Global Neurostimulation Market Size study & Forecast, by Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Others), by Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's di

Global Neurostimulation Market Size study & Forecast, by Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Others), by Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's disease, Epilepsy, Others) and Regional Analysis, 2023-2030

Global Neurostimulation Market is valued at approximately USD 5,584.5 million in 2022 and is anticipated to grow with a healthy growth rate of more than 9.5% over the forecast period 2023-2030. Neurostimulation refers to the use of electrical or magnetic impulses to modulate the activity of the nervous system for therapeutic purposes. This medical technique involves the application of controlled and targeted stimulation to specific nerves or areas of the brain, spinal cord, or peripheral nerves. The Neurostimulation Market is expanding because of factors such as the growing incidence of neurological disorders and the rising geriatric population. It is used to manage various neurological and psychiatric conditions, offering an alternative or complementary approach to traditional treatments such as medications or surgery. As a result, the demand for Neurostimulation has progressively increased in the international market during the forecast period 2023-2030.

Neurostimulation, including Peripheral Nerve Stimulation, can be beneficial for conditions involving peripheral nerves. This includes neuropathies and certain pain syndromes that result from damage or dysfunction of peripheral nerves. As the incidence of these peripheral nerve disorders increases, so does the demand for targeted and effective therapies such as neurostimulation. There are about 600 neurologic diseases, according to the National Library of Medicine in the United States. Epilepsy, learning impairments, neuromuscular problems, autism, brain tumors, and cerebral palsy are just a few causes of neurological disabilities. Furthermore, according to Global Cancer Observatory, the number of Brain, nervous system cancer cases across the world accounts 308 thousand in 2020 and projected to reach up to 372 thousand by the year 2030. Another important factor that drives the Neurostimulation Market is the increasing geriatric population. The risk of neurological disorders, such as Parkinson's disease, essential tremor, neuropathic pain, and other conditions, tends to increase with age. As the geriatric population expands, there is a corresponding rise in the incidence of these disorders, driving the demand for neurostimulation therapies to manage symptoms and improve quality of life. In addition, per World Health Organization indicates that the global population aged 60 and above is expected to double to around 2.1 billion by 2050. Moreover, those aged 80 and beyond are anticipated to triple between 2020 and 2050, reaching a staggering 426 million. Moreover, rising government initiatives towards awareness campaigns regarding neurological disorders and the rising integration of AI in Neurostimulation are anticipated to create lucrative growth opportunities for the market over the forecast period. However, the high cost of neuromodulation procedures and the lack of trained professionals are going to impede overall market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Neurostimulation Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the highly developed healthcare system, and the large number of manufacturing companies in the region. Neurostimulation involves the use of electrical or magnetic impulses to modulate the activity of the nervous system. This field has seen significant advancements, and various neurostimulation devices are used for therapeutic purposes, such as treating chronic pain, neurological disorders, and mental health conditions. The region’s dominant performance is anticipated to propel the overall demand for Neurostimulation. Furthermore, Asia Pacific is expected to grow fastest over the forecast period, owing to factors such as the increasing number of populations and neurological disorders in the region.

Major market player included in this report are:
Medtronic plc
Boston Scientific Corporation
Abbott Laboratories
Nevro Corp
LivaNova PLC
Cochlear Limited
Cyberonics, Inc
NeuroPace, Inc
Aleva Neurotherapeutics SA
NeuroSigma, Inc

Recent Developments in the Market:
 In August 2023, Medtronic plc a renowned global healthcare technology leader, announced the receipt of CE Mark approval for its groundbreaking Inceptiv closed-loop rechargeable spinal cord stimulator. This marks a significant milestone as it represents the first Medtronic SCS device to incorporate a closed-loop feature. This innovative technology is designed to discern individual biological signals continuously, adapting the stimulation dynamically moment by moment. This capability ensures that therapy remains synchronized with the unique movements of daily life.

Global Neurostimulation Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type
Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Others

By Application
Pain Management
Hearing Loss
Urinary Incontinence
Parkinson's disease
Epilepsy
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Medtronic plc
Boston Scientific Corporation
Abbott Laboratories
Nevro Corp
LivaNova PLC
Cochlear Limited
Cyberonics, Inc
NeuroPace, Inc
Aleva Neurotherapeutics SA
NeuroSigma, Inc

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