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; it is estimated to register a CAGR of 9.7% from 2022 to 2030.
Growing Advances and Approvals for Neurostimulation Devices Drive Asia Pacific Neurostimulation Devices Market
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.
Asia Pacific Neurostimulation Devices Market Overview
The Asia Pacific neurostimulation devices market is subsegmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. The market in Asia Pacific is expected to be the fastest growing among all the regions. The rising awareness regarding neurological disorders among countries such as India, Australia, and South Korea defines the market's growth in the region. The neurostimulation devices market in Asia Pacific is also expected to grow due to the rising development of the medical device industry in countries such as Japan and China. In addition, innovative technology trends in neurology and the rapid adoption of artificial intelligence (AI) and machine learning (ML) are a few factors that drive the market in the region. Furthermore, supportive government initiatives and research in neurology also boost market growth.
Asia Pacific Neurostimulation Devices Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Neurostimulation Devices Market Segmentation
The Asia Pacific neurostimulation devices market is segmented based on product, application, end user, and country. Based on product, the Asia Pacific 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 the largest market share in 2022.
In terms of application, the Asia Pacific neurostimulation devices market is categorized into pain management, epilepsy, urinary and fecal incontinence, Parkinson's disease, and others. The pain management segment held the largest market share in 2022.
By end user, the Asia Pacific neurostimulation devices market is segmented into hospitals, specialty clinics, and others. The hospitals segment held the largest market share in 2022.
Based on country, the Asia Pacific neurostimulation devices market is segmented into the UK, China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific neurostimulation devices market share in 2022.
Medtronic Plc, Boston Scientific Corp, Abbott Laboratories, Nevro Corp, LivaNova Plc, and Mainstay Medical are among the leading companies operating in the Asia Pacific neurostimulation devices market.
1. Medtronic Plc
2. Boston Scientific Corp
3. Abbott Laboratories
4. Nevro Corp
5. LivaNova Plc
6. Mainstay Medical
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