The global neurostimulation devices market is estimated to garner a revenue of ~USD 21 billion by the end of 2031 by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 7 billion in the year 2021. The market is estimated to grow on the back of increasing neurological surgeries and disorders. According to estimates, about 22 million people suffer from neurological disorders every year, of which 13 million require surgery. Moreover, increasing number of minimally invasive surgeries across the globe is also anticipated to fuel the growth of the market in the coming years.
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The global neurostimulation devices market is also estimated to witness growth on account of increasing level of geriatric population globally. According to the World Health Organization (WHO) data, the population aged 60 years and above stood at around 1 billion in 2020, which is projected to reach 1.4 billion by the end of 2030. Neurostimulation devices are also considered as high potential treatment among patients who have not found relief from surgical treatment and medication. Moreover, the increasing technological advancement and innovation in these neurostimulation devices is anticipated to drive the market growth during the forecast period.
Increasing Cases of Parkinson Disease – According to the World Health Organization (WHO) data, in 2019, more than 8.5 million people were diagnosed with Parkinson's disease. In addition, the death and disability ratio in Parkinson's disease is increasing faster than in any other neurological diseases.
Increased Research & Development Expenditure – As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
Increase Prevalence of Arthritis – According to estimates from the Centers for Disease Control and Prevention, approximately 78.4 million adults are projected to suffer from arthritis by 2040 and approximately 34.6 million adults are projected to report arthritis-attributable activity limitations.
Growth of Hearing Loss Cases – According to the World Health Organization (WHO) data, in 2021, there are about 1.5 billion people suffering from hearing loss globally, with this figure projected to reach 2.5 billion by 2030.
Rising Healthcare Expenditure – According to the World Bank data, the global health expenditure to GDP ratio was around 9.83% in 2019, up from 9.7% in 2018.
The global neurostimulation devices market is segmented and analyzed for demand and supply by end-user into hospitals, ambulatory surgical centers and specialty clinics. Out of these segments, the hospitals segment is anticipated to garner the largest market share over the forecast period, owing to the rising healthcare infrastructure globally. As per the data, Indian healthcare infrastructure is projected to grow to ~USD 345 billion by the end of 2022. In addition, the growing number of hospitals globally is also expected to boost the growth of this segment in the coming years. For instance, there were approximately 6000 hospitals in the United States in 2020.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years
Regionally, the global neurostimulation devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the increase prevalence of neurological disorders and increasing level of geriatric population in the region. According to statistics, in 2018, approximately 20 million US citizens experience some form of neuropathy, of which approximately 15% are individuals with brain impairment in US households. Moreover, increasing healthcare expenditure is also estimated to propel the market growth in the region.
Further, the market in Asia Pacific is estimated to gain the highest growth during the forecast period, owing to the rising level of geriatric population and increasing cases of chronic pain in the region. According to the World Health Organization (WHO) data, the population of people aged 60 years and above in China was around 254 million in 2019, with about 176 million people aged 65 and above. By 2040, it is estimated that there will be about 402 million people over the age of 60 in China. Moreover, increasing adoption of neurostimulation devices for the treatment of neurological disorders and increasing patient awareness is also expected to boost the growth of the global neurostimulation devices market during the forecast period.
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The global neurostimulation devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global neurostimulation devices market includes the following segments:
By Product Type
FREQUENTLY ASKED QUESTIONS
Rising prevalence of chronic pain and increasing neurological disorders are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2031.
High cost of neurostimulation devices and dearth of skilled professionals are estimated to hinder the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Boston Scientific Corporation, Integer Holdings Corporation, Medtronic, Nevro Corp., NeuroSigma, Inc., NeuroPace, Inc., Neuronetics, Synapse Biomedical Inc., Soterix Medical, Inc. and Abbott Laboratories
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, end-user and by region.
The hospitals segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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