The global neurostimulation market is set to experience substantial growth, with its value expected to surge from USD 6,221.2 million in 2023 to an impressive USD 15,417.4 million by 2033. This significant expansion is anticipated to be fueled by a robust Compound Annual Growth Rate (CAGR) of 9.5% over the next decade.
The rising prevalence of chronic pain worldwide stands out as a key factor propelling the growth of the neurostimulation market. Recent estimates from the National Institutes of Health reveal that in the United States alone, one in five individuals reports suffering from chronic pain. Against this backdrop, neurostimulation therapy emerges as a promising solution, empowering patients to manage their pain effectively and enhance their overall quality of life.
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Many research studies are being conducted to cover the full potential of neurostimulation in treating multiple disorders. For instance, in 2022, a study found that the efficiency of restorative neurostimulation in treating lower back pain originating from multifidus dysfunction. The efficiency of this therapy stays intact for three years.
Latest research on Parkinson’s disease has revealed that neuromodulation technologies can be used to mitigate some of the incapacitating symptoms like rigidity and tremors. Since the disease is impacting a growing number of people and putting a strain on healthcare systems, families, and economies, new advancements in neurostimulation to manage Parkinson’s disease are predicted to be beneficial for the neurostimulation market.
“Increasing government support to drive advancement in the medical field, along with high growth prospects in the Asia Pacific, are motivating key players to concentrate their efforts on targeting a market in the region. Apart from this, participants are partnering with domestic players and distributors to enjoy easy access to emerging markets in the future,” says an FMI analyst.
Key Takeaways from the Neurostimulation Market Report:
- India and China are emerging as robust market players, expanding at CAGRs of 14.3% and 12.4%, respectively, through 2033.
- Australia is predicted to exhibit high potential for growth. FMI analysts have estimated that the neurostimulation market in Australia is going to witness a CAGR of 10.5% through 2033.
- The United States accounts for the leading market share. As per the latest study, the neurostimulation market in the United States is expected to be 40.3% in 2023.
- Germany is predicted to lead the market in Europe. The country is anticipated to acquire a 4.2% share of the overall market.
- Pain management segment acquires 45.3% value in the global market.
- Spinal cord stimulator records market share of 52.3% in 2023.
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Key Developments Taking Place in the Neurostimulation Market:
- In August 2023, the University of Glasgow published the latest brain stimulation project on their site. The project aims to develop revolutionary methods to treat a wide array of neurological conditions. Researchers from Glasgow are going to partner with colleagues from Italy, Germany, Finland, and Spain to develop BRAINSTORM technology, that could provide better results via less invasive techniques.
- In September 2023, an implanted restorative neurostimulation clinical trial, after its three-year follow-up found out that ReActiv8 (Mainstay Medical) is effective and safe.
- In October 2022, a review demonstrated that neurostimulation can show effective results in the treatment of dysphagia.
Key Players in the Neurostimulation Market:
- Boston Scientific Corporation
- Cyberonics Inc.
- St. Jude Medical Inc.
- Medtronic Inc.
- NeuroPace Inc.
- NeuroSigma, Inc.
- Others
Key Segments:
By 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
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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