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

According to The Business Research Company’s Neurostimulation Devices Global Market Report 2023, the neurostimulation devices market is expected to show promising growth in the forecast period.

The neurostimulation devices market has experienced rapid growth in recent years, reaching a size of $6.34 billion in 2023. This trajectory is set to continue, with a projected increase to $6.98 billion in 2024 at a noteworthy compound annual growth rate (CAGR) of 10.1%. The historic period’s growth is attributed to factors such as the management of chronic pain, an aging population, increased awareness, and acceptance of neurostimulation devices, coupled with a multidisciplinary approach.

Anticipated Strong Growth and Key Drivers

The neurostimulation devices market is poised for robust growth in the coming years, reaching $10.12 billion in 2028 at a CAGR of 9.7%. The anticipated expansion is fueled by factors including the adoption of minimally invasive techniques, growth in emerging markets, regulatory support, reimbursement policies, and the integration of telehealth and remote monitoring. Notable trends in this period encompass personalized therapy, wearable neurostimulation devices, advanced programming and connectivity, and the exploration of combination therapies.

View More On The Neurostimulation Devices Market Report 2023 – https://www.thebusinessresearchcompany.com/report/neurostimulation-devices-global-market-report

Healthcare Industry’s Impact on Market Growth

Driving Forces

The growing demand within the healthcare industry is expected to be a key driver for the neurostimulation devices market. The healthcare industry, a vast and multifaceted sector, is dedicated to providing medical services, healthcare products, and overall maintenance and improvement of people’s health. Neurostimulation devices play a crucial role in treating and managing various neurological conditions and chronic pain.

Financial Insights

• According to the Office for National Statistics, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021.
• The UK’s total healthcare expenditure in 2021 was $367.25 billion (£280.7 billion), with pharmaceutical expenditure reaching $51.84 billion (£39.6 billion).

Key Players Shaping the Market

Major companies contributing to the growth of the neurostimulation devices market include:

• Medtronic PLC
• Cyberonics Inc.
• Boston Scientific Corporation
• Abbott Laboratories
• Nevro Corporation
• Neuronetics Inc.
• NeuroPace Inc.
• NeuroSigma Inc.
• Cochlear Ltd.
• NDI Medical LLC
• Synapse Biomedical Inc.
• MED-EL
• LivaNova PLC
• DePuy Synthes Inc.
• Uro Medical Corporation

Technological Innovation: Eterna SCS System by Abbott Labs

Advancing Chronic Pain Treatment

Major companies in the neurostimulation devices market are at the forefront of technological innovation, exemplified by Abbott Laboratories’ development of the Eterna Spinal Cord Stimulation (SCS) system.

Key Features

• Launched in December 2022, the Eterna SCS system is the smallest implantable, rechargeable spinal cord stimulator.
• Features Abbott’s proprietary BurstDR stimulation, preferred by 87% of patients for its superior pain relief, mimicking natural brain firing patterns.

Strategic Acquisition: Medtronic Expands ENT Portfolio

Strengthening Market Presence

In June 2022, Medtronic plc., a prominent medical device company, acquired Intersect ENT to expand its comprehensive ear, nose, and throat (ENT) portfolio.

Acquisition Impact

• Medtronic plc. enhances its ENT portfolio with innovative products used in sinus procedures, improving post-operative outcomes and treating nasal polyps.
• Intersect ENT, a US-based healthcare equipment company, becomes part of Medtronic’s strategic growth initiatives.

Market Segmentation

The neurostimulation devices market is segmented based on:

1. Product:
   • Implantable Devices
   • External Devices
2. Application:
   • Pain Management
   • Epilepsy
   • Essential Tremor
   • Urinary and Fecal Incontinence
   • Depression
   • Dystonia
   • Gastroparesis
   • Parkinson’s Disease
3. End User:
   • Hospitals
   • Rehabilitation Centers
   • Medical Clinic

Regional Dominance: North America Leading the Way

North America emerged as the largest region in the global neurostimulation devices market in 2023, highlighting the region’s prominence in steering market dynamics.

In conclusion, the neurostimulation devices market stands on the cusp of transformative growth, driven by technological innovation, strategic acquisitions, and the ever-expanding healthcare industry. As the market evolves, stakeholders can anticipate a future characterized by advanced therapies, wearable technologies, and a continued commitment to enhancing the lives of individuals with neurological conditions.

Request A Sample Of The Global Neurostimulation Devices Market Report 2023:
https://www.thebusinessresearchcompany.com/sample_request?id=2539&type=smp