Asia Pacific Neurostimulation Devices Market Revenue to cross US$ 2,517.30 million by 2030

At 9.7% CAGR, Asia Pacific Neurostimulation Devices Systems Market is Speculated to be Worth US$ 2,517.30 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific neurostimulation devices market was valued at US$ 1,197.94 million in 2022 and is expected to reach US$ 2,517.30 million by 2030, registering a CAGR of 9.7% from 2022 to 2030. Rising cases of spinal cord injury and growing advances and approvals for neurostimulation devices are among the critical factors attributed to the Asia Pacific neurostimulation devices market expansion.

The neurostimulation devices industry has gained traction owing to the rising elderly population prone to various spinal disorders. These population is becoming more susceptible to developing spinal disorders such as degenerative disc diseases, osteoarthritis, scoliosis, spinal tumor, and spinal stenosis. As this population ages, the natural wear and tear of the spine can lead to several spinal disorders. Hence, with this fact, the aging population poses a unique challenge to spine surgeons due to multiple increased frailty, medical comorbidities, decreased nutritional status, and the higher probability of postoperative complications. According to the World Health Organization (WHO) data published in October 2022, approximately 80% of the elderly population will be living in low-and middle-income countries by 2050, and it is anticipated that the pace of this population aging will be much faster than in the past. The aging demographic, coupled with lifestyle-related factors has led to a substantial increase in individuals experiencing spinal issues such as degenerative disc disease and spinal deformities. Therefore, high incidence of spinal cord injuries in old age and adults stimulates the demand for neurostimulation devices.

On the contrary, lack of expert professionals hampers the growth of Asia Pacific neurostimulation devices market.

Based on product, the Asia Pacific neurostimulation devices market is categorized into spinal cord stimulator, deep brain stimulator, sacral nerve stimulator, vagus nerve stimulator, and others. The spinal cord stimulator segment held 50.3% market share in 2022, amassing US$ 603.08 million. It is projected to garner US$ 1,320.80 million by 2030 to expand at 10.3% CAGR during 2022-2030.

In terms of application, the Asia Pacific neurostimulation devices market is segmented into pain management, epilepsy, urinary and fecal incontinence, Parkinson's disease, and others. The pain management segment held 51.9% share of Asia Pacific neurostimulation devices market in 2022, amassing US$ 621.46 million. It is projected to garner US$ 1,366.33 million by 2030 to expand at 10.3% CAGR during 2022-2030.

By end user, the Asia Pacific neurostimulation devices market is categorized into hospitals, specialty clinics, and others. The hospitals segment held 58.6% share of Asia Pacific neurostimulation devices market in 2022, amassing US$ 701.62 million. It is projected to garner US$ 1,498.01 million by 2030 to expand at 9.9% CAGR during 2022-2030.

Based on country, the Asia Pacific neurostimulation devices market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.4% share of Asia Pacific neurostimulation devices market in 2022. It was assessed at US$ 328.02 million in 2022 and is likely to hit US$ 711.68 million by 2030, exhibiting a CAGR of 10.2% during 2022-2030.

Key players operating in the Asia Pacific neurostimulation devices market are Medtronic Plc, Boston Scientific Corp, Abbott Laboratories, Nevro Corp, LivaNova Plc, and Mainstay Medical, among others.