Neurostimulation devices are surgically implantable, programmable medical devices that provide electrical stimulation to specific regions of the patient’s brain, spinal cord, or peripheral nervous system in order to treat illnesses including chronic pain, epilepsy, and Parkinson’s disease. They are an effective treatment for pain caused by various illnesses, such as unsuccessful back surgeries or diabetic neuropathy.
The market worth for neurostimulation devices in 2021 was USD 4.796 billion and will reach USD 50.7 billion by 2030 at a 12.8% CAGR.
Implantable and external devices are the major products of neurostimulation devices. Transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation are the external devices, and the implantable devices include cochlear implants, deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electric stimulation (TENS). Numerous end-users, including hospitals, rehabilitation facilities, and medical clinics, employ implantable devices for a variety of purposes, including the treatment of pain, epilepsy, essential tremor, urine, and fecal incontinence, depression, dystonia, gastroparesis, and Parkinson’s disease.
The main growth factors for the neurostimulation device market are the rising frequency of neurological disorders, the rising prevalence of diseases linked to a sedentary lifestyle, a strong product pipeline, and an increasingly elderly population. Devices that use neuromodulation have proven to be quite successful in treating Parkinson’s disease and other chronic conditions caused by aging. According to the WHO, depression is a widespread mental illness that affects 300 million people worldwide of all ages. The market for neurostimulation devices is expanding due to expanded target applications and novel indications, rising healthcare costs, rising demand for minimally invasive surgeries, and rising adoption of technologically advanced products.
The biggest obstacles to the expansion of the neurostimulation device market are a lack of qualified specialists and an unfavorable reimbursement environment. The availability of alternative treatments for neurological illnesses and the risks and side effects of neurostimulation therapy are other issues preventing the market from expanding.
Modern products and technologies have been developed in response to the unmet needs of patients and surgeons to improve production efficiency and outcomes. To improve the overall health of patients with neurological disorders and provide improved & creative treatments to meet medical needs in this area, businesses have developed novel products and technology, such as neurostimulation devices.
On the basis of product, the market is segmented into the spinal cord, deep brain, sacral nerve, vagus nerve, and gastric electric stimulators. The spinal cord stimulator segment held the maximum market position in 2021 with 51.5% of revenue share. It is due to the extensive range of product applications and strong market penetration of commercially available devices in this category. This market’s technological development will fuel its growth rate.
The global market has been divided into categories for pain management, epilepsy, essential tremors, incontinence (urinary and fecal), depression, dystonia, gastroparesis, Parkinson’s disease, and others based on application. In 2021, the pain management segment contributed to the largest revenue share of 68.0%. The main factors influencing the growth of this market are the high prevalence of chronic pain diseases and the rising product usage for pain management due to its high therapeutic value. Chronic pain, disk surgery pain, and leg pain are just a few of the illnesses covered in this segment.
North America contributed to the maximum market in 2021 with 60% of the revenue share. The region’s development can be restricted by stringent government rules and an increase in the typical number of days needed for FDA approval. Europe followed North America in terms of revenue share. This rise is due to increase significantly due to the swift economic development of Eastern European nations. Additionally, since obtaining CE approval is simpler than obtaining FDA approval, this region has a greater production penetration rate.
Asia Pacific regional Market will grow at a rapid CAGR during the projection period. Due to the availability of unmet medical needs and untapped development potential, various foreign manufacturers are moving their manufacturing bases to this region, contributing to regional market growth. Furthermore, the market expansion in the APAC region will be aided by the swift economic development of emerging nations like China and India, as well as rising healthcare costs.
- Nevro Corp.
- Jude Medical, Inc.
- Neutronics Inc.
- Aleva Therapeutics SA
- Boston Scientific Corp.
- Medtronic PLC
- ElectroCore Inc.
- Synapse Biomedical Inc.
- NeuroSigma, Inc.
- EndoStim Inc.
- NeuroPace Inc.
The market worth for neurostimulation devices in 2021 was USD 4.796 billion and will reach USD 50.7 billion by 2030 at a 12.8% CAGR. The industry’s rise is driven by the rising prevalence of neurological diseases, chronic pain, and the aging population. The market is partly expanding due to rising investments in R&D for innovative and creative neurostimulation equipment and raising awareness of neurological diseases.