Non-invasive neurostimulation devices are medical equipment used in the non-surgical treatment of neurological conditions such as Parkinson's disease, epilepsy and chronic pain by delivering electrical impulses to targeted areas of the brain via electrodes placed on the scalp. These devices help in improving symptoms, reducing tremors and spasticity for conditions like multiple sclerosis. Some key advantages are painless treatment procedure, minimal side effects and ability to self-administer therapy from home. The growing geriatric population suffering from neurological disorders and rising awareness about non-invasive options are driving increased demand for these devices.
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. Growing prevalence of neurological disorders like Parkinson's disease, epilepsy along with rising geriatric population globally is fueling the demand for non-invasive neurostimulation devices. Technological advancements in non-invasive neurostimulation devices like closed loop stimulation, development of wearable devices are reducing complications and enabling self-administration of therapy.
Market Trends
Miniaturization of devices - Manufacturers are focusing on developing miniature neurostimulation devices to make the wearable. Smaller size enables comfort during daily activities and therapy.
Cloud-based data management - Devices are being integrated with remote monitoring capabilities allowing physicians to track patient data and adjust therapy using web-based or mobile interfaces. This enhances access and reduces need for frequent clinic visits.
Market Opportunities
Untapped emerging economies - Emerging markets like India, China offer huge patient pool but limited penetration of neurostimulation devices currently due to cost and awareness challenges.
New application areas - ongoing research focuses on evaluating efficacy of non-invasive neurostimulation for other neurological conditions like Alzheimer's disease, depression, stroke rehabilitation etc. Successful results will boost revenues.
Impact Of COVID-19 On Non-Invasive Neurostimulation Devices Market Growth
The COVID-19 pandemic has significantly impacted the non-invasive neurostimulation devices market growth globally. The imposition of nation-wide lockdowns led to closure of manufacturing facilities and disruptions in the supply chain. This created a shortage of devices and delay in scheduled treatments. Various hospitals and clinics suspended all elective surgeries including those requiring neurostimulation procedures to focus resources on COVID patients. This resulted in steep decline in demand during the initial year of the pandemic.
However, with the relaxation of restrictions and reopening of healthcare facilities in 2021, the market has started recovering gradually. The demand is increasing steadily as patients are coming forward to resume postponed treatments for neurological conditions like chronic pain, depression, epilepsy etc. The manufacturers are scaling up production to fulfill the growing demand. They are also focusing on expanding their geographic footprint and virtual care offerings to cater to remote areas. Various regulations have also been eased to accelerate the approval and adoption of innovative neuromodulation therapies.
The pandemic has emphasized the need for minimally invasive and non-invasive neurostimulation therapies over implantable devices due to associated risks. This is expected to boost the non-invasive neurostimulation devices market in the coming years. Faster recovery, no hospital stay and reduced infection risk make them an attractive option. The post COVID scenario looks promising for this market due to rising preference for outpatient and home-based treatments. However, the long term impacts will depend on the evolving pandemic situation and economic conditions worldwide.
North America Region Concentrates Maximum Market Value
North America dominates the Non-Invasive Neurostimulation Devices Market in terms of value. This can be attributed to factors like growing prevalence of neurological disorders, rapid adoption of advanced healthcare technologies, favorable reimbursement policies, presence of major players and rising healthcare spending in countries like US and Canada. As per estimates, the North America region accounted for over 40% of global market value in 2024.
Asia Pacific Emerges As The Fastest Growing Region
Asia Pacific region is poised to witness the fastest growth in the non-invasive neurostimulation devices market during the forecast period. This growth can be accredited to increasing awareness about neurological treatments, improving access to healthcare facilities, rising disposable incomes, growing geriatric population susceptible to conditions like chronic pain and huge patient population base especially in emerging countries like China and India. Additionally, expanding presence of foreign players and favorable government support for new medical devices is also fueling the APAC market growth. It is expected to expand at a CAGR of over 13% until 2031.
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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
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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
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