Europe Neurostimulation Devices Market Revenue to cross US$ 3,459.24 million by 2030

At 9.1% CAGR, Europe Neurostimulation Devices Systems Market is Speculated to be Worth US$ 3,459.24 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe neurostimulation devices market was valued at US$ 1,717.84 million in 2022 and is expected to reach US$ 3,459.24 million by 2030, registering a CAGR of 9.1% from 2022 to 2030. Growing advances and approvals for neurostimulation devices and rising cases of spinal cord injury are among the critical factors attributed to the Europe neurostimulation devices market expansion.

Manufacturers are investing a significant amount in developing advanced products and technologies such as implantable neurostimulation devices. Additionally, an increase in Food and Drug Administration (FDA) approvals for novel neurostimulators with new applications are observed in the neurostimulation devices market. Following are a few advances and approvals for the neurostimulation devices. In February 2021, Mainstay Medical developed an implantable restorative neurostimulation system, ReActiv8, to treat intractable chronic low back pain. In March 2021, Abbott launched NeuroSphere, a virtual clinic designed to help deep brain stimulation patients program and reset their devices remotely from the comfort of their own homes. In January 2021, Boston Scientific Corporation released the WaveWriter Alpha, a portfolio of Spinal Cord Stimulator (SCS) systems that combine therapy options for personalized pain relief. Therefore, the rising number of advances and approvals for neurostimulation devices is expected to provide lucrative opportunities for the neurostimulation devices market during the forecast period.

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

Based on product, the Europe neurostimulation devices market is segmented into spinal cord stimulator, deep brain stimulator, sacral nerve stimulator, vagus nerve stimulator, and others. The spinal cord stimulator segment held 50.6% market share in 2022, amassing US$ 869.56 million. It is projected to garner US$ 1,816.09 million by 2030 to expand at 9.6% CAGR during 2022-2030.

In terms of application, the Europe neurostimulation devices market is categorized into pain management, epilepsy, urinary and fecal incontinence, Parkinson's disease, and others. The pain management segment held 52.2% share of Europe neurostimulation devices market in 2022, amassing US$ 896.49 million. It is projected to garner US$ 1,878.46 million by 2030 to expand at 9.7% CAGR during 2022-2030.

By end user, the Europe neurostimulation devices market is segmented into hospitals, specialty clinics, and others. The hospitals segment held 58.7% share of Europe neurostimulation devices market in 2022, amassing US$ 1,008.21 million. It is projected to garner US$ 2,059.01 million by 2030 to expand at 9.3% CAGR during 2022-2030.

Based on country, the Europe neurostimulation devices market has been categorized into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 26.6% share of Europe neurostimulation devices market in 2022. It was assessed at US$ 456.14 million in 2022 and is likely to hit US$ 936.97 million by 2030, exhibiting a CAGR of 9.4% during 2022-2030.

Key players operating in the Europe neurostimulation devices market are Medtronic Plc, Boston Scientific Corp, Abbott Laboratories, Nevro Corp, LivaNova Plc, Synapse Biomedical Inc, ElectroCore Inc, and Mainstay Medical, among others.