NEW YORK, Dec. 5, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, 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.
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.
Browse detailed report on Neurostimulation Devices Market Size, Share, Drivers, and Growth Analysis 2022-2030
Largest Share Is Captured by North America
- North America holds the largest share in the industry. This can be ascribed to the surging elderly population and growing occurrence of neurological illnesses.
- The requirement for neurostimulation instruments is also growing as a result of the soaring popularity of non-invasive treatments and increasing awareness about mental illnesses.
- APAC is projected to grow at the highest rate, of over 10%, credited to the unexploited development potential here because of the vast unmet need for therapy. As a result, European and North American medical device manufacturers are quickly shifting their focus to the APAC region.
- It is projected that the rapid financial development in Europe will contribute in the growth of the market for neurostimulation devices in the region.
In addition, as it is easier to get a medical device approval in Europe compared to the U.S., this region is showing fast growth in neurostimulation device sales.
Global Neurostimulation Devices Market Report Coverage
By Type
- Implantable/Internal
- Spinal cord stimulation
- Deep brain stimulation
- Sacral nerve stimulation
- Vagus nerve stimulation
- Cochlear implants
- Gastric electric stimulation
- External
- Transcutaneous electrical nerve stimulation
- Transcranial magnetic stimulation
By Application
- Pain Management
- Failed Back Syndrome
- Ischemia
- Parkinson's Disease
- Essential Tremor
- Urinary and Fecal Incontinence
- Epilepsy
- Hearing Loss
- Gastroparesis
- Depression
By End User
- Hospitals
- Specialty Clinics
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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