Non-invasive neurostimulation devices are gaining popularity owing to their ability to modulate nervous system activity without surgery. These devices utilize innovative technologies like transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS) to effectively treat neurological conditions and pain management. By delivering electric currents or magnetic fields to targeted areas of the brain, non-invasive neurostimulation helps restore function and reduce symptoms. The global market for these devices continues to expand as their safety, affordability and portability make neuromodulation therapy more accessible.
The Non-Invasive Neurostimulation Devices Market is estimated to be valued at US$ 1.3 Bn in 2024and 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, BioMedical Life Systems, HiDow, and CEFALY Technology.
The increasing geriatric population suffering from neurological disorders and rising prevalence of neurological conditions present significant growth opportunities. Furthermore, advances in TMS and TENS technologies allow for more effective treatment of complex diseases and wider applications.
Technological innovations are helping optimize neurostimulation therapy. Bi-hemispheric TMS uses two coils to stimulate both sides of the brain simultaneously for better outcomes in depression. Wireless TENS devices offer enhanced patient comfort and compliance.
Market Drivers
The main driver for the non-invasive neurostimulation devices market growth is the rising incidence of neurological and psychiatric disorders globally. Conditions like epilepsy, depression, chronic pain and migraine which are effectively treated with neurostimulation therapies are on the rise. As the world population ages, cognitive impairments will continue fueling demand. Growing awareness is also encouraging more patients and physicians to adopt neuromodulation options.
Current Challenges In The Non-Invasive Neurostimulation Devices Market
The non-invasive neurostimulation devices market is currently facing numerous challenges. One of the key challenges is the lack of awareness about non-invasive neurostimulation therapies among patients as well as healthcare providers. This leads to low adoption rates of these devices in various applications. Another major challenge is the shorter duration of treatment effect associated with non-invasive neurostimulation as compared to invasive techniques. Frequent treatments are needed to sustain clinical outcomes. Regulatory hurdles involving clinical trials to establish long term efficacy and safety also pose difficulties in commercialization and adoption.
SWOT Analysis
Strength: Non-invasive nature makes these devices safer and easier to use compared to implants. Portable devices offer greater flexibility.
Weakness: Shallower depths of stimulation limit these devices to certain surface areas and indications. Shorter duration of treatment effect necessitates frequent use.
Opportunity: Expanding applications in neuropsychiatric conditions and chronic pain management. Growing geriatric population increases target patient base.
Threats: Exposure to intense competition from alternative drug therapies and neuromodulation methods. Regulatory approval delays affect new product launches.
Geographical Regions Analysis
North America accounts for the largest share of the non-invasive neurostimulation devices market currently due to favorable reimbursement policies, rising adoption of neuromodulation therapies and presence of key manufacturers in the region. The Asia Pacific region is poised to emerge as the fastest growing market during the forecast period owing to increasing healthcare expenditures, growing research activities and rising incidence of neuropsychiatric disorders.
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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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile