According to the research report titled ‘Global Neurostimulation Device Market Size study, by Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Others), by Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global neurostimulation device market was appraised at USD 4.8 billion valuation and is likely to reach USD 12.3 billion by 2027, recording a 12.5% CAGR during the forecast period.
 

Rising prevalence of chronic conditions such as depression, Parkinson’s disease, and epilepsy, growing elderly population, technological breakthroughs in this business space are some of the key factors driving the growth of global neurostimulation device market.
 

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For those unaware, neurostimulation devices are basically implants which are used as an effective therapeutic solution for managing pain or other medical conditions. These devices are usually installed using non-invasive or invasive procedure and are widely adopted for treating depression, chronic pain and other medical disorders.
 

The outbreak of COVID-19 disease has augmented the demand for neurostimulation devices in a bid to identify and monitor patient’s medical condition. These devices largely help in mitigating the risk of COVID-19 transmission while providing improved patient care, which in turn is favoring the overall market outlook.
 

On the contrary, rising concerns regarding the side effects of such devices coupled with strict regulatory approval policies could refrain the growth of global neurostimulation device industry.
 

Regionally, North America accounts for the highest market share and is likely to continue with its dominance in the upcoming years, owing to growing occurrence of neurological disorders and high concentration of technology-based solution providers.
 

Meanwhile, Asia-Pacific neurostimulation device industry is predicted to expand substantially during the forecast period, primarily due to high unmet medical demands and increased pervasiveness of neurological disorders as well as osteoporosis.
 

Synapse Biomedical Inc., Neuronetics Inc., Nevro Corporation, NeuroPace Inc., Medtronic plc, EndoStim Inc., electroCore Inc., Boston Scientific Corporation, Aleva Neurotherapeutics SA, and Abbott Laboratories are the key participants in global neurostimulation device market.