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Global Neurostimulation Devices Market Sizet to Witness Significant Growth and reaching USD 14.2 billion by 2027
Neurostimulation Device Market
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The increasing demand for minimally invasive surgeries owing to the rising preference among patients for speedy recovery and shorter hospital stays and increased investment in R&D for neurostimulation devices by manufacturers to produced technologically developed devices will propel the growth of the global neurostimulation market.
The rising incidences of health disorders and unhealthy lifestyle habits, the implementation of developed technologies like Artificial Intelligence and machine learning will lead to the growth of the smart neuromodulation, thereby aiding patients suffering from brain damage.
The COVID-19 pandemic has had an adverse impact on the global neurostimulation market owing to postponement of elective surgeries so as to avoid the spread of infectious diseases. However, the market is anticipated to bounce back with relaxation in movements across various nations.
Market Segmentation
Based on product, the spinal cord stimulator segment dominates the market owing to technological development in neurostimulation, rising demand to treat spinal injuries and neuropathic pain will augment the growth of the spinal cord stimulators market.
Based on application, the pain management dominates the market owing to the rising prominence of chronic and acute pain disorders among patients suffering from neurological disorders will propel the growth in the market.
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Geographical Analysis:
North America dominates the neurostimulation device market owing to the rising geriatric population, increasing incidences of neurological diseases, enhanced healthcare system and government funding for research and development will propel the growth in the region.
The presence of major players and increased investment by amnufacturers for technological devleopemnt of devices will further propel the growth of neurostimulation device market in the region.
Medtronic plc has acquired Stimgenics, LLC and has pioneered a novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM™) Spinal Cord Stimulation which is a novel and exclusive programming choice to treat patients with chronic pain.
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Key Players:
The prominent players in the neurostimulation industry include Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc.
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