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Neurostimulation Devices Market Future of Market Size How Data Analytics is Driving Business Growth

Neurostimulation Devices Market Future of Market Size How Data Analytics is Driving Business Growth

Report Ocean has published a new report on the Neurostimulation Devices Market in diverse regions to produce a report with more than 250+ pages. 

The global neurostimulation devices market held a market value of USD 7,622.7 Million in 2021 and is estimated to reach USD 17,367.0 Million by the year 2030. The market is anticipated to register a CAGR of 9.7% during the forecast period. A neurostimulation device comprises a neurostimulator which generates the electrical impulses, leads constituting insulated medical wires to deliver electrical pulses, and a patients handheld device. The ideal calibration of all components leads to an effective patient wellbeing response to the neuro disorder.

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The increasing neurological diseases across the globe, rising clinical trials for neurostimulation devices, investments by companies, are driving factor for the growth of the neurostimulation devices market. in addition to that, the advancements in technologies, including silicon micro-fabrication and wireless energy transfer, propel the market growth. On the other hand, the high cost to end user is a restrictive factor for neurostimulation devices market. Also, according Sandvik Material Technology survey, regarding the challenges during the medical device design phase, 20% of respondents stated that a common issue was to meet deadlines due to lack of resources.in light of this, the expertise in metal alloy materials and insulation coating is vital for engineering a medical-wire component customised for pain management devices. Thus, such factors hinder the market growth.

Growth Influencers:

Increasing number of incidences related to Neurological disorders

The rising number of cases of neurological diseases demand for top-notch neurostimulation devices drive the market growth. For instance, according to the statistics published by the American Academy of Neurology, Alzheimer has been ranked as the sixth-leading cause of death, and Parkinsons affects approximate 1 Million Americans with at least 60,000 new cases annually. Overall, such increase in incidence rate is projected to drive the market in the coming years.

Investment for Neurological R&D

The prominent players are investing in clinical trials to sustain their products in the industry. For instance, Boston Scientific Corporation is running a clinical trial study investigating patient satisfaction with treatment using a new implantable neurostimulation system for chronic pain of the trunk and/or limbs. Such a factor aids significantly in increasing the growth rate of the neurostimulation devices market.

Segments Overview:

The global neurostimulation devices market is segmented into device type, application, and end user.
By Device Type,
Implantable Device
o Cochlear Implants (CI)
o Sacral Nerve Stimulation (SNS)
o Gastric Electric Stimulation (GES)
o Deep Brain Stimulation (DBS)
o Vagus Nerve Stimulation (VNS)
o Spinal Cord Stimulation (SCS)
External Device
o Transcranial Magnetic Stimulation (TMS)
o Transcutaneous Electrical Nerve Stimulation (TENS)

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The implantable device segment held the market share of more than 85% in 2021. Based on the implantable device segment, the cochlear implant sub-segment is projected to cross the mark of USD 2,000 Million revenue by 2026. On the other hand, on the basis of external device, the transcranial magnetic stimulation is estimated to generate 5 times more revenue in 2024 in comparison to the TENS segment.
By Application,
Pain Management
Hearing Loss
Urinary Incontinence
Parkinson’s Disease
Epilepsy
Gastroparesis
Depression
Others

The pain management segment is projected to hold an opportunity of more than USD 3,500 Million during 2022-2030. Moreover, the depression segment is estimated to grow at the highest growth rate of more than 10% over the anticipated period.

By End User,
Hospitals/Clinics
Cognitive Care Centres
Research Institutes
Others

The hospitals and clinics segment held the largest market share of approximately 85% in 2021 owing to the increasing preference of hospitals and clinics by patients for neuro treatments and management systems.

