South & Central America Neurostimulation Devices Market

The South & Central America neurostimulation devices market was valued at US$ 303.15 million in 2022 and is expected to reach US$ 575.30 million by 2030; it is estimated to register a CAGR of 8.3% from 2022 to 2030.

Growing Advances and Approvals for Neurostimulation Devices Drive South & Central America Neurostimulation Devices Market

Manufacturers are investing a significant amount in developing advanced products and technologies such as implantable neurostimulation devices. Additionally, an increase in Food and Drug Administration (FDA) approvals for novel neurostimulators with new applications are observed in the neurostimulation devices market. Following are a few advances and approvals for the neurostimulation devices, in March 2021, Abbott launched NeuroSphere, a virtual clinic designed to help deep brain stimulation patients program and reset their devices remotely from the comfort of their own homes. In January 2021, Boston Scientific Corporation released the WaveWriter Alpha, a portfolio of Spinal Cord Stimulator (SCS) systems that combine therapy options for personalized pain relief.

Therefore, the rising number of advances and approvals for neurostimulation devices is expected to provide lucrative opportunities for the neurostimulation devices market during the forecast period.

South & Central America Neurostimulation Devices Market Overview

The South & Central America neurostimulation devices market is segmented into Brazil, Argentina, and the Rest of South & Central America. South & Central America occupies a significant position in the market, and the market in the region is estimated to grow during the forecast period. The neurostimulation devices market is driven by factors such as the rising incidence of neurologic disorders and stroke, growing geriatric population, increasing development in the healthcare systems, rising awareness about neurological disorders, and growing product innovations by market players. In Brazil, the aging population is rapidly growing. According to the data from the Pan American Health Organization (PAHO), Brazil has over 30 million people aged 60 years and older, representing 13% of the country's population. By 2030, this age group is expected to reach ~50 million, representing 24% of the Brazilian population. As per the Brazil Statistical Institute, the country's population aged 65 and above is expected to hold a 36% share of the total population of Brazil by 2050. Further, the prevalence of neurological disorders is dependent on the geriatric population in Brazil; thus, the increasing incidence of neurological diseases, such as Parkinson's disease and Alzheimer's disease, is likely to propel the demand for neurostimulation devices for treatment.

South & Central America Neurostimulation Devices Market Revenue and Forecast to 2030 (US$ Million)

South & Central America Neurostimulation Devices Market Segmentation

The South & Central America neurostimulation devices market is segmented based on product, application, end user, and country.

Based on product, the South & Central America neurostimulation devices market is segmented into spinal cord stimulator, deep brain stimulator, sacral nerve stimulator, vagus nerve stimulator, and others. The spinal cord stimulator segment held the largest market share in 2022.

In terms of application, the South & Central America neurostimulation devices market is segmented into pain management, epilepsy, urinary and fecal incontinence, Parkinson's disease, and others. The pain management segment held the largest market share in 2022.

By end user, the South & Central America neurostimulation devices market is categorized into hospitals, specialty clinics, and others. The hospitals segment held the largest market share in 2022.

Based on country, the South & Central America neurostimulation devices market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America neurostimulation devices market share in 2022.

Medtronic Plc, Boston Scientific Corp, Abbott Laboratories, and LivaNova Plc are among the leading companies operating in the South & Central America neurostimulation devices market.

South & Central America Neurostimulation Devices Strategic Insights

Strategic insights for the South & Central America Neurostimulation Devices provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

South & Central America Neurostimulation Devices Report Scope

South & Central America Neurostimulation Devices Regional Insights

The geographic scope of the South & Central America Neurostimulation Devices refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.