Neurostimulation Devices Market to Grow at 12.7% CAGR from 2023 to 2028

The Neurostimulation Devices Market is anticipated to experience substantial growth over the forecast period, with a projected rise of USD 7.28 billion and a CAGR of 12.7% from 2023 to 2028. This growth is propelled by increased efforts from both public and private entities to raise awareness about neurological disorders and improve patient access to advanced therapeutic solutions.

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Neurostimulation Devices Market Overview

Neurostimulation devices function by delivering electrical pulses to nerves, effectively altering the body's response to pain and neurological conditions. These devices are primarily used in pain management, with significant advancements in treatments for Parkinson's disease, epilepsy, and essential tremors. As the demand for these devices continues to rise, key players like Medtronic, Boston Scientific, and Abbott are making strides to innovate and expand their market reach.

Major Applications

  • Pain Management: Pain management, particularly for chronic neuropathic pain, remains the dominant application for neurostimulation devices. The elderly population, which is increasingly suffering from chronic pain conditions, is a key driver for the market’s growth. Spinal cord stimulators, in particular, are a primary method for managing such pain.

  • Neurological Disorders: Devices like deep brain stimulators are gaining popularity in treating neurological diseases, such as Parkinson’s and epilepsy. As the global population ages, the need for effective neurological treatments grows, further expanding the market’s scope.

Device Types

  • Implantable Devices: The implantable neurostimulation device segment is forecasted to experience robust growth. These devices are used for a range of conditions, including chronic pain, neurological disorders, and movement-related diseases.

  • External Devices: External neurostimulation devices, such as TENS and TMS, offer non-invasive options for treating neurological conditions, contributing to their growing adoption globally.

Geographic Insights

  • North America: North America holds the largest market share, driven by a large aging population, increased adoption of neurostimulation devices, and favorable healthcare policies. The U.S., in particular, is the largest contributor to market growth.

  • Europe and Asia: Europe follows closely, with a strong healthcare system and high adoption rates of neurostimulation devices. In Asia, the rapid expansion of healthcare infrastructure and increasing neurological disorder incidences are expected to spur market growth.

Technological Progress and Market Innovations

Ongoing technological advancements in neurostimulation devices are contributing to better patient outcomes, with improved accuracy and less invasive procedures. Breakthroughs like the Proclaim DRG Neurostimulator System are setting new benchmarks in pain relief, which will likely fuel continued market expansion.

Challenges Facing Market Growth

While the market shows strong growth potential, high initial costs associated with implantable devices and the lack of insurance coverage for some treatments continue to pose barriers to widespread adoption. These cost concerns are expected to slow growth in some regions despite the increasing demand.

Click here to download Neurostimulation Devices MarketSample PDF

Market Growth Potential

As the neurostimulation market continues to evolve, the adoption of these devices is expected to rise globally. With greater awareness, improved technology, and enhanced access to treatments, the market is poised for continued expansion in the coming years.

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