Regional Overview

By region, the global neurostimulation devices market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The North American regional market for neurostimulation devices held the largest market share of around 40% in 2021 owing to the increasing initiatives by government.
The European region is anticipated to grow substantially owing to the increasing number of companies investing in research and development to develop cutting-edge products. The Asia Pacific market is also anticipated to grow at a considerable rate, and is expected to hold an opportunity of more than USD 2,500 Million during 2022-2030.

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Competitive Landscape

Key players operating in the global neurostimulation devices market include Abbott Laboratories, Advanced Bionics, B. Braun Melsungen AG, Boston Scientific Corporation, BrainsWay, Cochlear, CONMED Corporation, KONINKLIJKE PHILIPS, Laborie Medical Technologies, Inc., MED-EL Medical Electronics, Medtronic PLC, Nevro Corp, Zimmer Biomet Holdings, Inc. among others.

The major four players in the market hold approximately 55% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in January 2021, Abbott launched NeuroSpher myPath, a digital health app to track and report on patient perceived pain relief and well-being associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy. Thus, such initiatives propel the market growth.

Table of Content:

  • Report Overview
  • Global Growth Trends
  • Competition Landscape by Key Players
  • Data Segments
  • North America Market Analysis
  • Europe Market Analysis
  • Asia-Pacific Market Analysis
  • Latin America Market Analysis
  • Middle East & Africa Market Analysis
  • Key Players Profiles Market Analysis
  • Analysts Viewpoints/Conclusions
  • Appendix

Continue……..

The global neurostimulation devices market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global neurostimulation devices market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
 Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Pricing Analysis: Pricing analysis of various types and other components used in the manufacturing of neurostimulation devices
Manufacturing Cost Analysis: Cost-share of various neurostimulation devices materials, cost analysis of neurostimulation devices materials, Unit Cost Analysis of neurostimulation devices materials

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 New Advancement in Neurostimulation Devices:
o Reimagining Spinal Cord Stimulation
o Rethinking Peripheral Nerve Stimulation
o Restorative Neurostimulation

The global neurostimulation devices market report answers questions such as:

What is the market size and forecast of the global neurostimulation devices market
What are the inhibiting factors and impact of COVID-19 on the global neurostimulation devices market during the assessment period
Which are the products/segments/applications/areas to invest in over the assessment period in the global neurostimulation devices market
What is the competitive strategic window for opportunities in the global neurostimulation devices market
What are the technology trends and regulatory frameworks in the global neurostimulation devices market
What is the market share of the leading players in the global neurostimulation devices market
What modes and strategic moves are considered favorable for entering the global neurostimulation devices market

Key Metrics Explored in Report Ocean Research Service:

Market Size: Quantifying the total value or volume of the market to provide a comprehensive understanding of its scale and potential.

Market Growth Rate: Measuring the rate at which the market is growing over specific periods to assess attractiveness and potential for investment.

Market Share: Analyzing the portion or percentage of the market captured by specific companies or products, providing insights into competitive positions.

Customer Satisfaction: Assessing levels of satisfaction or dissatisfaction among customers with a focus on products, services, or brands. This aids in gauging customer loyalty and identifying areas for improvement.

Pricing Analysis: Examining pricing strategies, including average prices, price differentials, and price elasticity, to understand market dynamics.

Market Segmentation: Dividing the market into distinct segments based on demographics, geography, behavior, or psychographics to understand varying needs and preferences.

Customer Acquisition Cost (CAC): Calculating the cost of acquiring a new customer to evaluate the efficiency of marketing and sales efforts.

Customer Lifetime Value (CLV): Measuring the total value a customer generates over their entire relationship with a company to assess long-term profitability.

Return on Investment (ROI): Evaluating the profitability and effectiveness of investments or marketing campaigns by measuring returns relative to costs.

Competitive Analysis: Assessing the performance and strategies of competitors, including market share, revenue growth, product portfolio, and customer satisfaction.

Key Performance Indicators (KPIs): Utilizing specific metrics to measure business or organizational performance, such as sales growth, market penetration, customer retention rate, and profitability.

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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