The non-invasive neurostimulation devices market comprises non-invasive devices such as transcranial magnetic stimulation (TMS) devices and transcutaneous electrical nerve stimulation (TENS) devices used for the treatment of neurological diseases. Neurostimulation devices help deliver electrical or magnetic pulses to specific parts of the brain without surgery. These devices are increasingly being used to treat neurological disorders like epilepsy, Alzheimer's disease, Parkinson's disease, depression, and migraine headaches.
The Non-Invasive Neurostimulation Devices Market is estimated to be valued at US$ 1.3 Bn in 2024 and is expected to exhibit a over CAGR of 11.% the forecast period 2024-2031.
Key Takeaways
Key players operating in the non-invasive neurostimulation devices market are AcuKnee, AxioBionics, BioMedical Life Systems, HiDow, and CEFALY Technology. AcuKnee is a leading player in the market with its advanced TENS devices for pain management. AxioBionics offers FDA-approved non-invasive spinal cord stimulation systems for chronic pain treatment.
Major opportunities in the market include increased adoption of TMS devices for treatment-resistant depression and development of novel non-invasive neurostimulation technologies. Companies are investing heavily in R&D to develop non-invasive nerve stimulation devices using innovative modalities like focused ultrasound for various neurological and psychiatric conditions.
The market is witnessing rapid global expansion as key players focus on geographic expansion strategies. Several companies have received regulatory approvals to market their neurostimulation products in international markets like Europe, Asia Pacific and Latin America over the recent past. This is creating significant growth opportunities in emerging neurology markets.
Market Drivers
Rising prevalence of neurological disorders - Neurostimulation devices market growth is driven by the increasing incidence and prevalence of neurological conditions like epilepsy, migraine, depression, and Parkinson's disease globally. According to WHO, over 50 million people worldwide suffer from epilepsy.
Market Restraints
High costs of neurostimulation devices – Neurostimulation devices are generally expensive due to their technically advanced nature and limited reimbursement coverage. This hinders wider adoption, especially in price-sensitive developing regions. The devices also require frequent replacement of parts which adds to the overall cost of treatment.
Segment Analysis
The non-invasive neurostimulation devices market is segmented based on product, target area, and geography. Based on product type, the transcranial magnetic stimulation (TMS) segment dominated the market in 2020 owing to its wide applications in neurology, psychiatry, and other areas. TMS devices uses magnetic fields to stimulate nerve cells in the brain to improve symptoms of depression, chronic pain, Parkinson's disease, and other conditions. Based on target area, the depression segment accounted for the largest share in 2020 due to the rising prevalence of depression worldwide. Non-invasive neurostimulation devices are being used effectively in the treatment of depression and represent an alternative to medications and other therapies.
Regional Analysis
North America dominated the Non-Invasive Neurostimulation Devices Market in 2020 driven by factors such as the rising geriatric population, increasing prevalence of neurological disorders, and broad insurance coverage for neurostimulation therapies. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to improving healthcare infrastructure, growing medical tourism industry, and increasing focus of major players in emerging Asia Pacific countries. China, Japan, and India are expected to offer significant growth opportunities for players operating in the non-invasive neurostimulation devices market in the coming years.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163 )
What Are The Key Data Covered In This Non-Invasive Neurostimulation Devices Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Non-Invasive Neurostimulation Devices Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Non-Invasive Neurostimulation Devices Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Non-Invasive Neurostimulation Devices Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Non-Invasive Neurostimulation Devices Market vendors
FAQ’s
Q.1 What are the main factors influencing the Non-Invasive Neurostimulation Devices Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Non-Invasive Neurostimulation Devices Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Non-Invasive Neurostimulation Devices Market’s distributors, traders, and dealers?
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it