Neurostimulation Devices Market Size, Share & Trends Analysis Report by Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence & Depression), By Product (Spinal Cord Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator & Gastric Electric Stimulator), By Region, And Segment Forecasts, 2023 - 2032
- Published Date:May-2023
- Pages: 116
- Format: PDF
- Report ID: PM3256
- Base Year: 2022
- Historical Data: 2019-2021
Report Summary
The size of the worldwide market for Neurostimulation devices, estimated at 4.80 billion dollars in 2022 is expected to increase at a compound annual growth rate (CAGR) of 12.22% over the course of the forecast period. Using an implantable medical device to modulate and change neural activity for therapeutic reasons is known as neurostimulation. Neurostimulators, the tools used in neuromodulation, and neurostimulation as a procedure are both used terms. The neurological operations of outpatient centres were interfered with as a result of containment measures taken by various governments during the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) pandemic.
Know more about this report: Request for sample pages
The motor & psychiatric symptoms of vulnerable patients, such as those with Parkinson's disease (PD) or dystonic patients with Deep Brain Stimulation (DBS), were found to worsen as a result of social restriction measures. These patients were also at a higher risk of chronic stress. Neurostimulators support the transmission of electrical stimulation to the patient's brain, peripheral nervous system, and spinal cord in order to address neurologic disorders. Movement disorders, epilepsy, Parkinson's disease, chronic pain, and depression are just a few of the illnesses that are treated with these in specific.
Growing geriatric populations, the introduction of technologically advanced products, rising add-on therapy demand, an increase in the prevalence of chronic diseases like migraine and epilepsy, and the existence of significant unmet medical needs in these disease segments are some of the major market-driving factors. The demand for minimally invasive surgeries, external funding for R&D, and the increasing prevalence of neurological disorders and lifestyle-related disorders are additional factors boosting neurostimulation devices market development. Stroke is the third most common cause of mortality in the US, and Alzheimer's disease is the sixth most common, according to the American Academy of Neurology.
According to statistics from the same source, at least 60,000 new cases of Parkinson's are recorded each year, affecting close to 1 million Americans. Thus, it is anticipated that the demand for Neurostimulation devices will soon increase in response to the rising incidence of neurological illnesses. Additionally, manufacturers are increasing their R&D spending to create cutting-edge goods and technologies like implantable Neurostimulation devices, which is predicted to accelerate neurostimulation devices market expansion. Implanting a Neurostimulation device is a minimally invasive procedure, and the market is anticipated to see new growth prospects as a result of the growing demand for such surgeries due to shorter hospital stays and quicker recovery.
The COVID-19 epidemic caused a significant downturn in the Neurostimulation device market, which was exacerbated by labor shortages and supply chain issues. During the early months of the crisis, a number of non-emergency surgical procedures were also delayed. To address the challenges brought on by the pandemic, for instance, the National Health Service hospitals were instructed to briefly halt non-urgent surgeries for at least 3 months. However, with the COVID-19 limitations gradually being relaxed, the industry is expected to experience a steady recovery over the upcoming period.
Additionally, manufacturers are spending money on research and development to create new products with cutting-edge technology, like Medtronic Inc.'s devices that integrate MRI safety and Neurowave Medical Technologies' minimally invasive transdermal neuromodulation technology. According to projections, the Asia Pacific region's market will develop at the fastest rate between 2023 and 2032 due to the region's rapidly expanding economy and rising healthcare costs, particularly in emerging economies like China and India. Unmet medical needs and untapped markets are contributing to the growth of the industry in the area.
Industry Dynamics
Growth Drivers
According to estimates, approximately a billion people worldwide struggle from neurological disorders, and 6.8 million people pass away each year as a result. (Source: WHO). Nerve injuries are greatly influenced by sports-related injuries as well. Athletes sustain injuries at a rate of between 1.6 million and 3.8 million per year, according to the Brain Injury Research Institute. Patients with such neurological diseases and nerve injuries are treated using neuromodulation methods like deep brain stimulation, spinal cord stimulation, and transcutaneous electrical nerve stimulation. As a result, there will be a greater demand for neuromodulation devices in the future due to the high incidence rates of neurological diseases and nerve injuries.
