Neurostimulation devices consider the implantable and non-implantable neurostimulation devices which act on the spinal cord and brain to deliver the electrical stimulation to a targeted area. These types of devices are mainly used in the treatment and management of Parkinson’s disease, bowel and bladder dysfunction, Alzheimer’s disease, and relieving chronic pain of the body. For carrying out innovative research in the field of neurostimulation devices, companies in the market received funding and investments by a few government organizations.
The global Neurostimulation Devices Market is anticipated to reach $18,033.0 Million by 2030, witnessing a CAGR of 8.87% during the forecast period 2021-2030. The market is favored by multiple factors, which include rising prevalence of neurological diseases, such as Parkinson’s disease, Alzheimer’s disease, epilepsy, and neuropathic pain. Neurostimulation devices have shown promising results to cure disorders that affect the activity of the nervous system that includes the brain and spinal cord. Furthermore, there are plenty of options available in the neurostimulation devices market offering preventive treatment against such conditions. Such products are therefore being adopted even by professionals and by people of different age groups. Hence, the results of the prevention and treatment of different neurological disorders are accelerating the growth of the neurostimulation devices market.
Major players, including Medtronic plc, Boston Scientific Corporation, Cochlear, Ltd., and Abbott Laboratories, among others, led the number of synergistic developments (partnerships and alliances) witnessed by the market. Based on the region, North America is expected to retain a leading position in the market throughout the forecast period 2021-2030, followed by Europe. North America’s market dominance, as well as the market growth in the region, can primarily be attributed to the presence of several established leading players including Abbott Laboratories, Boston Scientific Corporation, Inspire Medical Systems, Inc., Nuvectra Corporation, NeuroMetrix, Inc., among others that make the region one of the attractive markets for neurostimulation devices. These players have entered into strategic partnerships with the leading research centers and universities, and government medical research centers in the region to facilitate the development of their products. For instance, in May 2019, Abbott Laboratories partnered with NIH on the BRAIN (Brain Research through Advancing Innovative Neurotechnologies) initiative to accelerate advancements in neurological science. Likewise, in January 2018, Helius Medical Technologies, Inc. partnered with Key Tronic corporation to provided contract manufacturing for portable neuromodulation stimulator (PoNS) devices.
• Growing incidence of neurological disorders
• Increased side-effects of pain management medications in geriatric population
• Limited success rate of drugs targeting specific diseases
• Advent of sedentary lifestyles resulting massive burden of chronic pain
• Growing concerns pertaining to pelvic health of geriatric population
• Financial burden of product recalls
• Increased regulatory scrutiny
• High cost of equipment
• Evolution of biomarker-based therapeutics enabling early diagnostics of neurological disorders
• Development of closed loop neuromodulation
Key Questions Answered in this Report:
• What is a neurostimulation device? How have different neurostimulation devices evolved over the years?
• What are the advantages of non-invasive and minimally invasive neurostimulation devices?
• What are the major market drivers, challenges, and opportunities in the global neurostimulation devices market?
• What is the global neurostimulation devices market size in terms of revenue in 2020? What is the market size expected to be in 2030?
• How is each segment of the global neurostimulation devices market expected to grow during the forecast period between 2021 to 2030, and what is the revenue expected to be generated by each of the segments by the end of 2030?
• What are the developmental strategies implemented by the key players to sustain in the competitive market?
• What is the growth potential of the neurostimulation devices market in each region, namely, North America, Europe, Asia-Pacific, and the Rest-of-the-World?
• Which type of neurostimulation devices are expected to dominate the market in 2030, and why?
• Which key players of the neurostimulation devices market are expected to grow during the forecast period?
• Which neurostimulation technology is leading the market in 2019 and expected to dominate the market in 2030, and why?
• Which applications are leading the neurostimulation devices market in 2019 and are expected to dominate the market in 2030, and why?
• Which region dominated the global neurostimulation devices market in 2019 and what are the expected trends from each of the regions in the forecast period 2021-2030?
• What is the impact of COVID-19 on the neurostimulation devices market?
• What type of products coming in the upcoming years pertaining to neurostimulation devices?
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Within the research report, the market is segmented based on product type, application, and region, which highlight value propositions and business models useful for industry leaders and stakeholders. The research also comprises country-level analysis, go-to-market strategies of leading players, future opportunities, among others, to provide a 360-coverage of the domain.
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