Neurostimulation Devices Market is Expected to Witness US$ 22 Billion Valuation by 2031, Transparency Market Research, Inc.

The global 𝐧𝐞𝐮𝐫𝐨𝐬𝐭𝐢𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐝𝐞𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭, valued at US$ 8.1 Bn in 2021, is projected to grow at a CAGR of 10.8% from 2022 to 2031, reaching over US$ 22 Bn by 2031. Analysts foresee robust double-digit growth driven by increasing prevalence of neurological disorders, a growing geriatric population, favorable reimbursement rates, and the introduction of innovative technologies. Neurostimulation devices are increasingly utilized to treat various conditions, including stroke effects and depression. Healthcare companies are focusing on developing compact external controllers to monitor brain activity. With strong growth expected in Asia Pacific, companies should consider investing in the region's healthcare landscape.

Neurostimulation devices diagnose and treat disorders of the autonomic nervous system (ANS), central nervous system (CNS), and peripheral nervous system (PNS). Rising demand is attributed to their efficacy in managing nociceptive and neuropathic pain, as well as conditions like epilepsy, depression, and Parkinson's disease. However, the COVID-19 pandemic led to a decline in demand, impacting market revenue. The Asia Pacific region is expected to witness the fastest growth, driven by increasing incidence of neurological disorders such as arthritis and osteoporosis in countries like Japan and China.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
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𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐍𝐞𝐰 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐌𝐚𝐫𝐤𝐞𝐭

The surge in demand for enhanced product outcomes and efficiency has spurred the development of innovative technologies and devices to address unmet needs in neurological disorders. Companies are focusing on creating novel solutions, such as neurostimulation equipment, to enhance the quality of life for affected patients. For instance, in January 2019, Boston Scientific Corporation introduced the Vercise Primary Cell and Vercise Gevia Deep Brain Stimulation system for treating Parkinson's disease symptoms.

Similarly, Axonics Modulation Technological, Inc. submitted a Premarket Approval Application (PMA) to the U.S. FDA in December 2018 for a rechargeable implantable sacral neurostimulation system. In January 2017, Abbott Laboratories launched the Proclaim DRG neurostimulation system in Europe, providing targeted relief for chronic neuropathic pain. This trend of developing and commercializing novel electrical stimulation devices is a key driver of the global neurostimulation devices market's growth.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Boston Scientific Corporation, Medtronic plc, Abbott Laboratories, Nevro Corp., LivaNova plc, Axonics Modulation Technologies, Inc., Neuropace, Inc., EndoStim, Inc., NDI Medical, Cochlear Limited, and Neuronetics, Inc. 

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

Product Type

Spinal Cord Stimulators
Deep Brain Stimulators
Cochlear Implants
Vagus Nerve Stimulators
Sacral Nerve Stimulators
Percutaneous Tibial Nerve Stimulators
Transcranial Magnetic Stimulators

Application

Chronic Pain
Movement Disorders
Hearing Impairment
Epilepsy
Urinary Incontinence
Others

End-user

Hospitals
Ambulatory Surgery Centers
Specialty Clinics

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐍𝐞𝐮𝐫𝐨𝐬𝐭𝐢𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐃𝐞𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

In June 2021, Oticon Medical, one of the key players in the market, announced that the U.S. Food and Drug Administration (USFDA) granted and provided premarket approval to its Neuro System to treat and cure individuals 18 years or above. The system had been intended for the treatment of patients with bilateral severe-to-profound sensorineural hearing loss. This system is known as Neuro Cochlear Implant System.

In February 2019, Medtronic plc launched deep brain stimulation device for medically refractory epilepsy patients in the U.S.

In January 2018, LivaNova acquired ImThera Medical, Inc., a privately held medical device company. ImThera is engaged in the development of implantable neurostimulation device for the treatment of obstructive sleep apnea.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬:

Drivers:

Technological advancements, rising prevalence of neurological disorders, increasing demand for minimally invasive procedures, and growing adoption of neurostimulation devices.

Challenges:

High costs associated with neurostimulation procedures, stringent regulatory requirements, and limited reimbursement policies in certain regions.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Miniaturization: Manufacturers are focusing on developing smaller, more advanced neurostimulation devices to enhance patient comfort and convenience.
Integration of AI and Robotics: Integration of artificial intelligence (AI) and robotics is revolutionizing neurostimulation therapies, allowing for personalized treatment approaches and improved patient outcomes.

𝐏𝐥𝐚𝐜𝐞 𝐚𝐧 𝐎𝐫𝐝𝐞𝐫 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
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𝐑𝐞𝐠𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

Market size and growth projections
Segmentation analysis by service type, sourcing type, application, industry vertical, and region
Regional analysis highlighting key growth drivers and opportunities
Market drivers, challenges, and trends shaping the industry
Future outlook and growth prospects
Competitive landscape and recent developments

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐁𝐮𝐧𝐤𝐞𝐫 𝐅𝐮𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/01/19/2591689/0/en/Bunker-Fuel-Market-is-Expected-to-Witness-US-196-19-Billion-Valuation-by-2031-Transparency-Market-Research-Inc.html

𝐍𝐞𝐮𝐫𝐨𝐯𝐚𝐬𝐜𝐮𝐥𝐚𝐫 𝐃𝐞𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/01/20/2592589/0/en/Neurovascular-Devices-Market-Value-to-Reach-US-7-0-Billion-by-2033-As-per-Report-by-Transparency-Market-Research-Inc.html

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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