Dublin, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The "Neurostimulation Devices - Global Market Insights, Competitive Landscape, and Market Forecast - 2028" report has been added to ResearchAndMarkets.com's offering.
The global neurostimulation devices market is projected to grow at a Compound Annual Growth Rate (CAGR) of 11.77% from 2023 to 2028, reaching USD 11.34 billion by 2028.
This growth is driven by various factors, including the increasing prevalence of chronic neurological diseases, rising demand for neurostimulation devices as add-on therapy, the presence of lifestyle-related diseases such as depression and chronic pain, technological advancements, and a growing geriatric population.
Market Dynamics
Neurological disorders, such as stroke, brain cancers, traumatic brain injury, spinal cord injury, Alzheimer's disease, Parkinson's disease, epilepsy, and migraine, are a leading cause of disability globally. The number of people affected by neurological disorders has been steadily increasing, and this trend is expected to continue. For example, epilepsy affects around 50 million people worldwide, with approximately 2.4 million new cases diagnosed each year.
The aging population is contributing to the rise in neurological disorders. The global aging population is expected to double by 2050, leading to an increased risk of neurological conditions. As people age, their risk of conditions like Parkinson's disease and dementia also rises.
Companies in the neurostimulation devices market are investing in research and development to create more effective and user-friendly products. These devices provide treatment options for conditions like chronic pain, depression, and epilepsy by modulating electrical brain signals.
Key Market Segments
The neurostimulation devices market is segmented by device type, application, type, end-user, and geography:
Device Types:
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Others
Applications:
- Pain Management
- Bowel and Bladder Control
- Parkinson's Disease
- Epilepsy
- Others
Types:
- Invasive
- Non-Invasive
End-Users:
- Hospitals
- Ambulatory Surgical Centers
- Others
Regional Dominance
North America is expected to dominate the neurostimulation devices market during the forecast period. This dominance is attributed to a higher prevalence of neurological conditions in the region, a large number of product launches and approvals, the presence of key market players, and increased healthcare spending. For example, in the United States, more than 6 million people live with Alzheimer's disease, and about 90,000 people are diagnosed with Parkinson's disease each year.
Key Players
Key players in the global neurostimulation devices market include Medtronic PLC, Cyberonics, Boston Scientific Corporation, Abbott Laboratories, Aleva Neurotherapeutic, ElectroCore Inc., EndoStim Inc., Nevro Corporation, and others.
Recent Developments
Recent developments in the neurostimulation devices market include Merck's collaboration with neuroloop GmbH to develop a neurostimulator device for chronic inflammatory diseases, FDA approval for Nevro Corp.'s Senza System for the treatment of chronic pain associated with diabetic neuropathy, and FDA Breakthrough Device Designation for Unity HA's Pulsante SPG Microstimulator System for the treatment of cluster headaches.
Key Takeaways
Key takeaways from the market study include market size analysis, recent developments, key players dominating the market, and growth opportunities in the neurostimulation devices market.
Target Audience
The report is beneficial for neurostimulation devices providers, research organizations, government and corporate offices, start-up companies, distributors and traders, and various end-users interested in the latest technological developments in the market.
For more information about this report visit https://www.researchandmarkets.com/r/2xyoka
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