Non-Invasive Neurostimulation Devices Market is Estimated to Witness High Growth Owing to Advancements in Non-Invasive Brain Stimulation Technologies
Non-invasive neurostimulation devices are medical devices used for stimulation of the brain and nervous system without the need for surgery. Some common non-invasive neurostimulation devices include Transcranial Magnetic Stimulation (TMS) devices, Transcranial Current Stimulation (tCS) devices, and Transcutaneous Electrical Nerve Stimulation (TENS) devices. These devices are used to treat various neurological and psychiatric conditions such as depression, Parkinson's disease, epilepsy, chronic pain, and Alzheimer's disease. Non-invasive neurostimulation devices offer advantages such as painless and risk-free procedures compared to invasive neurostimulation techniques. The growing prevalence of neurological and psychiatric disorders worldwide is driving the demand for more effective and safer treatment alternatives like non-invasive neurostimulation.
The Global Non-Invasive Neurostimulation Devices Market is estimated to be valued at US$ 1.8 Billion 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 Neuronix, Hewlett Packard Enterprise, Koninklijke Philips, Soterix Medical, and Neuroelectrics.
The increasing research into non-invasive techniques for treatment-resistant conditions and growing application areas represents significant opportunities in the Non-Invasive Neurostimulation Devices Market.
Advancements in non-invasive brain stimulation technologies like transcranial pulsed ultrasound and transcranial low-intensity focused ultrasound are expected to drive the adoption of neurostimulation devices.
Market Drivers
The increasing geriatric population suffering from neurological disorders is a major factor boosting the demand for non-invasive neurostimulation devices. Neurological and psychiatric conditions are more common in the elderly. Non-invasive devices offer a safe and painless treatment alternative for older patients. The growing awareness about non-invasive neurostimulation therapies and availability of clinical evidence demonstrating their effectiveness in treating various brain disorders is also propelling the market growth.
Current challenges in the non-invasive neurostimulation devices market
The non-invasive neurostimulation devices market is witnessing numerous technological advancements. However, there are still some challenges that need to be overcome. Scientific evidence and clinical studies are still limited for some applications of these devices. Lack of guidelines and regulations also pose challenges in some countries. Device costs are relatively high compared to drug therapies. Ensuring proper reimbursements and coverage is another area that needs attention. Raising awareness about these treatment options and training medical professionals can help address challenges related to adoption. Overall, more clinical research and data is necessary to establish long term efficacy and safety.
SWOT Analysis
Strength: Non-invasive nature makes these devices safer than invasive alternatives. They offer potential benefits without requiring surgery.
Weakness: Effects are temporary and stimulation needs to be ongoing.Deep brain areas cannot be targeted effectively.
Opportunity: Large patient pool for conditions like depression, chronic pain etc.Ageing population will boost demand.
Threats: Competing drug therapies are cheaper and more established.Strict regulations can delay market approvals.
Geographical regions of concentration
In terms of value, the non-invasive neurostimulation devices market is highly concentrated in North America and Europe. This can be attributed to growing awareness, availability of advanced healthcare infrastructure and favorable reimbursements. The United States represents the largest market owing to a high adoption rate of new therapies and presence of key players.
Fastest growing region
The Asia Pacific region is projected to expand at the fastest pace during the forecast period. This is largely due to rising geriatric population, growing incidence of neurological disorders, increasing healthcare investments and expansion activities of leading companies in developing countries. China, India and Japan will be major revenue generators in the future. Improving accessibility and awareness can further aid the market growth trajectory across Asia Pacific.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.