Neurostimulation Devices Market 2023 to Expand at Double Digit CAGR Through 2025-Technological Advancements Boost Market Growth
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Some of the key factors driving the growth of the neurostimulation devices market include:
Rising prevalence of neurological and psychiatric disorders: There is a growing prevalence of neurological and psychiatric disorders such as Parkinson's disease, epilepsy, chronic pain, and depression, which is driving the demand for neurostimulation devices.
Technological advancements: The development of advanced neurostimulation devices with improved capabilities and longer battery life is driving the growth of the market.
Increasing adoption of neurostimulation devices: There is a growing trend towards the use of neurostimulation devices for a variety of indications, including the treatment of chronic pain, depression, and Parkinson's disease.
Growing geriatric population: The aging population is more prone to neurological and psychiatric disorders, which is driving the demand for neurostimulation devices.
Government initiatives and funding: Governments around the world are investing in research and development in the field of neurostimulation, which is driving the growth of the market.
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The neurostimulation devices market can be segmented based on product type, application, and end user. Based on product type, the market can be segmented into deep brain stimulation devices, spinal cord stimulation devices, vagus nerve stimulation devices, and transcranial magnetic stimulation devices. Based on application, the market can be segmented into chronic pain, epilepsy, Parkinson's disease, depression, and others. Based on end user, the market can be segmented into hospitals, ambulatory surgical centers, and others.
The key players operating in the neurostimulation devices market include Boston Scientific Corporation, Medtronic plc, St. Jude Medical, Inc., NeuroPace, Inc., and Cyberonics, Inc.
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The global neurostimulation devices market has been classified into device type, by application and by region.
On the basis of device type, the market is segmented into implantable device and external device. In addition, the implantable device segment is further sub-segmented into, cochlear implants (CI), sacral nerve stimulation (SNS), gastric electric stimulation (GES), deep brain stimulation (DBS), vagus nerve stimulation (VNS) and spinal cord stimulation (SCS).
The external device segment is bifurcated into transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS). Based on application, the market is segmented into parkinson's disease, epilepsy, urinary and fecal incontinence, gastroparesis, pain management, hearing loss and depression.
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