Neurostimulation Device Market, Growth Factors, Demand, Trends, Forecast 2024

Neurostimulation is the technology to deliver low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. It is a therapeutic tool used to treat neuropathic pain or to modulate motor function and for a range of different diseases such as epilepsy, migraine, and Parkinson’s disease. The global neurostimulation device market is growing at a significant rate due to the increasing prevalence of neurological diseases and the growing geriatric population.

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The different applications of neurostimulation device are pain management, essential tremor, Parkinson’s disease, urinary and fecal incontinence, depression, epilepsy, gastroparesis, hearing loss, dystonia, and others. The pain management segment is estimated to account the largest share in the neurostimulation device market due to the increasing number of product launches and approvals of devices to reduce chronic pain.

The growing prevalence of neurological disorders, increasing the prevalence of lifestyle associated diseases, robust product pipeline and mounting geriatric population are the primary growth drivers for the neurostimulation device market. Neuromodulation devices have shown to be very effective in treating Parkinson’s and other chronic illnesses induced by old age.

The lack of trained professionals and unfavorable reimbursement scenario are the major challenges for the growth of the neurostimulation device market.

Geographically, North America is the largest neurostimulation device market as the region has a high prevalence of chronic diseases and the growing geriatric population. Asia-Pacific is observed to witness the fastest growth in the market. Largest population, increasing the prevalence of diabetes, growing geriatric population and rising adoption of neurostimulation devices is creating a positive impact on the neurostimulation device market growth in the region.

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Key players in the neurostimulation device industry are investing in the development of innovative and advanced neurostimulation device products, which is strengthening their position in the market. Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices.

Source: VynZ Research