Vancouver, British ColumbiaAnd January 12 2022 /PRNewswire/ – The global market size for neurostimulators has been 5.60 billion US dollars In 2019 it is expected to reach 13.70 billion US dollars by 2027, registering a compound annual growth rate of 12.6% over the forecast period. Economic development and increasing healthcare budget allocation in developing countries are expected to lead to the growth of the neurostimulation devices market. The increasing focus on short hospital stays is promoting the adoption of neurostimulation devices, thus fueling market growth.
Additional technological advances coupled with strong investment in healthcare infrastructure across the globe encourage the introduction and adoption of new technologies, resulting in the growth of the neurostimulation devices market. The adoption of advanced technologies, including artificial intelligence and machine learning, contributes to the formation of intelligent neuromodulation, which benefits patients with brain damage.
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In 2019, Medtronic launched Intellis, a platform for managing chronic intractable pain. It is able to track patients and get real-time data about their chronic pain.
in a September 2019The US Food and Drug Administration (FDA) has approved Abbott’s Proclaim XR™ Free Nerve Stimulation Platform for people with chronic pain. The approval helped Abbott secure a higher market share and increase its range of neurostimulation devices.
Spinal cord stimulator sub-component gained the largest market share of 46.2% in 2019. This growth is attributed to the increasing need for treatment of spinal injuries and neuropathic pain. This factor is estimated to benefit during the forecast period.
The Pain Management subsection is expected to expand at a compound annual growth rate of 14.0% over the foreseeable future. This growth is attributed to the increased incidence of chronic and acute pain disorders associated with patients with neurological disorders.
Regionally, the Asia Pacific The region is expected to show the fastest growth during the forecast period. This growth is attributed to economic development, along with increased healthcare budget allocation, particularly in emerging economies, and is expected to drive growth of neurostimulators in the region.
Key participants include St. Jude Medical, Boston Scientific, Medtronic, Neurontics, Nephro Corporation, Codman and Shortlife, Inc., Intrabase, Livnova plc, Abbott Laboratories, and Bayer AG.
DBS occupied the second largest market share with 19.8% in 2019. The rising incidence of neurological disorders among the world’s elderly population is expected to increase the demand for DBS.
Urinary and fecal incontinence is expected to register a steady growth over the forecast period. The increased use of sacral nerve stimulators for the treatment of urinary and fecal incontinence is expected to lead to the growth of the neurostimulation device market.
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Segmented by Emergen Research Global Neurostimulation Devices Market On the Basis of Product, Application, and Region:
Product forecast (revenue, billion USD, 2017-2027)
Application forecast (revenue, billion USD; 2017-2027)
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