Neurostimulation Devices Market Worth USD 13.70 Billion by 2027: Rising Geriatric Population, Coupled with Increasing Prevalence of Neurological…

Vancouver, British Columbia--(Newsfile Corp. - May 3, 2021) - The global Neurostimulation Devices Market will be worth USD 13.70 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing incidence of health disorders due to unhealthy lifestyle habits is expected to drive the growth of the neurostimulation devices market. Recent developments in neurotechnology are resulting in the rapid utilization of neurostimulation therapies in treating patients suffering from neurological disorders. The economic development and increasing Healthcare Budgetary Allocation in developing countries is expected to drive the growth of the neurostimulation devices market.

The high cost of the neurostimulation devices and the presence of alternative therapeutic procedures is most likely to hamper the demand for neurostimulation devices over the forecast period. Adverse effects and risks associated with neurostimulation devices such as allergic reaction or prickling of skin might restrict the utilization of the neurostimulation devices. Moreover, Stringent government regulations on device approval might act as a barrier to the growth of the market.

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Key Highlights From The Report

Key companies include Boston Scientific Corporation, St. Jude Medical, Medtronic, Neuronetics, Inc., Codman & Shurtleff, Inc., Nevro Corporation, Intrapace, Abbott Laboratories, LivaNova PLC, and Bayer AG, among others.

In September 2019, U.S. Food and Drug Administration (FDA) approved Abbott's Proclaim XR recharge free neurostimulation platform for people living with chronic pain. The approval helped Abbott to secure a higher market share and increase its neurostimulation devices product portfolio.

Deep Brain Stimulators held the second largest market share of 19.8% in 2019. The rising incidence of neurological disorders among the rising global geriatric population is expected to boost the demand for Deep Brain Stimulators.

Urinary and Fecal Incontinence is expected to register steady growth over the forecast period. Increasing utilization of the sacral nerve stimulators for the treatment of Urinary and Fecal Incontinence is expected to drive the growth of the neurostimulation devices market.

North America accounted for the largest market share of the Neurostimulation Devices market in 2019 due to the improved healthcare system and government funding for the research and development of neurostimulation devices.

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Emergen Research has segmented the global Neurostimulation Devices Market on the basis of Product, Application, and region:

Product Outlook (Revenue, USD Billion; 2017-2027)

Application Outlook (Revenue, USD Billion; 2017-2027)

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Neurostimulation Devices Market Worth USD 13.70 Billion by 2027: Rising Geriatric Population, Coupled with Increasing Prevalence of Neurological...