North America Neurostimulation Devices Market Revenue to cross US$ 5,000.80 million by 2030

At 9.5% CAGR, North America Neurostimulation Devices Systems Market is Speculated to be Worth US$ 5,000.80 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America neurostimulation devices market was valued at US$ 2,422.64 million in 2022 and is expected to reach US$ 5,000.80 million by 2030, registering a CAGR of 9.5% from 2022 to 2030. Rising demand for noninvasive treatment sector and increasing prevalence of neurological disorders are among the critical factors attributed to the North America neurostimulation devices market expansion.

Neurostimulation is a rapidly evolving field that uses targeted electrical, mechanical, magnetic, or thermal stimulation of the nervous system to alter the properties of firing neuronal and internal neuronal connectivity to treat various neurological disorders. Noninvasive neurostimulation devices include electroconvulsive therapy (ECT), transcutaneous electrical nerve stimulation (TENS), transcranial electrical stimulation (TES), transcranial direct current stimulation (tDCS), transcranial alternating current stimulation (tACS), static magnetic stimulation, random sound stimulation, peripheral nerve stimulation, ultrasound, and focused ultrasound (FUS), including cranial nerve stimulation. Noninvasive neurostimulation techniques are the most developed in psychiatry. Patients and healthcare providers increasingly prefer noninvasive or minimally invasive treatment options as they are convenient, painless, safe, and have minimal side effects. In addition, it is widely used in neurological diseases. Noninvasive treatments aim to improve the quality of life and reduce the impact of speech, swallowing, and cognitive problems. Therefore, growing demand for noninvasive treatments would significantly fuel the neurostimulation devices market growth in the future.

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

Based on product, the North America 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 50.5% market share in 2022, amassing US$ 1,222.46 million. It is projected to garner US$ 2,625.07 million by 2030 to expand at 10.0% CAGR during 2022-2030.

In terms of application, the North America neurostimulation devices market is categorized into pain management, epilepsy, urinary and fecal incontinence, Parkinson's disease, and others. The pain management segment held 51.9% share of North America neurostimulation devices market in 2022, amassing US$ 1,258.42 million. It is projected to garner US$ 2,715.64 million by 2030 to expand at 10.1% CAGR during 2022-2030.

By end user, the North America neurostimulation devices market is segmented into hospitals, specialty clinics, and others. The hospitals segment held 58.5% share of North America neurostimulation devices market in 2022, amassing US$ 1,418.10 million. It is projected to garner US$ 2,969.30 million by 2030 to expand at 9.7% CAGR during 2022-2030.

Based on country, the North America neurostimulation devices market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.4% share of North America neurostimulation devices market in 2022. It was assessed at US$ 2,020.48 million in 2022 and is likely to hit US$ 4,212.96 million by 2030, exhibiting a CAGR of 9.6% during 2022-2030.

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