Market Size of Europe Neurostimulation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.10 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Neurostimulation Devices Market Analysis
The major factors for the growth of the European neurostimulation market include the growth in the geriatric population and rising prevalence of neurological disorders, increasing demand for minimally invasive surgeries, and technological advancements.
Among the age-related neurodegenerative disorders, Parkinson's disease (PD) is the second-most common, after Alzheimer's disease. According to NHS UK, Parkinson's disease affects around 1 in 500 people. Hence, there are an estimated 127,000 people in the United Kingdom, who are currently living with the condition. Most people with Parkinson's start to develop symptoms when they're over 50, although around 1 in 20 people with the condition, first experience symptoms when they're under 40. Furthermore, neurostimulation devices also play a significant role in pain management. In November 2018, Abbott announced the launch of the new DRG Invisible Trial System, which is approved by the US Food and Drug Administration (FDA) and has received the CE Mark in Europe. Thus, owing to the rising prevalence of neurological diseases and increasing technological advancements, the market is expected to witness high growth over the forecast period.
Europe Neurostimulation Devices Industry Segmentation
As per the scope of this report, neurostimulation therapies include invasive and noninvasive approaches that involve the application of electrical stimulation, to drive neural function within a circuit. The market is segmented by technology, application, and geography.
Europe Neurostimulation Market Size Summary
The European neurostimulation market is poised for significant expansion, driven by several key factors. The increasing geriatric population and the rising prevalence of neurological disorders, such as Parkinson's disease, are central to this growth. The demand for minimally invasive surgeries is on the rise, supported by technological advancements in neurostimulation devices. These devices are also becoming increasingly important in pain management, with innovations like Abbott's DRG Invisible Trial System gaining regulatory approvals in Europe. The market's growth trajectory is further bolstered by the aging demographic in Europe, where age-associated diseases are becoming more prevalent, necessitating advanced treatment options.
The market landscape is moderately consolidated, featuring a mix of small and large players, including prominent companies like Medtronic PLC, Boston Scientific Corporation, and Abbott Laboratories. These companies are at the forefront of developing and deploying neurostimulation technologies, which are gaining traction as effective treatments for conditions such as Parkinson's disease. Deep Brain Stimulation (DBS) therapy, for instance, is widely approved and used to alleviate symptoms of essential tremors and Parkinson's disease across various regions, including Europe. As the prevalence of neurological conditions continues to rise, the market is expected to experience robust growth, driven by both demographic trends and technological innovations.
Europe Neurostimulation Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Geriatric Population and Rising Prevalence of Neurological Disorders
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1.2.2 Rising Demand of Minimally Invasive Surgeries
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1.2.3 Technological Advancements
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1.3 Market Restraints
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1.3.1 Side Effects of Associated Neurostimulation Devices
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1.3.2 Stringent Regulatory Approvals
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Technology
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2.1.1 Internal Neuromodulation
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2.1.1.1 Spinal Cord Stimulation (SCS)
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2.1.1.2 Deep Brain Stimulation (DBS)
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2.1.1.3 Vagus Nerve Stimulation (VNS)
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2.1.1.4 Sacral Nerve Stimulation (SNS)
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2.1.1.5 Gastric Electrical Stimulation (GES)
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2.1.2 External Neuromodulation (Non-Invasive)
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2.1.2.1 Transcutaneous Electrical Nerve Stimulation (TENS)
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2.1.2.2 Transcranial Magnetic Stimulation (TMS)
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2.1.2.3 Respiratory Electrical Stimulation (RES)
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2.2 By Application
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2.2.1 Parkinson's disease
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2.2.2 Epilepsy
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2.2.3 Depression
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2.2.4 Dystonia
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2.2.5 Pain Management
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2.2.6 Other Applications
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2.3 Geography
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2.3.1 Europe
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2.3.1.1 Germany
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2.3.1.2 United Kingdom
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2.3.1.3 France
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2.3.1.4 Italy
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2.3.1.5 Spain
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2.3.1.6 Rest of Europe
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Europe Neurostimulation Market Size FAQs
What is the current Europe Neurostimulation Market size?
The Europe Neurostimulation Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Who are the key players in Europe Neurostimulation Market?
Medtronic PLC, Abbott Laboratories, The Magstim Company Limited, Renishaw PLC and Boston Scientific Corporation are the major companies operating in the Europe Neurostimulation Market.
