Neurostimulator Device Market Size

Neurostimulator Device Market size was valued at USD 11.44 Billion in 2023 and is expected to reach USD 65.76 Billion by the end of 2036, expanding at around 14.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of neurostimulator device is assessed at USD 12.92 Billion. The growth of the market can be attributed to the rising prevalence of chronic diseases. The main causes of disability and mortality are chronic illnesses, which include heart disease, cancer, diabetes, stroke, migraine, epilepsy, and rheumatoid arthritis. Increasing consumption of tobacco and being around smoke, stress, inadequate nutrition, taking meals heavy in salt and saturated fats and deficient in fruits and vegetables, inactivity in the body, and others are a few risk behaviors resulting in the majority of chronic diseases. In 2018, more than 20% of American people had several chronic illnesses.

In addition to these, factors that are believed to fuel the market growth of neurostimulator device include the rising consciousness of neurological disorders. Each year, millions of people are affected by neurological problems, yet many may be completely unaware that they do. Many organizations across the globe are working towards improving the lives of people with neurological disorders. Brain health awareness programs are being launched, which is the first step towards illness prevention. Also, initiatives are being made to spread awareness of how early identification and treatment of neurological disorders may improve the quality of life and care for the patients, and halt the condition's progression.