Neurostimulation Devices Market Growth: Projected to Top $22 Billion by 2031

The global neurostimulation devices market size was worth at US$ 119.7 Bn in 2022. Expanding at a CAGR of 12.0% between 2023 and 2031, the global industry is likely to be valued at US$ 331.5 Bn by 2031.

Incidence of neurological illnesses is on an upward trajectory, the number of elderly people is also rising, insurance reimbursement rates are favorable, and new creative technologies are being introduced, all of which would contribute to growth of the global neurostimulation devices market. Utilization of neurostimulation devices to treat a variety of medical ailments, including stroke-related symptoms as well as depression in patients, is growing.

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Key Findings of Neurostimulation Devices Market Study

• Adoption of Neurostimulation in Management of Neurologic Disorders Presents Abundant Avenues: Rise in demand for neurostimulation therapies in the treatment of a wide spectrum of neurologic and psychiatric disorders have steered the revenue generation for companies in the neurostimulation devices market. Rapid use of these in reducing the burden of neurological disorders has bolstered the sales revenues, observed the TMR study. The authors found that the use is rising in epilepsy management and in urinary incontinence. Application of the technology in neuropathic pain management is another key proposition spurring the demand for products in the neurostimulation devices market. The demand for neurostimulation in chronic pain management underpins massive opportunities in the neurostimulation devices market.
• Need for Technological Advancements in Electrical Stimulation Devices Offering Value-grab Opportunities: Electrical stimulation devices attract massive attention among clinicians and the patient populations. The study found that an unmet need for next-gen novel electrical stimulation devices is spurring the demand, thus propelling the revenue generation for companies in the neurostimulation devices market. The growing popularity of advanced therapeutic control systems is stoking the demand for electrical stimulation technologies. Furthermore, electrical stimulation technologies are witnessing significant R&D in the neurostimulation devices market.

Neurostimulation Devices Market: Regional Growth Dynamics

• North America held a major share of the global neurostimulation devices market in 2021. Rapid uptake of novel technologies in the target population has spurred the expansion of the regional market. Of note, transcranial magnetic stimulation systems are finding a massive uptake in specialty clinics.
• Opportunities in the Asia Pacific neurostimulation devices market are projected to rise at remarkable CAGR during the forecast period. A high unmet need in the patient population is likely to fuel the growth prospects.

Neurostimulation Devices Market: Key Drivers

• Growing research on non-invasive brain stimulation in age-related neurodegenerative diseases is expanding the prospects of neurostimulation devices market. Various deep brain stimulation (DBS) technologies are significantly contributing to the market development.
• Prevalence of Parkinson's disease is viewed as a major underpinning driving the evolution of the neurostimulation devices market

Neurostimulation Devices Market: Key Players

Some of the prominent players in the neurostimulation devices market are Synapse Biomedical, Soterix Medical, Neuronetics, Neuropace, Inc., Neurosigma, Inc., Nevro Corporation, Medtronic, Integer Holdings Corporation, Bioinduction, and Abbott Laboratories.

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Neurostimulation Devices Market Segmentation

• Product Type
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Cochlear Implants
• Vagus Nerve Stimulators
• Sacral Nerve Stimulators
• Percutaneous Tibial Nerve Stimulators
• Transcranial Magnetic Stimulators
• Application
• Chronic Pain
• Movement Disorders
• Hearing Impairment
• Epilepsy
• Urinary Incontinence
• Others
• End-user
• Hospitals
• Ambulatory Surgery Centers
• Specialty Clinics

Regions Covered

• North America
• Latin America
• Europe
• Latin America
• Middle East & Africa

Countries

• U.S.
• Canada
• Germany
• U.K.
• France
• Italy
• Spain
• China
• India
• Japan
• Australia & New Zealand
• Brazil
• Mexico
• GCC Countries
• South Africa

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