Neurostimulation Devices Market to Exceed Valuation of US$ 22 Billion by 2031: TMR Study
10 Jun 2022
- Growing acceptance of neurostimulation technologies for managing chronic neuropathic pain to generate vast lucrative opportunities, underpinned by prevalence of chronic pain
- Cutting-edge electrical stimulation devices to open up new revenue streams; Asia Pacific to contribute sizable share to global neurostimulation devices market, owing to presence of incredible untapped avenues
ALBANY, N.Y., June 10, 2022 /PRNewswire/ -- The global market study on neurostimulation devices observed that prevalence of neurological disorders has spurred advancements in neurostimulation technologies. Many companies in neurostimulation devices market are increasingly leaning on new technologies in spinal cord stimulators to capture substantial profits during the forecast period. The global market is projected to advance at a CAGR of 10.8% during the forecast period of 2022–2031, thus surpassing valuation of US$ 22 Bn by 2031.
Clinical utility of neurostimulation devices is growing in the treatment of disorders of autonomic nervous system (ANS), central nervous system (CNS), and peripheral nervous system (PNS). The effectiveness of the technology in the management of epilepsy has broadened neurostimulation devices market outlook. Furthermore, ongoing trends of the neurostimulation devices market underscore a vast untapped revenue potential in meeting the needs of patients with Parkinson's disease.
The neurostimulation devices market revenue analysis has found that the prevalence of chronic pain due to arthritis and osteoporosis has unlocked an incredible avenue for market stakeholders. Growing R&D has expanded the avenue for clinical acceptance of newer technologies in the management of chronic neurological disorders, as neurostimulation devices market statistics emphasizes.
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Key Findings of Neurostimulation Devices Market Study
Adoption of Neurostimulation in Management of Neurologic Disorders Presents Abundant Avenues: Rise in demand for neurostimulation therapies in the treatment of a wide spectrum of neurologic and psychiatric disorders have steered the revenue generation for companies in the neurostimulation devices market. Rapid use of these in reducing the burden of neurological disorders has bolstered the sales revenues, observed the TMR study. The authors found that the use is rising in epilepsy management and in urinary incontinence. Application of the technology in neuropathic pain management is another key proposition spurring the demand for products in the neurostimulation devices market. The demand for neurostimulation in chronic pain management underpins massive opportunities in the neurostimulation devices market.
Need for Technological Advancements in Electrical Stimulation Devices Offering Value-grab Opportunities: Electrical stimulation devices attract massive attention among clinicians and the patient populations. The study found that an unmet need for next-gen novel electrical stimulation devices is spurring the demand, thus propelling the revenue generation for companies in the neurostimulation devices market. The growing popularity of advanced therapeutic control systems is stoking the demand for electrical stimulation technologies. Furthermore, electrical stimulation technologies are witnessing significant R&D in the neurostimulation devices market.
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Neurostimulation Devices Market: Regional Growth Dynamics
North America held a major share of the global neurostimulation devices market in 2021. Rapid uptake of novel technologies in the target population has spurred the expansion of the regional market. Of note, transcranial magnetic stimulation systems are finding a massive uptake in specialty clinics.
Opportunities in the Asia Pacific neurostimulation devices market are projected to rise at remarkable CAGR during the forecast period. A high unmet need in the patient population is likely to fuel the growth prospects.
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Neurostimulation Devices Market: Key Drivers
Growing research on non-invasive brain stimulation in age-related neurodegenerative diseases is expanding the prospects of neurostimulation devices market. Various deep brain stimulation (DBS) technologies are significantly contributing to the market development.
Prevalence of Parkinson's disease is viewed as a major underpinning driving the evolution of the neurostimulation devices market
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Neurostimulation Devices Market: Key Players
Some of the prominent players in the neurostimulation devices market are Synapse Biomedical, Soterix Medical, Neuronetics, Neuropace, Inc., Neurosigma, Inc., Nevro Corporation, Medtronic, Integer Holdings Corporation, Bioinduction, and Abbott Laboratories.
Neurostimulation Devices Market Segmentation
Product Type
Spinal Cord Stimulators
Deep Brain Stimulators
Cochlear Implants
Vagus Nerve Stimulators
Sacral Nerve Stimulators
Percutaneous Tibial Nerve Stimulators
Transcranial Magnetic Stimulators
Application
Others
End-user
Hospitals
Ambulatory Surgery Centers
Regions Covered
North America
Latin America
Europe
Latin America
Middle East & Africa
Countries
U.S.
Canada
Germany
U.K.
France
Italy
Spain
China
India
Japan
Australia & New Zealand
Brazil
Mexico
GCC Countries
South Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Deep Brain Stimulation Devices Market: The global deep brain stimulation devices market for Parkinson's disease is expected to surpass the value of US$ 1.2 Bn by the end of 2028. It is estimated to expand at a CAGR of 5.1% from 2021 to 2028.
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