BCC Research expects the neurostimulation devices market size to expand at a CAGR of 7.4% to reach $11.7 billion by 2028.
The market for neurostimulation devices is rapidly growing and competitive. It's predicted to reach a substantial value of $18.12 billion by 2030, as reported by The Brainy Insights. Several factors are fueling this growth, including the rising prevalence of neurological disorders, a growing demand for less invasive treatments, advancements in technology, and favorable reimbursement policies.
Moreover, the neurostimulation devices market is drawing substantial investments from various sources, including venture capital firms, government agencies, and research institutions. For instance, Nalu Medical, a company focusing on wireless neurostimulation devices for chronic pain, secured $25 million in a Series C funding round in 2022. This funding came primarily from Windham Venture Partners. In 2021, MicroTransponder, specializing in vagus nerve stimulation devices for stroke rehabilitation and tinnitus treatment, received $10 million from the National Institutes of Health (NIH) to conduct clinical trials. Aleva Neurotherapeutics, which develops directional deep brain stimulation devices for Parkinson's disease and other neurological disorders, secured $32 million in a Series E financing round in 2020, led by Omega Funds.
These examples highlight the promise and innovation within the field of neurostimulation. It has the potential to significantly improve the quality of life for millions of people facing various neurological conditions. The increased investment in neurostimulation devices also demonstrates the growing recognition of the value and impact of this technology within the healthcare sector.
Neurostimulation is a rapidly growing field, with a market projected to reach $11.7 billion by 2028 and $18.12 billion by 2030. Key companies like Medtronic, Boston Scientific, Abbott, Nevro, and Neuronetics, are driving innovation to treat various neurological conditions. Notably, substantial investments from venture capital firms, government agencies, and research institutions are fueling this growth, highlighting the potential to improve the quality of life for those with neurological disorders. This reflects the growing recognition of neurostimulation's value in healthcare.
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