New York, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) — The Neurostimulation Devices market was valued at USD 4,796 Million in 2021 and will reach USD 50.7 Billion by 2030, with a CAGR of 12.8%. Chronic pain patients can receive neurostimulation using neurostimulator devices to reduce some of the symptoms caused by various conditions. Nerve stimulators allow patients to test the effectiveness of the treatment before committing to it for a longer period of time, unlike other pain management procedures.
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Neurostimulation Devices Market Insights.
- In 2021, the spinal cord stimulators segment maintained the maximum position in the market with 51.5% of revenue based on product.
- By application, the pain management segment ruled the entire market in 2021 with a revenue share of 68.0%.
- North America had a significant market position in 2021 with the largest market share at 60%.
Factors Affecting the Growth of Neurostimulation Devices Market:
Factors such as: Increasing incidence of neurological disorders and investments in neurological research and development are influencing the expansion of the market.
- The increasing incidence of neurological diseases is driving the need for advanced neurostimulation devices. For example, Parkinson’s disease affects approximately 1 million Americans, with at least 60,000 new cases each year, and Alzheimer’s is the sixth leading cause of death. The market will grow in the coming years due to the overall increase in neurological disorders.
- To remain competitive in the market, major players spend on clinical trials. For example, Boston Scientific Corporation is conducting clinical trials to examine patient satisfaction with chronic low back and extremity pain management using a new implantable neurostimulation system.
Neurostimulation Devices Market Segmentation Analysis
Neurostimulation Devices market segmentation is done on the basis of application, product, and region.
- A deep brain stimulator
- Spinal cord stimulator
- Vagus nerve stimulator
- Sacral nerve stimulator
- Electric stomach stimulator
- Chronic pain
- Urinary and fecal incontinence
- Parkinson’s disease
- The others
For the region
- Rest of Asia Pacific
- Great Britain.
- The rest of Europe
The rest of the world
- African region and the Middle East
- Latin America
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In 2021, the spinal cord stimulators segment maintained the maximum position in the market with 51.5% of revenue based on product. This is due to the wide range of product applications and significant market penetration of commercially available products. Spinal cord stimulators are used to treat non-malignant chronic neuropathic pain that produces small nerve impulses without causing physiological changes in the target region.
By application, the pain management segment ruled the entire market in 2021 with a revenue share of 68.0%. The expansion of this market is due to increasing cases of chronic pain and increasing consumption of products for pain management because of its significant therapeutic value.
North America held a significant position in the market in 2021 with the largest market share of 60% due to the growing elderly population and incidence of neurological diseases. Preference for minimally invasive therapies and increasing awareness of mental illnesses are contributing to increasing demand for neurostimulation devices. In addition, the market will expand due to increasing R&D expenditure for the development of the latest neurostimulation devices.
Neurostimulation Devices Market Report Coverage
|Total market size in 2020||4.796 billion USD|
|Projected revenue for 2030||50.7 billion USD|
|Growth rate||CAGR of nearly 12.8%|
|Base year taken||2021|
|Historical data||2017 – 2020|
|Forecast period||2021 – 2030|
|Quantitative units||Revenue in Million USD / Billion, Volume in 000 Units and CAGR from 2020 to 2030|
|Report coverage||Volume forecast, revenue forecast, competitive landscape, growth factors and trends|
|Fragment coverage||Product, Application and Region|
|Regional framework||Latin America, North America, Europe, Middle East and Africa;|
|The circle of the earth||Canada; USA; Great Britain; Deutschland; France; Italy; Spain; India; Russian Federation; Singapore; China; Japan; South Korea; Australia; Mexico; Argentina; Brazil; South Africa; Saudi Arabia; UAE|
|Companies included||Cyberonics; Medronic; St. Jude Medical, Inc.; Nevro Corp, Boston Scientific Corp.|
|Personalization scope||Free report customization with purchase. Additional or change in regional, country and sector scope.|
|Purchase and Pricing Options||Use specialized shopping choices to meet your exact research needs.|
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Key Players in the Neurostimulation Devices Market:
- Nevro Corp.
- NeuroSigma, Inc.
- EndoStim Inc.
- Neutronics Inc.
- Aleva Therapeutics SA
- Boston Scientific Corp.
- Medtronic PLC
- Jude Medical, Inc.
- ElectroCore Inc.
- Synapse Biomedical Inc.
- NeuroPace Inc.
- In December 2022, Abbott announced that its Eterna System device had received FDA approval. Eterna is the smallest rechargeable spinal cord stimulation implant designed to treat the signs and symptoms of chronic pain.
- In July 2022, according to a release from Dyansys Inc., the US Food and Drug Administration approved First Relief, a PENS (percutaneous electrical neurostimulation) device that can be used in multiple sessions for up to 56 days for symptomatic relief of chronic, incurable conditions. : pain caused by diabetic peripheral neuropathy.
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