Neurostimulation Devices Market Size, Share and Growth Forecast to 2030

In 2021, the neurostimulation devices market size was $6,095.2 million, and it is predicted to advance at a 9.9% CAGR from 2021 to 2030, to hit $14,239.5 million in 2030. Neurostimulation equipment is generally used to cure chronic pain and neurological problems by inducing tingling sensations in the injured nerve.

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Moreover, these devices are inserted surgically inside the brain, to create paresthesia, a tingling sensation in the nerve, at preprogrammed intervals. Such electrical sensations cause the wounded neurons to 'feel' and help in the treatment of neurological problems and chronic pain.

Large Number of Buyers Boosts Market Growth

In the market, there are various consumers, such as nursing homes, clinics, academic & research institutes, and hospitals. Such a wide array of buyers can be attributed to the snowballing frequency of neurological illnesses and chronic pain. In addition, the availability of several suppliers leads to a variety of options for consumers to switch from one to another.

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Device Usage Growing Rapidly in Specialty Clinics

Specialty clinics are focusing on adopting modern instruments for neuromodulation device implantation, which is contributing to the growth of this category.

Treatments in outpatient settings are trending because of the overloading of hospital inpatient settings and the costly nature of hospital care in developed countries.

Pain Management Category Is Dominating Market

In 2021, the pain management category held the largest revenue share, of about 30%. This can be credited to the snowballing population suffering from chronic pain and the growing usage of neuromodulation for pain reduction because of its high therapeutic efficacy. The acceptance of an increasing number of such products by regulatory agencies is also propelling the category's expansion.

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