Neurostimulation Device Market Expected to Expand at a High CAGR By End of 2030

In a recently published report, Neurostimulation Device Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Neurostimulation Device Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Neurostimulation Device Market is valued at approximately USD 4.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.5% over the forecast period 2020-2027. Neurostimulation devices are surgically implanted devices used in the patient and functioning through thin wires or leads. They are an effective therapeutic solution for pain management on numerous medical conditions, such as diabetic neuropathy or failed back surgery. These devices often help in the electrical stimulation delivered to the intended parts of the patient’s brain, spinal cord, and peripheral nervous system. These devices deliberately carried out via using invasive and non-invasive procedures. Recently, the global burden of the COVID-19 pandemic has led to a rise in demand for neurostimulation devices and other essential medical supplies in identifying or monitoring and diagnosis of the patient’s medical condition to prevent or mitigate the risk of a novel coronavirus, as well as provide optimum care to the patient. This is likely to promote market growth all over the world. Furthermore, these devices are specifically used for the treatment of various diseases, including epilepsy, Parkinson’s disease, chronic pain, and depression.

Therefore, the increasing prevalence of diseases, particularly Parkinson’s and epilepsy with a growing geriatric population, and the introduction of technologically advanced neurostimulators are few other factors responsible for the market growth over the forecast period. According to the study of Global Burden of Disease 2015, the global prevalence of Parkinson’s diseases to be approximately 6.2 million people and it would reach almost 13 million people with Parkinson’s by 2040. Also, the Parkinson’s Disease Foundation revealed that nearly 60,000 Americans are diagnosed with Parkinson’s disease every year. This, in turn, is projected to leverage the demand for neurostimulation devices across the globe. However, the presence of strict regulatory guidelines for product-approval and adverse effects and risks related to neurostimulation devices are the major factors impeding the market growth over the forecast period of 2020-2027.

The regional analysis of the global Neurostimulation Device market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing prevalence of neurological disorder, along with the presence of new technology-based solution providers in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the presence of unmet medical needs and the rising incidence of osteoporosis and neurological disorder would create lucrative growth prospects for the Neurostimulation Device market across the Asia-Pacific region.

Major market player included in this report are:
Abbott Laboratories
Aleva Neurotherapeutics SA
Boston scientific corporation
ElectroCore Inc.
EndoStim Inc.
Medtronic plc
NeuroPace Inc.
Nevro Corporation
Neuronetics Inc.
Synapse Biomedical Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

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The detailed segments and sub-segment of the market are explained below:

By Device Type:
Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators

By Application:
Pain Management
Hearing Loss
Urinary Incontinence
Parkinson’s Disease

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Neurostimulation Device Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

About Kenneth Research

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