Neurostimulation Market By 2023 to 2033: Growth Factors and Market Drivers

 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.

Request A Report Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-400

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.

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

Comments

Post a Comment

Popular posts from this blog

Teleradiology Services Market Analysis And Demand With Forecast Overview To 2032

Image
 In 2022, it is expected that the Teleradiology Services Market would be worth around US$ 31,880.57 Million. By 2032, it is anticipated that the market for teleradiology services would reach US$5,598.3 Million. with a 19% CAGR growth forecast through 2032. The global Teleradiology Services Market is estimated to reach a market valuation of US$ 1,971.4 Million by the end of 2016 and register a CAGR of 21.0% over the forecast period (2016–2026). The growth of this market can be attributed to the favorable government initiatives regarding the adoption of teleradiology in order to provide early disease diagnosis. Besides, the application of modern-day technologies such as the adoption of cloud-based technologies, blockchain, and cryptocurrencies will lead to better efficiency and cost-effective solutions. Increasing Investments for the development of advanced solutions is augmenting the demand for the industry. Request Sample PDF Brochure: https://www.futuremarketinsights.com/reports/...
Read more

Non-Vascular Stents Market to 2032 – Global Analysis and Forecasts by Types, Technologies, Applications and End-User Verticals

Image
 The Non-Vascular Stents Market is expected to grow at a CAGR of  4.5%  over the forecast period. (2022 - 2032). The sector is expected to be valued at  US$ 1.21 billion  in 2022 and  US$ 1.9 billion by 2032. The global non-vascular stents market is expected to move forward in response to the growing demand for minimally-invasive procedures. Rising technological and material advancements are assisting in the development of specially designed stents for use in a variety of indications thereby fueling the overall non-vascular stents market growth. Non-vascular stents use small, precise incisions, resulting in scars that are smaller and less visible than those left by traditional surgical techniques, putting the patient's safety in jeopardy. The above-mentioned feature is anticipated to provide impetus to the non-vascular stents market adoption trends in coming years. Such a surgery is associated with a faster recovery period, resulting in a shorter hospital ...
Read more

From X-rays to AI: Veterinary Imaging Innovations of the Next Decade By 2022 to 2030

Image
  Between 2022 and 2030, the global veterinary imaging industry is expected to grow at a CAGR of 6.6%, from US$ 2.02 billion in 2022 to US$ 3.37 billion by 2030. A study by Future Industry Insights (FMI) predicted that by 2030, the worldwide veterinary imaging industry would bring in US$ 3.37 billion. The research study looks at the market development for veterinary imaging through 2030 in more than 20 nations. The report offers precise insights into some of the key players in the industry's crucial business strategies. According to the poll, investments are being made in the veterinary diagnostics industry as the trend towards pet humanization picks up speed. Additionally likely to fuel industry growth are governmental rules and a greater emphasis on preserving animal health. Request A Report Sample To Gain Comprehensive Insights! https://www.futuremarketinsights.com/reports/sample/rep-gb-12368 Growth will also be fueled by the expansion of the animal and pet care industry as a w...
Read more