VANCOUVER, BC, Jan. 12, 2022 /PRNewswire/ -- The global neurostimulation devices market size was USD 5.60 Billion in 2019 and is expected to reach USD 13.70 Billion by 2027 registering a CAGR of 12.6% through the forecast period. The economic development and increasing Healthcare Budgetary Allocation in developing countries is expected to drive the growth of the neurostimulation devices market. Rising focus on shorter hospital stays is fueling the adoption of neurostimulation devices and, in turn, boosting growth of the market.
Further technological advancement coupled with robust investment in the healthcare infrastructure across the globe are encouraging introduction and adoption of newer technologies, which is driving growth of the neurostimulation devices market. Adoption of advanced technologies, including Artificial Intelligence and machine learning, is contributing to the formation of smart neuromodulation, which is benefiting patients suffering from brain damage.
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Key Highlights From Report
- In 2019, Medtronic launched the Intellis, a management platform for the chronic intractable pain. It is able to track patients and get real time data over chronic pain.
- In September 2019, U.S. Food and Drug Administration (FDA) approved Abbott's Proclaim XR™ recharge free neurostimulation platform for people living with chronic pain. The approval helped Abbott to secure a higher market share and increase its neurostimulation devices product portfolio.
- The spinal cord stimulator sub-segment acquired the largest market share of 46.2% in 2019. This growth is attributable to the rising need for treatment of spinal injuries and neuropathic pain. This factor is estimated to benefit over the forecast period.
- Pain management sub-segment is projected to expand at a fastest CAGR of 14.0% during the foreseeable future. This growth is attributable to increasing incidence of chronic and acute pain disorders coupled with patients suffering from neurological disorders.
- Regionally, the Asia Pacific region is projected to exhibit the fastest growth over the forecast period. This growth is attributable to the economic development, coupled with increasing Healthcare Budgetary Allocation, especially in emerging economies, is expected to drive the growth of neurostimulation devices in the region.
- Key participants include St. Jude Medical, Boston Scientific Corporation, Medtronic, Neuronetics, Inc., Nevro Corporation, Codman & Shurtleff, Inc., Intrapace, LivaNova plc, Abbott Laboratories, and Bayer AG.
- Deep brain stimulators held the second largest market share of 19.8% in 2019. The rising incidence of neurological disorders among the rising global geriatric population is expected to boost the demand for Deep brain stimulators.
- Urinary and fecal Incontinence is expected to register steady growth over the forecast period. Increasing utilization of the sacral nerve stimulators for the treatment of Urinary and fecal Incontinence is expected to drive the growth of the neurostimulation devices market.
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Emergen Research has segmented the global Neurostimulation Devices Market on the basis of Product, Application, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Sacral Nerve stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- Gastric Electric Stimulators
- Deep Brain Stimulators
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Pain management
- Urinary and Fecal Incontinence
- Essential Tremor
- Parkinson's Disease
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- a. U.S.
- b. Canada
- a. Germany
- b. UK
- c. France
- d. BENELUX
- e. Rest of Europe
- Asia Pacific
- a. China
- b. Japan
- c. South Korea
- d. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- a. Saudi Arabia
- b. UAE
- c. Rest of MEA
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