Research Nester published a report titled “Neurostimulation Devices Market: Global Demand Analysis Opportunity Outlook 2031” which delivers detailed overview of the global neurostimulation devices market in terms of market segmentation by product type, application, end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global neurostimulation devices market is anticipated to grow with a CAGR of ~12% during the forecast period, i.e., 2022-2031. The market is segmented by end-user into hospitals, ambulatory surgical centers and specialty clinics. Out of these segments, the hospital segment is anticipated to garner the largest market share during the forecast period, owing to the increasing number of hospitals globally. Moreover, the growth in healthcare infrastructure is anticipated to boost the growth of this segment in the coming years.
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The global neurostimulation devices market is estimated to garner a revenue of ~USD 21 billion by the end of 2031, up from a revenue of ~USD 7 billion in the year 2021. The increasing use of neurostimulation devices to treat a variety of diseases, including the effects of stroke and depression in patients. The growth in the prevalence of neurological disorders coupled with rising technological advances is leading to an increase in the adoption of neurostimulator devices. Hence such factors are expected to drive the growth of global neurostimulation devices market in the coming years.
Geographically, the global neurostimulation devices market is segmented 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 garner the largest revenue by the end of 2031, backed by the rising healthcare expenditure in the region. Apart from this, the market in Asia Pacific is anticipated to register the highest growth in the coming years, owing to the increasing prevalence of chronic pain in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rising Level of Geriatric Population to Drive the Market Growth
Globally, in 2020, the population aged 60 years and above stood at around 1 billion, which is projected to reach 1.4 billion by the end of 2030, according to the World Health Organization (WHO) data.
The increasing adoption of neurostimulation devices is anticipated by the increasing level of the aging population. Since in old age the risk of getting chronic disease owing to health problems is high. A large number of the elderly population is affected by Parkinson's disease which is a type of neurodegenerative disorder. Moreover, increasing favorable reimbursement rates along with increased research and development expenditures are estimated to drive the growth of global neurostimulation devices market during the forecast period.
However, the high price associated with neurostimulation devices and lack of skilled professionals are expected to operate as key restraint to the growth of global neurostimulation devices market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global neurostimulation devices market which includes company profiling of Boston Scientific Corporation, Integer Holdings Corporation, Medtronic, Nevro Corp., NeuroSigma, Inc., NeuroPace, Inc., Neuronetics, Synapse Biomedical Inc., Soterix Medical, Inc. and Abbott Laboratories. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global neurostimulation devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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