Europe Neurostimulation Devices Market Research Report – Segmented By Technology, Application, & Country (United Kingdom, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands and Rest of Europe) - Industry Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029)

Updated On: January, 2024
ID: 11648
Pages: 100

Europe Neurostimulation Devices Market Size (2023 to 2028)

The Europe Neurostimulation Devices Market size is estimated to grow at a healthy CAGR during the forecast period.

The aging population and increased prevalence of neurological disorders, increased demand for minimally invasive operations, and technological advancements drive the European neurostimulation market forward. Instead, research on the application of neurostimulators in disease management, such as obsessive-compulsive disorders, interstitial cystitis, and asthma, is ongoing. It is projected to generate economic prospects in future years to grow the market for neurostimulators. Increased prevalence of lifestyle diseases, including depression and chronic pain, as well as an increase in the number of neurological illnesses and investment in R&D, are driving the market for European neurostimulation devices to expand.

The adoption rate of these gadgets in the market is expected to increase as new technologies for restoring vision and assisting movement in paralysis become available. Technological advancements, such as the nervous system stimulator device, allow patients to treat various nerve disorders, accelerating the expansion of the neurostimulation device industry. As a result, neurostimulation is commonly employed in minimally invasive surgical procedures. The European Neurostimulation devices market is predicted to increase significantly as a result of this.

Adverse effects such as allergic reactions or tingling or prickling of the skin are predicted to limit European neurostimulation devices' market expansion and costs. In addition, the market's growth is limited by the availability of various therapeutic choices such as pharmaceutical treatments and operational operations. Neurostimulation risks and the availability of other treatment alternatives for neurological disorders are some of the negative factors that are anticipated to hinder market expansion. The major challenges faced by companies involved in the production of neurological devices are the delay in regulatory approvals and the high cost of interventional devices.

COVID-19 Impact on Europe Neurostimulation Devices Market:

Since the COVID-19 viral pandemic in December 2019, the disease has spread to nearly every country in the world, causing the World Health Organization to declare it a public health emergency. For treating chronic pain, movement disorders, epilepsy, and Parkinson's disease, neurostimulation devices deliver electrical stimulation to specific parts of the patient's brain, spinal cord, or peripheral nervous system. The growth of Europe's Neurostimulation devices is primarily due to companies rearranging their operations and recovering from the impact of COVID-19, which had previously resulted in restrictive containment measures such as social distancing, remote working, and the closure of commercial activities, all of which created operational challenges.

This research report on the European neurostimulation devices market has been segmented and sub-segmented into the following categories.

By Technology:

  • Internal
  • External

By Application:

  • Spinal Cord Stimulation
  • Deep Brain Stimulation
  • Sacral Nerve Stimulation
  • Gastric Electrical Stimulation
  • Transcutaneous Electrical Nerve Stimulation
  • Transcranial Magnetic Stimulation
  • Respiratory Electrical Stimulation

By Country:

  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Russia
  • Sweden
  • Denmark
  • Switzerland
  • Netherlands
  • Turkey
  • Czech Republic
  • Rest of Europe

The European market had accounted for a significant share in the global neurostimulation devices market in 2022. The expansion is predicted to be aided by fast economic development and enhanced technical usage. The market in Europe is growing due to a rise in the number of people affected by chronic pain and increased public awareness and coverage of neurostimulation devices. Because of the increased preference for new technologies and innovations, the neurostimulation devices market in Europe is likely to rise at a rapid pace during the forecast period. Furthermore, compared to drug therapy, the clinical evidence for neurostimulation devices is expected to grow with time. Over the upcoming years, Germany is expected to increase at the fastest rate. Depression among teenagers is on the rise. According to a German health insurance firm, around 480,000 German students suffer from mental disorders. This has resulted in an increase in medical expenses for the treatment of various disorders, presenting the attractive potential for the neurostimulation device market to expand. The high prevalence of Alzheimer's disease in Spain is expected to increase the demand for neurostimulation devices. The country is attempting to enhance the patients' overall quality of life.

KEY MARKET PLAYERS:

Companies dominating the European neurostimulation devices market profiled in this report are Abbott Laboratories, Aleva neurotherapeutics SA, Boston scientific corporation, ElectroCore Inc., EndoStim Inc., Medtronic plc, Nevro Corporation, Neuronetics Inc., NeuroSigma, Inc., and Synapse Biomedical Inc.

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