Neurostimulation Devices Market to grow by USD 6.25 billion from 2022 to 2027, North America to account for 40% of market growth - Technavio

NEW YORK, Oct. 17, 2023 /PRNewswire/ -- The neurostimulation devices market is expected to grow by USD 6.25 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 12.19% during the forecast period, according to Technavio Research. The market has been segmented by application (pain management, urinary and fecal incontinence, parkinsons disease, epilepsy, and others), product (implantable neurostimulation devices and external neurostimulation devices), and Geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 40% to the growth of the global market during the forecast period. The US is the largest contributor of revenue to the neurostimulation devices market. To gain access to more vendor profiles available with Technavio, buy the report!

Company Profile:

Abbott Laboratories, ALEVA NEUROTHERAPEUTICS SA, Axonics Inc., Bayer AG, Bioinduction Ltd, Boston Scientific Corp., electroCore Inc., EndoStim Inc, Integer Holdings Corp., LABORIE MEDICAL TECHNOLOGIES CORP., LivaNova Plc, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., NeuroPace Inc., Nevro Corp., Parasym, Perflow Medical Ltd., Soterix Medical Inc., and Synapse Biomedical Inc.

Abbott Laboratories - The company offers neurostimulation devices such as Proclaim SCS system. 

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Neurostimulation Devices Market: Segmentation Analysis

The market share growth by the pain management segment will be significant during the forecast period.  As these devices help to treat neuropathic pain, the demand for neurostimulation devices is increasing.

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Neurostimulation Devices Market: Market Dynamics

Key Driver

• Rising prevalence of neurological disorders
• Increasing number of initiatives to increase awareness of and access to neurological healthcare
• The rapid increase in the geriatric population

The rising prevalence of neurological disorders is a key factor driving market growth. Neuropathic pain is one of the most common and untreated forms of chronic pain. About 1.4% of the population in the United States and Europe suffers from some degree of neuropathic pain. 

Several public and private organizations are taking the initiative to promote awareness and improve access to healthcare for patients with neurological disorders. The World Health Organization (WHO) works with partners and stakeholders to improve access to healthcare for people with epilepsy. The Mental Health Innovation Network (MHIN) aims to improve access to treatment for epileptic patients and increase awareness to reduce stigma. 

Major Trend

Expanding indications of neurostimulation devices is a major trend in the market.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Product 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio