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HEALTHCARE & PHARMACEUTICAL

Neurostimulator Device Market Segmentation by Device Type (Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, and Others); and by Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, and Others) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of Neurostimulator Device Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Neurostimulator Device Market Highlights 2022-2030

The global neurostimulator device market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The rise in demand for the neurostimulator devices is anticipated to be driven by the increasing geriatric population in the world and the rise in prevalence of lifestyle diseases such as chronic pain and depression. Along with these, the growing prevalence of neurological disorders, increasing demand for minimally invasive surgeries, and external funding for R&D activities in the pharmaceutical industry are also projected to drive the market growth. Moreover, the adoption of technologically advanced medical products is further expected to bolster the market's growth over the next few years. According to the American Academy of Neurology, in the U.S., strokes are ranked as the third primary cause of deaths, with Alzheimer’s been ranked as the sixth-largest cause for deaths in the country.

Global-Neurostimulator-Device-Market-Overview

The market is segmented on the basis of application into pain management, hearing loss, urinary incontinence, Parkinson's disease, epilepsy, and others, out of which, the pain management segment is expected to capture a significant market share in the forecast period owing to the growing usage of neurostimulator devices for pain management on account of their high therapeutic value. In addition, high prevalence of chronic pain disorders is also expected to fuel the growth of this market segment. Additionally, based on device type, the spinal cord stimulator segment is anticipated to capture the major market share in the forecast period ascribing to the wide range of applications of spinal cord stimulators and high market dispersion of commercially available products in this market segment. Furthermore, spinal cord stimulators are heavily used in non-malignant chronic neuropathic pain management. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure Graph

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 3515.82in 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 Neurostimulator Device Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. Europe is estimated to occupy a significant market share over the forecast period, which can be credited to the rapid economic expansion in Eastern European countries. Moreover, Asia Pacific is expected to witness significant market growth in the forecast period as companies are shifting their manufacturing base in the region owing to the existence of untapped growth opportunities and unmet medical needs. Furthermore, economic development in emerging countries such as China and India, is also evaluated to boost market growth in the region. Furthermore, rising prevalence of neurological disorders, favorable reimbursement rates, increased geriatric population, and innovative technology is anticipated to drive the market growth in North America region. Apart from this, research and development activities to develop new technologies to manage neurological disorders including, Parkinson’s disease, dystonia, and epilepsy is also predicted to lead to the growth of the market in the region. According to the Parkinson’s Foundation, about 60,000 Americans are diagnosed with Parkinson’s disease (PD) every year. Approximately 4% of people are diagnosed with PD before the age of 50 years in the country.

Global-Neurostimulator-Device-Market-Share

The global neurostimulator device market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • 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 & Opportunity Analysis.

Market Segmentation

Our in-depth analysis of the global neurostimulator device market includes the following segments:

By Device Type

  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Sacral Nerve Stimulators
  • Vagus Nerve Stimulators
  • Others

By Application

  • Pain Management
  • Hearing Loss
  • Urinary Incontinence
  • Parkinson's Disease
  • Epilepsy
  • Others

Growth Drivers

  • Increasing Investment for Neurological R&D Activities
  • Rise in Demand for Minimal Invasive Surgery

 Challenges

  • High Cost of Neurostimulator Devices

Top Featured Companies Dominating the Market

  • Boston Scientific Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Robert Bosch GmbH
  • Medtronic plc
  • Cybertronics Security Automation Integrators Pvt Ltd
  • St. Jude Medical
  • Nevro Corporation
  • Neuroplace Inc.
  • Neurosigma Inc.
  • NDI Medical
  • Cochlear Ltd
  • DePuy Synthes Inc.

 

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