New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurostimulation Devices Global Market Report 2023" - https://www.reportlinker.com/p06277223/?utm_source=GNW
The global neurostimulation devices market will grow from $5.69 billion in 2022 to $6.28 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The neurostimulation devices market is expected to grow to $9.04 billion in 2027 at a CAGR of 9.5%.
The neurostimulation devices market consists of sales of spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Neurostimulation devices are implantable and programmable medical devices that send low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmissions. This procedure is used to treat or modulate motor functions in conditions such as neuropathic pain, chronic pain, major treatment-resistant depression Parkinson’s disease, epilepsy, incontinence, gastroparesis, and essential tremor.
North America was the largest region in the neurostimulation devices market in 2022.Asia Pacific was the second-largest region in the neurostimulation devices market.
The regions covered in neurostimulation device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main products of the neurostimulation devices are implantable devices and external devices.The implantable devices involved are cochlear implants, deep brain stimulation; spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electric stimulation and the external devices are transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS).
The various applications of implantable devices are pain management, epilepsy, essential tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, and Parkinson’s disease that are used by various end-users such as hospitals, rehabilitation centres, and medical clinics.
The rising geriatric population across the globe is driving the growth of the neurostimulation device market.An increasing number of the population is aging, and this geriatric population is falling prey to different neurobiological disorders.
For instance, according to the World Health Organization, in 2020 1 billion people in the world were 65 years and above. The number is expected to reach 1.4 billion by 2030 and 2.1 billion by 2050.
The high cost associated with the neurostimulation Devices will impede the growth of the market.For example, the average price of neuromodulation devices for chronic pain management range from $13920 to $17940, and the average price of neuromodulation devices for epilepsy ranges from $25420 to $25970.
Although the device construction between neurostimulation and cardiac rhythm management devices is similar, neuromodulation generators are 67 percent more expensive than cardiac rhythm management devices.
Minimally invasive treatments are being developed for the treatment of various neurological disorders.The neurostimulation devices are being innovated in a way to cause minimum invasion during neurological treatments.
For example, Deep Brain Stimulation (DBS) is a minimally invasive surgical procedure to treat neurological symptoms of Parkinson’s disease, including tremors, rigidity, and movement control.DBS uses a neurostimulation device, similar to a heart pacemaker, to deliver electrical pulses to a very precise location in the brain circuits that influence Parkinson’s disease symptoms.
The electrical pulses from the DBS device block the activity of these circuits so the rest of the brain can function more normally.
USFDA strictly regulates the approval of medical devices depending on their class which is based on the risk associated with the device.There is relatively few class I neurological devices.
The majority of the neurological devices are classified under Class II and Class III.Class II devices include neurostimulators, aneurysm clips, and blood clot retrievers.
Examples of Class III devices are deep brain stimulators and medical devices for the treatment of brain tumors.Approval of class III medical devices is complicated and requires clinical trials.
The time taken for the trials can be 36 months or more, depending on the extent of clinical trials and additional information that the FDA might request. Also, the European Union has recently taken steps to strengthen its regulatory approval process significantly, and this is expected to delay approvals in Europe. The delay in regulatory approvals and the high cost of interventional devices are the major challenges faced by the companies involved in the manufacture of neurological devices.
In 2020, Medtronic, an Irish medical device company has acquired Stimgenics for an undisclosed amount.This acquisition is expected to boost the chronic pain treatment portfolio of Medtronic.
Stimgenics is a private company based in Bloomington, that is pioneered in new spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) spinal cord stimulation. After the completion of the acquisition, the new proprietary DTM SCS waveform will be available on the Medtronic Intellis Platform.
The countries covered in the neurostimulation devices market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The neurostimulation device market research report is one of a series of new reports that provides neurostimulation device market statistics, including neurostimulation device industry global market size, regional shares, competitors with a neurostimulation device market share, detailed neurostimulation device market segments, market trends and opportunities, and any further data you may need to thrive in the neurostimulation device industry. This neurostimulation device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277223/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
