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; it is estimated to register a CAGR of 9.5% from 2022 to 2030.
Increasing Prevalence of Neurological Disorders Fuels North America Neurostimulation Devices Market
Geriatric population is susceptible to neurological diseases. Common neurological disorders affecting older people are neuropathy, Parkinson's disease, Alzheimer's disease, dystonia, and others. As per the National Institutes of Health (NIH), 8.5% of the world's population (i.e., around 617 million people) is aged 65 years and above. Countries such as the US and Canada have high prevalence rates of movement disorders and psychiatric disorders associated with growing geriatric populations. According to the Parkinson's Foundation, Parkinson's symptoms are common at an average age of 60. The Canadian Psychological Association states that obsessive-compulsive disorder (OCD) affects about 2% of the population in Canada. The World Health Organization (WHO) states that epilepsy is a seizure-causing neurological disorder that affects ? 50 million people worldwide. As per the American Academy of Neurology, stroke is the third leading cause of death in the US, followed by Alzheimer's as the sixth leading cause of death. Statistics from the same source show that nearly one million Americans are affected by Parkinson's, and at least 60,000 new cases are reported annually. The growing incidence of neurological diseases coupled with lifestyle-related disorders such as depression and chronic pain leads to the increasing adoption of technologically advanced products. According to the WHO, nervous disorders contribute to ? 6.3% of the global disease burden. Also, according to the same source, the disorders are one of the leading causes of deaths across the world. They cause 13.2% of deaths in developed countries and 16.8% in low- and middle-income countries. High mortality and disease burden necessitate the clinical urgency for integrating long-term solutions. Furthermore, growing awareness regarding the tremendous burden of neurological disorders has increased the demand for neurostimulators as a therapy. Therefore, the growing geriatric population prone to neurological diseases, increasing prevalence of the diseases, and rising awareness regarding the tremendous burden of neurological disorders drive the neurostimulation devices market growth.
North America Neurostimulation Devices Market Overview
The North America neurostimulation devices market is segmented into the US, Canada, and Mexico. North America is expected to hold a significant share of the global neurostimulation devices market owing to the growing prevalence of neurological diseases, high spending on research and development, product approvals by the US Food and Drug Administration (FDA), and technological advances. The rising geriatric population prone to neurological diseases is expected to offer lucrative opportunities for market growth in the region during the forecast period. Further, the growing support from the government to address the rising concerns about brain diseases is expected to boost market growth in the region. In the US, the incidence of neurovascular diseases is rising significantly, and it is among the leading causes of death across the country. Rising incidence of neurological diseases such as Parkinson's disease (PD), increasing awareness about neurological disorders, and growing investments in developing transcranial stimulators are among the main factors driving the overall neurostimulation devices market in the US. Deep brain stimulation (DBS) devices have been observed to control the tremors associated with Parkinson's disease effectively. Low dopamine readings and other genetic factors are among the main causes of Parkinson's disease.
North America Neurostimulation Devices Market Revenue and Forecast to 2030 (US$ Million)
North America Neurostimulation Devices Market Segmentation
The North America neurostimulation devices market is segmented based on product, application, end user, and country.
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 the largest market share in 2022.
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 the largest market share in 2022.
By end user, the North America 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 North America neurostimulation devices market is segmented into the US, Canada, and Mexico. The US dominated the North America neurostimulation devices market share in 2022.
Medtronic Plc, Boston Scientific Corp, Abbott Laboratories, Nevro Corp, LivaNova Plc, Synapse Biomedical Inc, Nalu Medical Inc, ElectroCore Inc, MicroTransponder Inc, and Mainstay Medical are some of the leading companies operating in the North America neurostimulation devices market.
1. Medtronic Plc
2. Boston Scientific Corp
3. Abbott Laboratories
4. Nevro Corp
5. LivaNova Plc
6. Synapse Biomedical Inc
7. Nalu Medical, Inc
8. ElectroCore Inc
9. MicroTransponder Inc
10. Mainstay Medical
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