Customer Demographics and Preferences in the Neurostimulation Devices Market
- Table 19: Neurostimulation Devices Technology Adoption and Trends
- Table 20: Impact of COVID-19 on the Neurostimulation Devices Market
- Table 21: Future Outlook and Opportunities in the Neurostimulation Devices Market
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