According to IMARC Group latest report titled “Neurostimulation Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on neurostimulation devices market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global neurostimulation devices market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.9% during 2023-2028.
Neurostimulation devices are programmable medical transmitters that are used for providing electrical signals to certain parts of the human brain. They inhibit, stimulate, alter, regulate and modify the activity of the central, peripheral and autonomous nervous systems in the patient’s body. They generally operate on thin wires and leads and are surgically inserted into the organs that significantly impact every part of the body and are considered effective in treating symptoms of tremors, urine incontinence, headaches, and spinal cord injury. Additionally, they act as key elements in artificial limbs, hearing aids, and neural prosthetics for artificial vision. They are commonly available in implantable and non-implantable variants, which are utilized to deliver electrical or chemical agents in order to modify brain and nerve cell activities.
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Market Trends:
The escalating incidences of neurological and lifestyle disorders among individuals majorly drive the global market. This can be supported by the increasing prevalence of Parkinson’s disease, nociceptive pain, depression, epilepsy, neuropathic pain, and dystonia among the masses. Since neurostimulation devices help in reducing chronic pain while enhancing the quality of life of patients suffering from obesity, paralysis, and severe loss of sensory organs, this is providing a boost to their demand. Apart from this, a shifting preference toward minimally invasive (MI) procedures among patients. For instance, the rising demand for deep brain stimulation (DBS) MI procedure to transmit electrical signals to the brain circuit’s specific circuit is acting as another growth-inducing factor. Moreover, the advent of modern neurostimulation devices that can electronically stimulate the nervous system to regain post-paralysis motor movements and restore vision is creating a positive market outlook.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Biocontrol Medical
- Boston Scientific Corporation
- Cyberonics Inc.
- Medtronic Inc.
- Neuronetics Inc.
- Nevro Corporation
- Jude Medical Inc.
Global Neurostimulation Devices Market Segmentation:
Our report has categorized the market based on region, stimulation type, device type, application and end-use.
Breakup by Stimulation Type:
- Internal Neurostimulation
- External Neurostimulation
Breakup by Device Type:
- SCS (Spinal Cord Stimulation) Devices
- DBS (Deep Brain Stimulation) Devices
- SNS (Sacral Nerve Stimulation) Devices
- VNS (Vagus Nerve Stimulation) Devices
- GES (Gastric Electrical Stimulation) Devices
- Transcutaneous Electrical Nerve Stimulation Devices
- Transcranial Magnetic Stimulation Devices
- Others
Breakup by Application:
- Pain Management
- Epilepsy
- Essential Tremors
- Urinary and Fecal Incontinence
- Depression
- Dystonia
- Parkinson’s Disease
- Others
Breakup by End-User:
- Rehabilitation Centers
- Hospitals
- Medical Clinics
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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