Future Outlook of the Neurostimulation Devices Market: Analyzing Size, Segmentation, and Competitive Landscape By Report Ocean
Introduction
The “ Neurostimulation Devices “ market’s future trajectory is a topic of paramount importance, necessitating a comprehensive analysis encompassing market size, segmentation, competitive landscape, present conditions, and anticipated trends. Moreover, the ongoing challenges posed by the COVID-19 pandemic also warrant strategic insights for businesses to navigate these circumstances successfully.
Market Size and Segmentation
The Neurostimulation Devices market’s evolution hinges on understanding its size and segmentation dynamics. This entails delving into aspects like product types, applications, and geographical distribution. By dissecting these facets, a clearer perspective on future growth prospects can be gained.
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The global neurostimulation devices market held a market value of USD 7,622.7 Million in 2021 and is estimated to reach USD 17,367.0 Million by the year 2030. The market is anticipated to register a CAGR of 9.7% during the forecast period.
A neurostimulation device comprises a neurostimulator which generates the electrical impulses, leads constituting insulated medical wires to deliver electrical pulses, and a patient?s handheld device. The ideal calibration of all components leads to an effective patient wellbeing response to the neuro disorder.
The increasing neurological diseases across the globe, rising clinical trials for neurostimulation devices, investments by companies, are driving factor for the growth of the neurostimulation devices market. in addition to that, the advancements in technologies, including silicon micro-fabrication and wireless energy transfer, propel the market growth.
On the other hand, the high cost to end user is a restrictive factor for neurostimulation devices market. Also, according Sandvik Material Technology survey, regarding the challenges during the medical device design phase, 20% of respondents stated that a common issue was to meet deadlines due to lack of resources.in light of this, the expertise in metal alloy materials and insulation coating is vital for engineering a medical-wire component customised for pain management devices. Thus, such factors hinder the market growth.
Growth Influencers:
Increasing number of incidences related to Neurological disorders
The rising number of cases of neurological diseases demand for top-notch neurostimulation devices drive the market growth. For instance, according to the statistics published by the American Academy of Neurology, Alzheimer has been ranked as the sixth-leading cause of death, and Parkinson?s affects approximate 1 Million Americans with at least 60,000 new cases annually. Overall, such increase in incidence rate is projected to drive the market in the coming years.
Investment for Neurological R&D
The prominent players are investing in clinical trials to sustain their products in the industry. For instance, Boston Scientific Corporation is running a clinical trial study investigating patient satisfaction with treatment using a new implantable neurostimulation system for chronic pain of the trunk and/or limbs. Such a factor aids significantly in increasing the growth rate of the neurostimulation devices market.
Segments Overview:
The global neurostimulation devices market is segmented into device type, application, and end user.
By Device Type,
? Implantable Device
o Cochlear Implants (CI)
o Sacral Nerve Stimulation (SNS)
o Gastric Electric Stimulation (GES)
o Deep Brain Stimulation (DBS)
o Vagus Nerve Stimulation (VNS)
o Spinal Cord Stimulation (SCS)
? External Device
o Transcranial Magnetic Stimulation (TMS)
o Transcutaneous Electrical Nerve Stimulation (TENS)
The implantable device segment held the market share of more than 85% in 2021. Based on the implantable device segment, the cochlear implant sub-segment is projected to cross the mark of USD 2,000 Million revenue by 2026. On the other hand, on the basis of external device, the transcranial magnetic stimulation is estimated to generate 5 times more revenue in 2024 in comparison to the TENS segment.
By Application,
? Pain Management
? Hearing Loss
? Urinary Incontinence
? Parkinson’s Disease
? Epilepsy
? Gastroparesis
? Depression
? Others
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The pain management segment is projected to hold an opportunity of more than USD 3,500 Million during 2022-2030. Moreover, the depression segment is estimated to grow at the highest growth rate of more than 10% over the anticipated period.
By End User,
? Hospitals/Clinics
? Cognitive Care Centres
? Research Institutes
? Others
The hospitals and clinics segment held the largest market share of approximately 85% in 2021 owing to the increasing preference of hospitals and clinics by patients for neuro treatments and management systems.
Regional Overview
By region, the global neurostimulation devices market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North American regional market for neurostimulation devices held the largest market share of around 40% in 2021 owing to the increasing initiatives by government.
The European region is anticipated to grow substantially owing to the increasing number of companies investing in research and development to develop cutting-edge products. The Asia Pacific market is also anticipated to grow at a considerable rate, and is expected to hold an opportunity of more than USD 2,500 Million during 2022-2030.
Competitive Landscape
Key players operating in the global neurostimulation devices market include Abbott Laboratories, Advanced Bionics, B. Braun Melsungen AG, Boston Scientific Corporation, BrainsWay, Cochlear, CONMED Corporation, KONINKLIJKE PHILIPS, Laborie Medical Technologies, Inc., MED-EL Medical Electronics, Medtronic PLC, Nevro Corp, Zimmer Biomet Holdings, Inc. among others.
The major four players in the market hold approximately 55% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in January 2021, Abbott launched NeuroSpher myPath, a digital health app to track and report on patient perceived pain relief and well-being associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy. Thus, such initiatives propel the market growth.
The global neurostimulation devices market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global neurostimulation devices market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various types and other components used in the manufacturing of neurostimulation devices
? Manufacturing Cost Analysis: Cost-share of various neurostimulation devices materials, cost analysis of neurostimulation devices materials, Unit Cost Analysis of neurostimulation devices materials
? New Advancement in Neurostimulation Devices:
o Reimagining Spinal Cord Stimulation
o Rethinking Peripheral Nerve Stimulation
o Restorative Neurostimulation
The global neurostimulation devices market report answers questions such as:
? What is the market size and forecast of the global neurostimulation devices market?
? What are the inhibiting factors and impact of COVID-19 on the global neurostimulation devices market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the global neurostimulation devices market?
? What is the competitive strategic window for opportunities in the global neurostimulation devices market?
? What are the technology trends and regulatory frameworks in the global neurostimulation devices market?
? What is the market share of the leading players in the global neurostimulation devices market?
? What modes and strategic moves are considered favorable for entering the global neurostimulation devices market?
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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