The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s neurostimulation devices market report forecasts the neurostimulation devices market size to grow to $9.04 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.

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Neurostimulation Devices Market Size Forecast

The global neurostimulation devices market is expected to grow from $5.69 billion in 2022 to $6.28 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The neurostimulation devices market size is expected to grow to $9.04 billion in 2027 at a CAGR of 9.5%.

North America held the largest neurostimulation devices market share.

Key Neurostimulation Devices Market Driver ­– Rise In The Geriatric Population Globally

For instance, according to the World Health Organization, in 2020 1 billion people in the world were 65 years and above. The number is expected to reach 1.4 billion by 2030 and 2.1 billion by 2050.

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Key Neurostimulation Devices Market Trend – Developing Minimally Invasive Treatments

Minimally invasive treatments are being developed for the treatment of various neurological disorders. The neurostimulation devices are being innovated in a way to cause minimum invasion during neurological treatments. For example, Deep Brain Stimulation (DBS) is a minimally invasive surgical procedure to treat neurological symptoms of Parkinson’s disease, including tremors, rigidity, and movement control. DBS uses a neurostimulation device, similar to a heart pacemaker, to deliver electrical pulses to a very precise location in the brain circuits that influence Parkinson’s disease symptoms. The electrical pulses from the DBS device block the activity of these circuits so the rest of the brain can function more normally.

Neurostimulation Devices Market Segment

1) By Product: Implantable Devices, External Devices

2) By Application: Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease

3) By End User: Hospitals, Rehabilitation Centers, Medical Clinic

4) By Implantable Devices: Cochlear Implants, Deep Brain Stimulation, Spinal Cord Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Gastric Electric Stimulation 5) By External Devices: Transcranial Magnetic Stimulation (TMS), Transcutaneous Electrical Nerve Stimulation (TENS)

Neurostimulation Devices Market Major Players and Strategies

Major players in the neurostimulation devices market are Medtronic, Cyberonics, Boston Scientific Corporation, St. Jude Medical, Nevro Corporation, Neuronetics Inc., NeuroPace Inc., NeuroSigma Inc., Cochlear Ltd., and NDI Medical.

In 2020, Medtronic, an Irish medical device company has acquired Stimgenics for an undisclosed amount. This acquisition is expected to boost the chronic pain treatment portfolio of Medtronic. Stimgenics is a private company based in Bloomington, that is pioneered in new spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) spinal cord stimulation. After the completion of the acquisition, the new proprietary DTM SCS waveform will be available on the Medtronic Intellis Platform.

The Neurostimulation Devices Global Market Report 2023 covers regional data on neurostimulation devices market size, neurostimulation devices market trends and drivers, opportunities, strategies, and neurostimulation devices market competitor analysis. The countries covered in the neurostimulation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Neurostimulation devices are implantable and programmable medical devices that send low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmissions. This procedure is used to treat or modulate motor functions in conditions such as neuropathic pain, chronic pain, major treatment-resistant depression Parkinson’s disease, epilepsy, incontinence, gastroparesis, and essential tremor.

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