NEW YORK, Oct. 17, 2023 /PRNewswire/ -- The neurostimulation devices market is expected to grow by USD 6.25 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 12.19% during the forecast period, according to Technavio Research. The market has been segmented by application (pain management, urinary and fecal incontinence, parkinsons disease, epilepsy, and others), product (implantable neurostimulation devices and external neurostimulation devices), and Geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 40% to the growth of the global market during the forecast period. The US is the largest contributor of revenue to the neurostimulation devices market. To gain access to more vendor profiles available with Technavio, buy the report!
Company Profile:
Abbott Laboratories, ALEVA NEUROTHERAPEUTICS SA, Axonics Inc., Bayer AG, Bioinduction Ltd, Boston Scientific Corp., electroCore Inc., EndoStim Inc, Integer Holdings Corp., LABORIE MEDICAL TECHNOLOGIES CORP., LivaNova Plc, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., NeuroPace Inc., Nevro Corp., Parasym, Perflow Medical Ltd., Soterix Medical Inc., and Synapse Biomedical Inc.
Abbott Laboratories - The company offers neurostimulation devices such as Proclaim SCS system.
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Neurostimulation Devices Market: Segmentation Analysis
The market share growth by the pain management segment will be significant during the forecast period. As these devices help to treat neuropathic pain, the demand for neurostimulation devices is increasing.
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Neurostimulation Devices Market: Market Dynamics
Key Driver
- Rising prevalence of neurological disorders
- Increasing number of initiatives to increase awareness of and access to neurological healthcare
- The rapid increase in the geriatric population
The rising prevalence of neurological disorders is a key factor driving market growth. Neuropathic pain is one of the most common and untreated forms of chronic pain. About 1.4% of the population in the United States and Europe suffers from some degree of neuropathic pain.
Several public and private organizations are taking the initiative to promote awareness and improve access to healthcare for patients with neurological disorders. The World Health Organization (WHO) works with partners and stakeholders to improve access to healthcare for people with epilepsy. The Mental Health Innovation Network (MHIN) aims to improve access to treatment for epileptic patients and increase awareness to reduce stigma.
Major Trend
Expanding indications of neurostimulation devices is a major trend in the market.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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