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NEW DELHI , May 16, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica, the Global Neurostimulation Device Market is forecasted to witness a rise in its revenue from US$ 7,622.7 Million in 2021 to US$ 17,367 Million by 2030, registering a CAGR of 9.7% over the forecast period. In terms of volume, the market is recording a CAGR of 8.3% during 2022-2030. The market is majorly driven by factors such as increasing incidence of neurological disorders and rising investment in neurological R&D. Neurostimulation involves the purposeful modulation of the nervous system's activity using invasive (e.g., microelectrodes) or non-invasive means (e.g., transcranial magnetic). Neurostimulation devices treat the nervous system directly with implantable or wearable devices that rebalance neural circuitry with pulses of electrical currents. Further, Neurostimulation devices can improve the quality of life of those who are severely paralyzed or suffering from profound losses to various sense organs, as well as for permanent reduction of severe, chronic pain which otherwise requires high-dose opioid therapy.
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Neurological disorders are diseases of the central and peripheral nervous system. In other words, the brain, spinal cord, cranial nerves, peripheral nerves, nerve roots, autonomic nervous system, neuromuscular junction, and muscles. These disorders include epilepsy, Alzheimer disease and other dementias, cerebrovascular diseases including stroke, migraine and other headache disorders, multiple sclerosis, Parkinson's disease, neuroinfectious, brain tumors, traumatic disorders of the nervous system due to head trauma, and neurological disorders as a result of malnutrition. Neurological disorders pose a large burden on worldwide health. Hundreds of millions of people worldwide are affected by neurological disorders. According to WHO (World Health Organization), more than 6 million people die because of stroke each year; over 80% of these deaths take place in low- and middle-income countries. More than 50 million people have epilepsy worldwide. It is estimated that globally there are 47.5 million people with dementia with 7.7 million new cases every year - Alzheimer's disease is the most common cause of dementia and may contribute to 60–70% of cases. The prevalence of migraine is more than 10% worldwide. With awareness of the massive burden associated with neurological disorders came the recognition that neurological services and devices were disproportionately scarce, especially in low income and developing countries. This led to rising investments by various governments in neurological R&D. Furthermore, the adoption of emerging technologies, such as silicon micro-fabrication and wireless energy transfer is creating an opportunity for market expansion.
The high cost of neurostimulation procedures and equipment is restraining the market growth. The high cost of these devices may lead to disproportionate application in geographical regions with different financial resources.
Based on device type, the market is divided into implantable and external devices. Among these, the implantable device segment holds the highest share in the Global Neurostimulation Device Market in 2021 and further registers the highest CAGR during the forecast period. Growing cases of depression, anxiety, and neurological disorders along with the new and improved innovations in implantable devices is fueling market growth. Further, within implantable devices type, the spinal cord stimulation device holds the highest market share in 2021.
In terms of application, the neurostimulation device market is segmented into pain management, hearing loss, urinary incontinence, Parkinson's disease, epilepsy, gastroparesis, depression, and others. The pain management segment has the highest market share in 2021 and is projected to continue its dominance over the forecast period. These devices provide pain reliefs for patients who have been exhausted using conservative measures—including physical therapy, neuropathic pain medications, and adjuvant medications.
Based on end-users, the market is segmented into hospitals/clinics, cognitive care centers, research Institutes, and others. The hospitals/clinics segment holds the highest share in the Global Neurostimulation Device Market in 2021. With the growing aging population and subsequent rise in the chronic diseases such as Parkinson's, Alzheimer's etc., an increase is expected in the number of patients requiring treatments for the above diseases. However, the research institutes segment holds the highest growth rate over the projection period. This is due to growing research and development activities in the medical sector and increasing government funding for better treatment of neurological disorders.
North America dominates the Global Neurostimulation Device Market in 2021. According to Global Burden of Disease study - stroke, dementias, and migraine cause the most disability among neurological disorders in the United States . However, the Asia Pacific region records the highest CAGR over the projection owing to rising cases of depression and dementia in South Asian countries like Japan , South Korea , and China . Furthermore, rising disposable income in APAC countries has increased the healthcare expenditure of individuals, which again is expected to propel market growth over the forecast period.
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Medtronic plc, Cochlear Ltd., Boston Scientific Corporation, and Abbott Laboratories, Inc. among others
By Device Type, By Application, By End-User, By Region
North America, Europe, Asia Pacific, Middle East and Africa, South America
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The following are the various segments of the Global Neurostimulation Device Market:
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