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The non invasive neurostimulation devices market is estimated to be worth $1 billion in 2020 and is expected to grow at CAGR of 11% during the forecast period.
Over the past few decades, the prevalence of neurological disorders has been increasing at an alarming rate, particularly among the geriatric population across the world. In fact, a Global Burden of Disease study suggested that neurological conditions, which are often associated with serious physical, cognitive and psychosocial impairment, are currently considered among the major threats to public health. Presently, nearly one million Americans are reported to be living with Parkinson’s disease, and approximately 60,000 new cases are reported every year. Chronic pain is another debilitating condition, contributing to the global economic and healthcare burden.
According to the Centers for Disease Control and Prevention, around 50 million individuals in the US suffer from some form of pain. This is estimated to account for a financial burden of USD 560 billion per year, including medical expenses and lost productivity. Although, there are several pharmacological options available for symptomatic relief, they are significantly limited in terms of providing long term solutions. For instance, long-term use of opioid drugs is associated with a high risk of addiction, eventually causing many patients to abuse such interventions. There are also some surgical procedures that are recommended in severe cases, but cannot provide permanent relief, often leading to further complications.
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Over the years, advances in neurotechnology and neuroimaging, along with the growing understanding of neurocircuitry, have brought about noticeable disruption in this field. Leveraging the aforementioned intellectual capital, a variety of neurostimulation technologies focused on providing therapeutic relief have been developed. The first neurostimulation therapy was introduced in the 1960s. Since then, the benefits of neurostimulation technologies, such as their reversible and minimally invasive nature, targeted and adjustable therapeutic action, integrated safety mechanisms, and almost negligible dependence on opioids / oral medications, have been widely recognized. In fact, many such technologies are presently perceived to be viable alternatives to conventional treatment methods.
Although they were initially considered a last resort for treatment, studies have shown neurostimulation devices to be capable of successfully providing therapeutic relief to medication-resistant patients. As a result, the adoption of these non-invasive solutions is on the rise in the US, EU and other parts of the world. Numerous partnerships have been inked amongst stakeholders in neurostimulation devices market, indicative to future growth of the market during the forecast period. Interestingly, start-ups / university spin-offs have been the flagbearers in this upcoming field of therapeutics and are also expected to sustain the research momentum, over the coming years.
Examples of key companies engaged in neurostimulation devices market (which have also been profiled in this market report; the complete list of companies is available in the full report) include AcuKnee, AxioBionics, BioMedical Life Systems, HiDow, CEFALY Technology, Natures Gate Tens, neuroCare, Neuroelectrics, Johari Medtech / Johari Digital Healthcare Limited, OMRON Healthcare, RITM and SUNMAS. This market report includes an easily searchable excel database of all the companies providing neurostimulation devices, worldwide.
The ‘Non Invasive Neurostimulation Devices Market, 2020-2030’ market report features an extensive study of the current market landscape, market size, market share, market growth, market forecast, market outlook and future opportunities of the neurostimulation devices market. It features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in neurostimulation devices market.
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In addition to other elements, the market research report includes:
The key objective of neurostimulation devices market report is to provide a detailed market analysis in order to estimate the existing market size, market trends, market value, statistics and future opportunity for neurostimulation devices market during the forecast period. Based on parameters, such as target consumer segments, likely adoption rates and expected pricing, we have provided an informed estimate on the likely evolution of the market over the forecast period 2020-2030.
The market report also features the likely distribution of the current and forecasted opportunity within the non invasive neurostimulation devices market across [A] type of stimulation technology (TENS / TMS / nVNS / other types), [B] target indication (chronic pain / epilepsy / major depressive disorder / migraine), and [C] key geographical regions (US / Canada / UK / Germany / France / Spain / Italy / Australia / China / Japan). In order to account for the uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios namely the conservative, base and optimistic scenarios, which represent three different tracks of the industry’s evolution.
The opinions and insights presented in the market report were influenced by discussions held with senior stakeholders in the industry. The market research report features detailed transcripts of interviews held with the following industry stakeholders:
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.