Major neurostimulation devices market players include Abbott, Boston Scientific, IntraPace, Laborie, LivaNova, Medtronic, Neuronetics, SPR Therapeutics, Cyberonics, ElectroCore Inc., Aleva Neurotherapeutics SA, Synapse Biomedical Inc., MicroTransponder, RS Medical, Helbling holding Ag, EndoStim Inc., and BioControl Medical.
SELBYVILLE, Del., Jan. 20, 2022 /PRNewswire/ -- The neurostimulation devices market size is anticipated to record a valuation of USD 13.6 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing adoption and introduction of advanced neurostimulation devices will drive the overall market growth.
Increasing demand for minimally invasive surgeries in developed countries attributed to the rising preference among patients for shorter hospital stays and faster recovery will accelerate the neurostimulation devices market expansion. Neurological patients using minimally invasive techniques, have experienced reduced treatment costs, less pain, and speedy recovery. Moreover, other benefits including shorter incision length, minimum blood loss and less discomfort make it a preferred treatment option among patients.
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Vagus nerve stimulators segment is expected to witness 9.5% growth rate through 2027 led by the surging usage of vagus stimulators for treating intractable epilepsy and treatment-resistant depression. Moreover, constant focus of the key player to introduce advanced products such as non- invasive vagus nerve stimulation devices will favor the industry growth.
The pain management segment valued at around 4.8 billion in 2020 due to the increasing incidence of musculoskeletal disorders such as osteoarthritis, arthritis, rheumatoid arthritis, and orthopedic degenerative disorders. Pain management will grow considerably owing to availability of implantable stimulator device to reduce chronic pain indications. As per the Centre for Disease control and Prevention, in 2019, 20.4% of adults experienced chronic pain and these numbers are poised to rise significantly over the forecast timeframe that will further stimulate the demand for neurostimulation devices. Additionally, technological advancement coupled with new product launches eventually propels the segment growth.
Asia Pacific neurostimulation devices market size was over USD 1 billion in 2020 impelled by the rising prevalence of depression and other neurological disorders in the region. Furthermore, increasing acceptance of minimally invasive techniques over conventional surgical procedures as well as several government initiatives to increase awareness regarding mental health and neurological disorders will positively promote the market progression during the forecast timeline.
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Some of the prominent players operating in the market include Abbott, Boston Scientific, IntraPace, Laborie, LivaNova, Medtronic, Neuronetics, SPR Therapeutics, Cyberonics, ElectroCore Inc., Aleva Neurotherapeutics SA, Synapse Biomedical Inc., MicroTransponder, RS Medical, Helbling holding Ag, EndoStim Inc., and BioControl Medical. These market laders are focusing on developing innovative products that helps the company expand its business globally.
Table of Contents (ToC) of the report:
Chapter 3 Neurostimulation Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Regulatory landscape
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis, 2020
3.9 PESTEL analysis
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