Neurostimulation Market to Propel at Impressive CAGR of 11.5% from 2022 to 2032 as it Improves the Quality of Life of Patients Globally
The global Neurostimulation Market is anticipated to create lucrative growth opportunities over the assessment period by registering an impressive CAGR of 11.5% from 2022 to 2032. Brain neurostimulation devices are increasingly adopted as an effective method of treatment for various diseases associated with old age and neurotic ailments, which is a positive influence on the market.
Neurostimulation is utilized for the treatment of a huge variety of debilitating conditions such as gastroparesis, incontinence, Parkinson’s disease, epilepsy, depression, and essential tremors. Furthermore, it is known as a highly potential treatment option for patients who do not obtain relief from medications and surgical therapies.
Neurostimulation helps in improving the quality of life of patients who are severely paralyzed or suffering from intense loss of various sense organs. Therefore, neurostimulation is highly instrumental in artificial vision, hearing aids, artificial limbs, and other prosthetics.
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- There has been robust growth in the utilization of neurostimulation devices since consumers are buying devices that are able to be used at home for neurostimulation for back pain, neurostimulation for Parkinson, and other ailments.
- The global neurostimulation market is analyzed on the basis of the therapies in which neurostimulation systems are utilized. This incorporates a huge variety of segments such as deep brain stimulation (DBS), spinal cord stimulation (SCS), vagus nerve stimulation (VNS), and sacral nerve stimulation (SNS).
- Spinal cord stimulation therapy is anticipated to account for the largest share in the global neurostimulation market, attributing to the presence of a large number of SNS neurostimulators in treating diabetic neuropathy, pain, postherpetic neuralgia, ischemic limb pain, and acute herpes zoster pain.
- Deep brain stimulators are at present approved for the treatment of neurological disorders such as Parkinson’s disease, epilepsy, dystonia, obsessive-compulsive disorder (OCD), essential tremors, and depression.
- However, extensive research and advancement in technology have led to new and exciting applications of neurostimulation such as stroke, obesity, autism, sleep disorders, and many others will expand the deep brain stimulator market at a faster pace.
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- There is a propelling need for devices with improved outcomes, the ability to pre-sense a neurological episode on-set, optimize inter-device communication, and better user interface. Developing technologies suffice the treatment objective and market demand will lead to an increase in the demand for neurostimulation therapy and devices.
- In addition to that, the aging population is anticipated to propel the rise in the incidence of neurological disorders such as Parkinson’s disease, epilepsy, essential tremors, and depression-related disorders will lead to an increase in demand for neurostimulation. In addition, neurostimulation devices and systems are gaining acceptance for the treatment of chronic pain, especially in developing economies such as India, China, Brazil, Mexico, and Russia.
- Furthermore, a rapid increase in the FDA approvals for novel neurostimulators combined with new applications is expected to expedite the growth of the global neurostimulation market in the near future.
- Although, the lack of reliable measuring systems which are predicted to offer the expected outcome of neurostimulation therapies is a major challenge for manufacturers. The high cost of the therapy is a deterring factor for the neurostimulation market, which can be subsided by gaining reimbursement for such devices.
The global neurological market is characterized by a hand full of dominating players which are expected to pose a challenge for the new entrants within the global neurostimulation market. The dominant players are focusing on mergers and acquisitions paired with new and innovative technological advancements within the current products in order to get an edge over the global landscape.
- Boston Scientific Corporation
- Cyberonics Inc.
- St. Jude Medical Inc.
- Medtronic Inc.
- NeuroPace Inc.
- NeuroSigma, Inc.
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- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson’s disease
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