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According to the latest report by IMARC Group, titled “Neurostimulation Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global neurostimulation devices market size reached US$ 5.5 Billion in 2019. Neurostimulation devices are medical instruments that generate electrical impulses to stimulate, modify, inhibit, regulate and alter the activity of the central, autonomous, and peripheral nervous systems in the patient’s body. They have emerged as effective therapeutic solutions for treating various medical conditions, including chronic pain, diabetic neuropathy, movement disorders, epilepsy and Parkinson's disease. In recent years, electrical stimulation technologies have evolved that can deliver stimulation with a higher spatial resolution to provide customized neuromodulation for optimal clinical outcomes.
Global Neurostimulation Devices Market Trends:
The rising prevalence of chronic pain ailments across the world has resulted in an escalating demand for neurostimulation devices. Besides this, the advancements made in neurotechnology and neuroimaging, coupled with the increasing understanding of neurocircuitry has facilitated the development of advanced devices that provide relief from several neurologic and psychiatric disorders. Furthermore, rapid growth in the geriatric population, increasing healthcare expenditure, and the rising preference for minimally invasive (MI) procedures among patients are some of the other factors bolstering the growth of the market across the globe. Looking forward, the market value is projected to reach US$ 9.6 Billion by 2025, registering a CAGR of 9.5% during 2020-2025.
Market Summary:
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