Independent European media company, Visiongain, has released its new report, Neurostimulation Devices Market 2023-2033, revealing that the market currently valued at just north of $8,000 million is due to grow at a CAGR of approximately 11.35% over the next decade.
The number one driver for this market growth is expected to be the increased prevalence of neurological disorders such as epilepsy, depression, migraines, and particularly the ones that affect older adults, namely dementia, Alzehiemer’s, and Parkinson’s disease. The geriatric population base, which is gaining members rapidly, will account for an uptick in need for neurostimulation innovations in the line of deep brain stimulators, spinal cord stimulators, and sacral nerve stimulators, among others.
COVID-19, a factor that might be mistaken by a layman as a contributor to this market’s current and future gains, has brought negative consequences, especially in the early days of the pandemic. In that tumultuous period in 2020, healthcare systems put many scheduled surgeries on the backburner with lengthy postponements in favor of treating COVID-19 patients. The demand for neurostimulation technology accordingly dropped, and even if it had happened to be in vogue or more pertinent to COVID-19 treatment, the industry-wide strain on supply chain and distribution networks also extended to neurostimulation companies. The current-day reduction in COVID-19 cases has allowed this negative trend to level off, though, and the role of neurostimulation devices is expected to surge as those delayed surgeries finally get back on schedule.