NEW YORK, March 1, 2024 /PRNewswire/ — The neurostimulation devices market size is estimated to grow by USD 6.26 billion from 2022 to 2027 at a CAGR of 12.19% according to Technavio. To understand more about the information services market, request a Free sample report
Market Insights –
- Vendors: 15+, Including Abbott Laboratories, ALEVA NEUROTHERAPEUTICS SA, Axonics Inc., Bayer AG, Bioinduction Ltd, Boston Scientific Corp., electroCore Inc., EndoStim Inc, Integer Holdings Corp., LABORIE MEDICAL TECHNOLOGIES CORP., LivaNova Plc, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., NeuroPace Inc., Nevro Corp., Parasym, Perflow Medical Ltd., Soterix Medical Inc., Synapse Biomedical Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Application (Pain management, Urinary and fecal incontinence, Parkinsons disease, Epilepsy, and Others), Product (Implantable neurostimulation devices and External neurostimulation devices), and Geography (North America, Europe, Asia, and Rest of World (ROW)). Request a Free sample report
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.19% |
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Market growth 2023-2027 |
USD 6.26 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
10.4 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Germany, UK, Japan, and China |
Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio’s report analyzes the market’s competitive landscape and offers information on several market vendors.
Increasing prevalence of neurological disorders,
Neuropathic pain, a common and undertreated chronic condition, affects around 1.4% of the US and European population, with a notable impact on the elderly. The risk of neurological diseases, including Alzheimer’s, epilepsy, Parkinson’s, and stroke, rises with age. Neurostimulation devices play a crucial role in diagnosing and monitoring these disorders, fueling market growth. Request a Free sample report
The high cost of neurostimulation devices and procedures, with initial surgical implantation costs exceeding USD 20,000 and additional expenses for maintenance and adjustments, poses a challenge to market growth. Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a free sample report!
Analyst Review
The Neurostimulation Devices Market is a dynamic ecosystem driven by various factors such as advancements in technology, neurological disorders, government support, and the growing geriatric population. Neurological disorders like Parkinson’s disease, Alzheimer’s disease, and epilepsy are prevalent conditions necessitating innovative solutions like nerve stimulation technologies. These technologies, developed by leading device manufacturers like Boston Scientific, undergo rigorous FDA approval processes such as Premarket notification and the 510(k) process to ensure their safety and efficacy.
Among these technologies is the Vercise Neural Navigator 5 Software, a groundbreaking innovation in deep brain stimulation (DBS) therapy, approved by the FDA after extensive internal review. This software, alongside visualization software like STIMVIEW XT, enhances the precision and effectiveness of DBS procedures performed by skilled surgeons at renowned institutions such as the University of Oxford, University of California San Francisco (UCSF), Mayo Clinic, and Brown University.
The market encompasses a wide range of applications including spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, gastric electrical stimulation, transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation. These modalities cater to diverse patient needs, from managing chronic pain to treating overactive bladder (OAB) syndrome.
Government support and reimbursement policies play a crucial role in driving market growth, particularly in emerging countries where healthcare expenditure is rising. The regulatory framework, including classification into Class I, II, or III devices, and approval processes like abbreviated 510(k) approvals, ensure that medical devices meet stringent quality standards and pose an acceptable risk profile to patients.
The neuromodulation market ecosystem comprises device manufacturers, healthcare providers, research institutions, and consortia like the OpenMind consortium, fostering collaboration and innovation. Patient awareness about neurostimulation therapies is increasing, leading to greater acceptance and adoption. Internal and external neuromodulation techniques offer tailored solutions for patients, improving their quality of life and clinical outcomes.
In conclusion, the neurostimulation devices market is poised for significant growth driven by technological advancements, supportive regulatory environments, and increasing demand from a growing patient population with neurological disorders. Collaboration among stakeholders will continue to drive innovation, expanding the therapeutic options available and improving patient outcomes globally. Download sample report!
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
