PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1397265
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1397265
The global neurostimulation devices market is on track to achieve remarkable growth, with a projected double-digit CAGR expected by the end of 2031. The market's expansion is fueled by the increasing awareness of mental health, technological innovations enhancing patient management, and novel technologies that restore vision and aid movement in paralysis cases.
The COVID-19 pandemic initially impacted the demand for neurostimulation devices, resulting in a temporary decline in market revenue. However, as movement restrictions are relaxed across different nations, the market is anticipated to regain its growth momentum.
The European neurostimulation devices market is expected to witness significant growth during the forecast period, driven by a growing preference for advanced technologies and innovations in the region. Meanwhile, the Asia Pacific presents lucrative growth opportunities for companies in the neurostimulation devices market. Market players are leveraging strategies such as collaborations and product innovations, harnessing the latest technologies to enrich their product portfolios. Key industry players include NeuroSigma, Inc., Boston Scientific Corporation, NDI Medical, LLC., Medtronic plc, and St. Jude Medical, Inc.
Neurostimulation devices play a vital role in diagnosing and treating disorders of the autonomic nervous system (ANS), central nervous system (CNS), and peripheral nervous system (PNS). These devices stimulate brain cells and facilitate medication administration, making them essential for managing chronic neurological conditions such as nociceptive pain, neuropathic pain, epilepsy, depression, and Parkinson's disease.
The global neurostimulation devices market is driven by increasing incidences of neurological diseases and the prevalence of associated chronic pain and discomfort. Factors such as a growing geriatric population, heightened awareness of improved neurological treatments, and advancements in neurostimulation device functionality are poised to shape market growth positively. However, challenges such as therapy-related side effects, treatment alternatives for neurological disorders, and associated risks may impede market expansion.
The market is segmented based on device type, application, and region. Device types include implantable and external devices. Implantable devices encompass cochlear implants, sacral nerve stimulation, gastric electric stimulation, deep brain stimulation, vagus nerve stimulation, and spinal cord stimulation. External devices comprise transcranial magnetic stimulation and transcutaneous electrical nerve stimulation. Applications include Parkinson's disease, epilepsy, urinary and fecal incontinence, gastroparesis, pain management, hearing loss, and depression.
Geographically, the global neurostimulation devices market is categorized into North America, Asia Pacific, Europe, and the rest of the world (RoW). North America leads the market, driven by a rising prevalence of neurological disorders and extensive awareness campaigns by public and private organizations. Availability of advanced neurological treatments further bolsters the region's market growth.
In Europe, the neurostimulation devices market benefits from healthcare initiatives aimed at enhancing the healthcare sector. The Asia Pacific region is expected to witness the fastest growth, primarily due to increasing incidences of neurological disorders like arthritis and osteoporosis, particularly in countries like Japan and China.
The global neurostimulation devices market is poised for significant growth, with innovation and increasing awareness playing pivotal roles in addressing neurological disorders and improving patient outcomes.