Non-invasive neurostimulation devices are medical devices that deliver electrical stimulation to specific parts of the brain without the need for surgical procedures. These devices are used to deliver a mild electrical current to the nerves and tissues for pain management and other neurological disorders. Non-invasive neurostimulation devices have advantages over traditional methods such as no surgical risk involved and reversible stimulation effects. Neurostimulation devices are used to treat complex regional pain syndrome, back pain, neck pain, chronic headache and chronic pain associated with failed back surgery. With growing geriatric population and increasing prevalence of neurological disorders, the demand for non-invasive neurostimulation devices is rising significantly.
The Non-Invasive Neurostimulation Devices Market is estimated to be valued at US$ 1.3 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.
Key Takeaways:
Key players operating in the Non-Invasive Neurostimulation Devices are AcuKnee, AxioBionics, BioMedical Life Systems, HiDow, CEFALY Technology. These key players are extensively investing in research and development activities to develop advanced and innovative neurostimulation devices. With increasing investments, the non-invasive neurostimulation devices market is expected to grow substantially in the coming years.
The growing demand for pain management is expected to drive the non-invasive neurostimulation devices market significantly. As per the statistics, more than 20% of global population suffers from chronic pain conditions. Non-invasive neurostimulation devices are emerging as an effective solution for chronic pain management without any surgical risks involved.
Geographically, North America dominates the non-invasive neurostimulation devices market due to presence of major players and rising adoption of neurostimulation devices for chronic pain conditions. However, Asia Pacific region is expected to witness the highest growth during the forecast period owing to increasing healthcare spending and improving access to modern medical technologies.
Market Key Trends:
The adoption of neuromodulation therapy based on artificial intelligence and big data analytics is one of the key trends in the non-invasive neurostimulation devices market. Major players are focusing on development of next-generation intelligent neurostimulation systems integrated with advanced algorithms and big data. These intelligent neurostimulation devices can monitor neural signals and adjust stimulation parameters accordingly in real-time to provide customized and personalized therapy for enhanced treatment outcomes. The adoption of AI-based intelligent neurostimulation technology will revolutionize the management of chronic neurological disorders in the upcoming years.
Porter’s Analysis
Threat of new entrants: High capital requirements and regulatory barriers restrict new companies from entering the market.
Bargaining power of buyers: Large customer base with fragmented demand limits bargaining power of individual buyers.
Bargaining power of suppliers: Presence of several device component manufacturers limits their bargaining power over device manufacturers.
Threat of new substitutes: Continuous development of substitutes like Invasive neurostimulation devices poses threat to Non-Invasive Neurostimulation Devices.
Competitive rivalry: Intense competition among established players to gain more market share through product innovation and developments.
North America currently holds the largest share of the non-invasive neurostimulation devices market owing to the increasing geriatric population suffering from neurological disorders and well-established healthcare infrastructure. Asia Pacific is anticipated to be the fastest growing region due to rising awareness regarding mental illnesses and rapid advancement of healthcare facilities.
The adoption of non-invasive neurostimulation devices has been substantial in hospitals and clinics as these settings provide high competence care and state-of-art treatment facilities. Governments across developed nations are undertaking initiatives to reduce the burden of neurological conditions on healthcare systems which is augmenting the demand for non-invasive neurostimulation devices in hospitals.
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
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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