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HEALTHCARE & PHARMACEUTICAL

Neurostimulation Devices Market Analysis by Product Type (Spinal Cord Stimulators, Deep Brain Stimulators, Cochlear Implants, Vagus Nerve Stimulators, Sacral Nerve Stimulators and Transcranial Magnetic Stimulators); by Application (Chronic Pain, Movement Disorders, Hearing Impairment, Epilepsy, Urinary Incontinence and Others); and by End-user (Hospitals, Ambulatory Surgical Centers and Specialty Clinics) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • July, 2021: Nevro Corp., a global medical device company, today announced that its Senza system has been successfully approved by the FDA for the treatment of chronic pain associated with painful diabetic neuropathy (PDN). With the approval, the company will immediately begin its commercial production in the United States.

  • December, 2021: NeuroSigma, Inc., a bioelectronic medical device company, today announced that company received equity investment of USD 5 million from KT Corporation, an international digital telecommunication company. With the investment, the company will support the commercialization and development of Monarch eTNS Systems and accelerate the business growth trajectory of NeuroSigma.

Global Neurostimulation Devices Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Neurostimulation Devices Market Forecast

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.

Neurostimulation Devices Market Growth Drivers

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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.

Global Neurostimulation Devices Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Cases of Parkinson DiseaseAccording 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 CasesAccording 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.

Challenges

  • Dearth of Skilled Professionals
  • Stringent Rules and Regulations to allow Market Availability of these Devices
  • High Cost of Neurostimulation Devices

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.

Major Macro-Economic Indicators Impacting the Market Growth

Neurostimulation Devices Market Growth Drivers

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

Global Neurostimulation Devices Market Regional Synopsis

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.

Neurostimulation Devices Market Regional Synopsis

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The global neurostimulation devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global neurostimulation devices market includes the following segments:

By Product Type

  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Cochlear Implants
  • Vagus Nerve Stimulators
  • Sacral Nerve Stimulators
  • Percutaneous Tibial Nerve Stimulators
  • Transcranial Magnetic Stimulators

By Application

  • Chronic Pain
  • Movement Disorders
  • Hearing Impairment
  • Epilepsy
  • Urinary Incontinence
  • Others

By End-user

  • Hospitals
  • Ambulatory Surgery Centers
  • Specialty Clinics

Top Featured Companies Dominating the Global Neurostimulation Devices Market

  • Abbott Laboratories
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Boston Scientific Corporation
  • Integer Holdings Corporation
  • Medtronic
  • Nevro Corp.
  • NeuroSigma, Inc.
  • NeuroPace, Inc.
  • Neuronetics
  • Synapse Biomedical Inc.
  • Soterix Medical, Inc.

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