The global neurostimulation devices market size was US$4.7 billion in 2019. The global neurostimulation devices market is forecast to reach the value of US$14.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.5% during the forecast period from 2022-2030.
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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Neurostimulation Devices Marketreport 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Disorders that directly affect the central nervous system (CNS) and peripheral nervous system (PNS) are considered Neurological disorders. The treatment includes the use of neurostimulation techniques, in which electrodes produce mild electrical impulses to improve neurological activities in the body.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing
The increasing cases of neurological disorders are forecast to fuel the growth of the global neurostimulation devices market. Hearing Health Foundation estimates that around 360 million people globally are suffering from neurological disorders. Moreover, Epilepsy Centre estimates that approximately 50 million patients suffer from epilepsy globally. The cases may increase with the 2.4 million new cases being diagnosed every year. Thus, the global neurostimulation devices market is forecast to expand with the growing cases of neurological diseases.
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The benefits of the neurostimulation devices are another factor contributing to the market growth. Neurostimulation devices are considered very effective for the treatment of Parkinson’s disease. As the prevalence of this disease is increasing, the market is forecast to witness rapid growth.
The increasing geriatric population is forecast to drive the growth of the global neurostimulation devices market. The geriatric population is more likely to suffer from diseases. As a result, the demand for neuromodulation devices would increase.
The shortage of trained professionals may decline the growth of the global neurostimulation devices market during the analysis period.
Geographic Analysis
North America is forecast to dominate the global neurostimulation device market because of the high prevalence of chronic diseases. Moreover, the region is witnessing the rapidly growing rate of the geriatric population. As a result, it would create promising opportunities for the market players in North America. National Institutes of Health estimates that around one million people in the United States are suffering from Parkinson’s disease. Thus, the market is witnessing favorable growth opportunities in the region.
The Asia-Pacific region is expected to strengthen the growth of the market by providing significant growth opportunities. The growing population and increasing geriatric population would positively influence the market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic negatively impacted the global neurostimulation devices market. The healthcare sector shifted its priority to treating the CXOVID-19 affected patients. Moreover, patients with neurological disorders stopped visiting the hospitals to prevent themselves from the virus. As a result, the market witnessed a slight decline in revenue generation. However, the growing cases pertaining to neurological disorders are forecast to surge the demand for neurostimulation devices in the coming years.
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Competitors in the Market
Medtronic plc
Other prominent players
Boston Scientific Corporation
Bayer Corporation
Cyberonics, Inc.
Interpace, Inc.
Nevro Corporation
Neurosigma, Inc.
Neuropace, Inc.
Synapse Biomedical, Inc
ImThera Medical Inc.
Neuronetics, Inc.
Aleva Neurotherapeutics SA
St. Jude Medical Inc.
LivaNova PLC
Cochlear Ltd.
Market Segmentation
By Application
Pain Management
Hearing Loss
Urinary Incontinence
Parkinson’s Disease
Epilepsy
Others
By Device Type
Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Others
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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