Richmond, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to a research report "Neurostimulation Market”, by Type (Internal Neurostimulation (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Others) External Neurostimulation (Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS), Respiratory Electrical Stimulation (RES))), Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's disease, Epilepsy, Others) and Region.
Global Neurostimulation Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 5.3 Billion |
| Market size value in 2030 | USD 9.9 Billion |
| CAGR (2023-2030) | 9.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, External Neurostimulation, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Neurostimulation Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global neurostimulation market plays a vital role in the healthcare ecosystem by offering innovative therapeutic solutions for a range of neurological disorders. Neurostimulation involves the use of targeted electrical or chemical stimuli to modulate the nervous system's activity, providing relief for conditions such as chronic pain, movement disorders, and psychiatric disorders. The market's growth is driven by an increasing prevalence of neurological diseases, coupled with advancements in technology that enhance the effectiveness and safety of Neurostimulation therapies. As a result, patients benefit from improved quality of life, reduced dependence on traditional medications, and, in some cases, avoidance of invasive surgical procedures.
Furthermore, the neurostimulation market contributes significantly to the medical device industry's growth, fostering innovation and research in neuroscience and bioelectronic medicine. This dynamic sector encourages collaboration between healthcare professionals, researchers, and industry players to develop cutting-edge solutions for neurological disorders. The market's impact extends beyond patient care, driving economic growth, job creation, and advancements in neuroscientific understanding. Overall, the Neurostimulation market serves as a cornerstone in addressing the complex challenges posed by neurological conditions, offering transformative therapies that enhance patient outcomes and contribute to the advancement of medical science.
Major Vendors in the Global Neurostimulation Market:
- Medtronic
- Boston Scientific Corporation
- Abbott Laboratories
- NeuroPace Inc.
- Soterix Medical Inc.
- Synapse Biomedical Inc.
- Neuronetics Inc.
- Saluda Medical Pty Limited
- SceneRay Co., Ltd.
- Mainstay Medical
- NeuroMetrix Inc.
- Brainsway Ltd.
- Axonics Modulation Technologies
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Rising Prevalence of Chronic Diseases
The increasing prevalence of chronic diseases, such as chronic pain, neurological disorders, and psychiatric conditions, is a significant driver for the global Neurostimulation market. Neurostimulation therapies, including spinal cord stimulation, deep brain stimulation, and peripheral nerve stimulation, have gained prominence as effective treatment options for managing chronic pain and neurological disorders. Chronic pain affects a substantial portion of the global population, leading to a growing demand for innovative and minimally invasive Neurostimulation solutions.
Neurostimulation devices, through targeted electrical stimulation, can modulate neural pathways, providing relief from chronic pain and improving the quality of life for patients. Neurological disorders like Parkinson's disease and epilepsy also benefit from Neurostimulation interventions, further driving market growth. The integration of advanced technologies, such as closed-loop systems and adaptive stimulation, enhances the precision and efficacy of Neurostimulation therapies, contributing to the market's expansion.
Market Dynamics
Drivers:
- Increasing prevalence of chronic neurological disorders.
- Growing aging population globally.
- Technological advancements in Neurostimulation devices.
- Rising demand for minimally invasive procedures.
Opportunities:
- Expanding applications of Neurostimulation beyond traditional indications.
- Emerging markets with untapped potential for Neurostimulation therapies.
- Collaborations and partnerships for research and development.
- Rising healthcare expenditure and awareness about Neurostimulation treatments.
Technological Advancements and Innovation
Continuous advancements in neurostimulation technologies and ongoing research in neuroscience contribute significantly to the growth of the global neurostimulation market. Innovations in device design, materials, and programming algorithms have led to the development of more sophisticated and patient-specific Neurostimulation solutions. Miniaturization of devices, improved battery life, and enhanced connectivity features have increased the acceptance and adoption of neurostimulation therapies.
The emergence of closed-loop or feedback-controlled systems represents a notable technological advancement in Neurostimulation. These systems can dynamically adjust stimulation parameters based on real-time physiological feedback, optimizing therapeutic outcomes. Additionally, the exploration of new modalities, such as non-invasive Neurostimulation techniques, broadens the scope of Neurostimulation applications, attracting both clinicians and patients. The collaborative efforts of research institutions and industry players in driving innovation further propel the market forward, fostering a conducive environment for technological breakthroughs in Neurostimulation.
North America dominates the market for Neurostimulation.
The dominating region in the global neurostimulation market is North America, with the United States being a key contributor to its prominence. The region's dominance can be attributed to the high prevalence of chronic diseases, well-established healthcare infrastructure, and a strong focus on technological innovation.
In North America, the United States holds a substantial market share due to the presence of a large patient pool suffering from chronic pain and neurological disorders. The well-developed healthcare system, coupled with favorable reimbursement policies, encourages the adoption of Neurostimulation therapies. Additionally, robust research and development activities and strategic collaborations between academic institutions and industry players contribute to the technological advancements witnessed in the region.
Asia-Pacific, particularly China, exhibits significant growth potential in the Neurostimulation market. The increasing prevalence of chronic diseases, a growing aging population, and improving healthcare infrastructure contribute to the region's emergence as a key player. The adoption of Neurostimulation technologies is expected to rise, supported by increasing awareness, government initiatives, and the incorporation of advanced medical devices in clinical practice. As the region continues to invest in healthcare advancements, it presents a lucrative market for Neurostimulation technologies.
The Type Segments is anticipated to hold the Largest Market Share during the Forecast Period
The type segment of the global neurostimulation market is categorized into internal Neurostimulation, which is further segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. Among these, spinal cord stimulators hold a dominant position due to their effectiveness in managing chronic pain conditions, such as neuropathic pain and failed back surgery syndrome. The rising prevalence of chronic pain disorders, coupled with technological advancements in spinal cord stimulation devices, has fueled the demand for this specific Neurostimulation technique. Additionally, the expanding geriatric population, increasing awareness about neurostimulation therapies, and the continuous development of innovative products contribute to the sustained dominance of Spinal Cord Stimulators within the Internal Neurostimulation segment of the Global Neurostimulation Market.
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