Neurostimulation Devices Market Size Worth $14.8 Billion by 2030: Grand View Research, Inc.

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27 Apr, 2022, 11:00 GMT

SAN FRANCISCO, April 27, 2022 /PRNewswire/ -- The global neurostimulation devices market size is expected to reach USD 14.8 billion by 2030, registering a CAGR of 12.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases, such as migraine and epilepsy, due to unhealthy diets & lifestyle, and rising geriatric population across the globe are expected to be the major growth-driving factors for the market. On the other hand, adverse effects and risks associated with neurostimulation devices and stringent regulations regarding product approval are expected to hamper the market growth to some extent. The increasing incidence of Road Traffic Accidents (RTAs) is another key factor supporting the market development.

Key Insights & Findings from the report:

North America is estimated to dominate the global market over the forecast period due to the rising product demand as an add-on therapy and high disposable income & patient awareness levels.

The presence of sophisticated healthcare infrastructure and the growing prevalence of target diseases, such as epilepsy, Parkinson's disease, and incontinence, are expected to drive the market growth further.

The spinal cord stimulation product segment led the market in 2021 as these devices were the prime neurostimulation products to be commercialized.

Pain management was the dominant application segment in 2021, in terms of revenue share, due to the high prevalence of chronic pain disorders and extensive product usage for pain management.

New product and technological developments are the key business strategies followed by most of the market players.

Read 102-page market research report, "Neurostimulation Devices Market Size, Share & Trends Analysis Report By Application (Pain Management, Parkinson's Disease), By Product (Spinal Cord Stimulator, Gastric Electric Stimulator), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Neurostimulation Devices Market Growth & Trends

Manufacturers are investing in R&D activities to develop new products with advanced technology, such as MRI safety-incorporated devices by Medtronic Inc. and minimally invasive transdermal neuromodulation technology by Neurowave Medical Technologies. Asia Pacific is projected to be the fastest-growing regional market from 2022 to 2030 on account of the rising healthcare expenditures and rapid economic growth in emerging countries, such as India and China. The presence of unmet medical needs and untapped markets are also boosting the market growth in the region. Moreover, changing lifestyles and eating habits resulting in various lifestyle-related diseases will contribute to the regional market growth. The growing cases of RTAs and resultant nerve injuries, which require neurostimulation postoperatively, are also likely to boost the product demand.

Neurostimulation Devices Market Segmentation

Grand View Research has segmented the global neurostimulation devices market based on product, application, and region:

Neurostimulation Devices Market - Product Outlook (Volume, 000 Units; Revenue, USD Million, 2018 - 2030)

Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Gastric Electric Stimulators

Neurostimulation Devices Market - Application Outlook (Volume, 000 Units; Revenue, USD Million, 2018 - 2030)

Pain Management
Epilepsy
Essential Tremor
Urinary & Fecal Incontinence
Depression
Dystonia
Gastroparesis
Parkinson's Disease
Others

Neurostimulation Devices Market - Regional Outlook (Volume, 000 Units; Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
Spain
France
Italy
Russia

Latin America

Brazil
Mexico
Argentina

Asia Pacific

Japan
China
India
South Korea
Singapore
Australia

South Africa
Saudi Arabia
UAE

List of Key Players in Neurostimulation Devices Market

Medtronic PLC
Cyberonics
Boston Scientific Corp.
St. Jude Medical, Inc.
Nevro Corp.

Check out more related studies published by Grand View Research:

Deep Brain Stimulation Devices Market - The global deep brain stimulation devices market size is anticipated to reach USD 2.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.3% from 2021 to 2028.
Neurovascular Devices Market - The global neurovascular devices market size is anticipated to reach USD 4.2 billion by 2028. Increasing incidence of neurological disorders such as stroke, brain aneurysm, cerebral artery stenosis, are fueling the market growth.
Neurology Devices Market - The neurology devices market is expected to reach USD 10.8 billion by 2022, according to a new report by Grand View Research, Inc. Growing advancement in the field of imaging technologies and the consequent development of neurosurgical endoscopy devices are likely to drive growth.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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