Neurostimulation Devices Market to grow at a CAGR of 12.19% during 2023-2027
The Neurostimulation Devices Market is expected to grow at a CAGR of 12.19% during 2022 and 2027. During this period, the market is also expected to show a growth of USD 6.26 billion. Neurostimulation devices have gained significant attention in the medical community due to their potential in addressing the challenging issue of treating neuropathic pain conditions. These conditions, characterized by tissue and nerve damage or disruptions in the peripheral nervous system or Central Nervous System, have historically proven resistant to conventional pain management approaches such as medication, opioids, and surgery. Abbott's Proclaim DRG Neurostimulator System, which has received regulatory approvals for specific indications and is undergoing clinical trials, offers promising results. In a recent study, it demonstrated superior and sustained pain relief compared to traditional neurostimulation systems among patients suffering from Complex Regional Pain Syndrome of the lower limbs and other neuropathic pain conditions. This innovative technology represents a significant advancement in the field of chronic pain management.
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Technavio analysts predict that the Pain management subsegment will lead the Application segment during 2023 and 2027 In the global neurostimulation devices market, the pain management segment held a dominant position in 2022, driven by the increasing demand for these devices in managing neuropathic pain. Neurostimulation therapy, which disrupts pain signals between the spinal cord and the brain, offers significant relief for neurological pain. The geriatric population, with over 700 million individuals aged 65 years or older in 2020 (as per the United Nations Digital Library System), represents a substantial market for neurostimulation devices due to the high prevalence of chronic pain in this demographic. This trend is expected to continue, with the geriatric population projected to double by 2050.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising prevalence of neurological disorders
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Neurostimulation devices, including Transcutaneous Electrical Nerve Stimulation (TENS) units, Vagus Nerve Stimulators, Sacral Nerve Stimulators, Spinal Cord Stimulators, Gastric Electric Stimulators, and Deep Brain Stimulators, are increasingly being used to manage chronic pain and various neurological disorders. TENS and non-invasive vagus nerve stimulation are popular for their non-surgical approach, while invasive procedures like sacral and spinal cord stimulation offer more targeted relief. Neurostimulation devices have shown promise in treating conditions such as Overactive Bladder Syndrome, Parkinson's Disease (PD), and Neurological diseases like Stroke and Alzheimer’s. Traditional procedures and drug therapies continue to be the primary treatment options, but neurostimulation devices offer advantages like fewer side effects and improved quality of life. Healthcare providers play a crucial role in recommending and administering these devices, with reimbursement being a significant consideration. Neurostimulation devices are implantable medical devices that require surgical intervention, making cost a significant factor. Emerging countries are seeing an increase in the adoption of neurostimulation devices due to their long-term benefits and the growing burden of neurological disorders. Companies like Neuspera Medical are leading the way in Deep Brain Stimulation for PD, while Neurostimulators and neuromodulation continue to gain popularity for managing nerve injuries and neurological diseases.
According to Technavio, the global neurostimulation devices market is a significant segment of the expansive global healthcare equipment market. This market encompasses businesses and innovations dedicated to the research and development (R&D) of diverse product categories, such as capital equipment, instruments, implants, accessories, and consumables. These products are integral to the diagnosis, monitoring, and treatment of various diseases. The size of the global healthcare equipment market is determined by the consolidated revenue generated by manufacturers of diagnostic equipment and devices, spanning multiple therapy areas. The healthcare equipment sector encompasses the following segments: Devices, which include advanced, differentiated, and clinically validated data-driven devices.
The Neurostimulation Devices Market is experiencing significant growth, fueled by the rising prevalence of neurological disorders. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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