by Non-invasive neurostimulation devices are medical devices that deliver mild electric stimulations to specific parts of the brain or peripheral nervous system without the need for surgery or implants. These devices are used for treating various neurological conditions such as depression, epilepsy, Alzheimer’s, Parkinson’s disease among others. Non-invasive neurostimulation techniques include transcranial magnetic stimulation (TMS), transcranial direct current stimulation (tDCS), and transcutaneous electrical nerve stimulation (TENS).
The Non-Invasive Neurostimulation Devices Market is estimated to be valued at US$ 1.3 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the non-invasive neurostimulation devices are AcuKnee, AxioBionics, Bio Medical Life Systems, HiDow, CEFALY Technology. These players are focusing on developing innovative non-invasive devices and expanding their geographic footprint through mergers and acquisitions.
The market offers significant opportunities owing to the increasing R&D in the field of brain and neural interface along with growing popularity of neurostimulation as an alternative to drug therapy and surgery. Further, increasing awareness regarding non-invasive neurostimulation therapy and favorable reimbursement policies are fueling the market growth.
Globally, North America dominates the non-invasive neurostimulation devices market owing to presence of majority of key players and availability of advanced healthcare facilities in the region. However, Asia Pacific is expected witness fastest growth during the forecast period attributed to growing healthcare expenditure, rising geriatric population and increasing cases of neurological diseases.
Market Drivers
The Non-Invasive Neurostimulation Devices Market is mainly driven by rising preference for non-invasive treatment methods over alternative invasive neurostimulation methods. Non-invasive techniques avoid surgical risks, offer quick relief from symptoms and are less expensive than invasive procedures. Further, growing geriatric population worldwide which is more prone to neurological disorders is also fueling the demand for non-invasive neurostimulation devices.
PEST Analysis
Political: Regulations around the usage of medical devices like non-invasive neurostimulation devices are important to ensure patient safety. Stringent approval processes by regulatory bodies help in product quality control.
Economic: With rising healthcare costs, demand for cost-effective treatment options is increasing. Non-invasive neurostimulation devices offer a relatively affordable solution for various neurological conditions compared to invasive methods.
Social: Growing awareness about mental health issues and availability of new treatment technologies is positively impacting the social acceptance of neurostimulation devices. They provide relief without the stigma of surgical procedures or medications.
Technological: Continuous innovations are enhancing the capabilities of non-invasive neurostimulation devices. Advancements in materials, software, and waveform design are helping improve outcomes for complex neurological and psychiatric disorders. Wireless and wearable form factors are also gaining popularity.
In terms of value, North America holds the largest share of the non-invasive neurostimulation devices market currently due to supportive reimbursement policies and availability of advanced healthcare infrastructure. However, Asia Pacific is expected to grow at the fastest rate during the forecast period aided by increasing healthcare expenditure, growing neurology patient pool, and rising disposable incomes in countries like China and India.
Europe also captures a substantial market stake as neurological disorders are highly prevalent and neurostimulation therapies are well-reimbursed across major countries. Additionally, strong presence of global device manufacturers and ongoing research provide an impetus to regional market growth.
What Are The Key Data Covered In This Non-Invasive Neurostimulation Devices Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Non-Invasive Neurostimulation Devices Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Non-Invasive Neurostimulation Devices Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Non-Invasive Neurostimulation Devices Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Non-Invasive Neurostimulation Devices Market vendors
FAQ’s
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Q.4 Which of the top Non-Invasive Neurostimulation Devices Market companies compare in terms of sales, revenue, and prices?
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