Report Segmentation
The market is primarily segmented based on application, product type and region.
|
By Application |
By Product |
By Region |
|
|
|
Know more about this report: Request for sample pages
In 2022, the spinal cord stimulator segment has dominated the market, accounting for the largest market share.
The spinal cord, deep brain, sacral nerve, vagus nerve, and gastric electric stimulators segments of the global market have been established based on goods. Due to the broad range of product applications and high market penetration of commercially available products in this segment, the spinal cord stimulator segment dominated the market. This market's technological development is anticipated to fuel its growth. Spinal cord stimulators are used to treat non-malignant persistent neuropathic pain because they help numb the discomfort by generating minute nerve impulses without altering the target area's anatomy.
The pain management segment will account for a higher share of the market in forthcoming years
The worldwide market has been divided into categories for pain management, epilepsy, essential tremors, incontinence (urinary and faecal), depression, dystonia, gastroparesis, Parkinson's disease, and others based on application. In 2022, the market's largest revenue belongs to the pain management sector. The main factors influencing the development of this market are the high prevalence of chronic pain disorders and the rising product usage for pain management due to its high therapeutic value. Over the forecast period, the sector is anticipated to continue to grow at the fastest CAGR. Chronic pain, disc surgery pain, and limb pain are just a few of the illnesses covered in this section.
The demand in North America is expected to witness significant growth during projected timeframe
In 2022, North America had the highest revenue share and it is anticipated that it will continue to dominate during the forecast years. The region's development could be hampered by stringent government regulations and an increase in the typical number of days needed for FDA clearance. North America was trailed by Europe in terms of revenue share. This rise is anticipated to increase significantly due to the swift economic development of Eastern European nations. Additionally, since obtaining a CE approval is simpler than obtaining an FDA approval, this area has a higher production penetration rate.
Competitive Insight
Some of the major players operating in the global neurostimulation devices market include Abbott, Bayer AG, Boston Scientific Corporation, Laborie, LivaNova PLC, Neuronetics., NeuroPace, Inc., Nevro Corp., Medtronic, and Synapse Biomedical Inc.
Recent Developments
- In January 2022, Nevro Corp received approval from the United States Food and Drug Administration for expandlabelinging for its Senza Spinal Cord Stimulation (SCS) System for the treatment of Non-Surgical Refractory Back Pain (NSRBP).
- In January 2022, Medtronic received U.S. Food and Drug Administration approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).
Neurostimulation Devices Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 5.22 billion |
|
Revenue forecast in 2032 |
USD 14.74 billion |
|
CAGR |
12.22% from 2023 - 2032 |
|
Base year |
2022 |
|
Historical data |
2019 - 2021 |
|
Forecast period |
2023 - 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
|
Segments covered |
By Application, By Product Type, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Abbott, Bayer AG, Boston Scientific Corporation, Laborie, LivaNova PLC, Neuronetics., NeuroPace, Inc., Nevro Corp., Medtronic, and Synapse Biomedical Inc. |
FAQ's
The neurostimulation devices market report covering key segments are application, product type and region.
The global neurostimulation devices market size is expected to reach USD 14.74 billion by 2032.
The Neurostimulation devices market expected to increase at a compound annual growth rate (CAGR) of 12.22% over the course of the forecast period.
North America is leading the global market.
key driving factors in neurostimulation devices market are rise in prevalence of neurological disorders.
License and Pricing
Purchase Report Sections
- Regional analysis
- Segmentation analysis
- Industry outlook
- Competitive landscape
Connect with experts
Suggested Report
- Global Tattoo Accessories Market Size, Share & Growth Analysis Report, 2023-2032
- Quartz Sink Market Size & Share Global Analysis Report, 2023-2032
- Global Textile Finishing Agents Market Size, Share Analysis Report, 2023-2032
- Aroma Chemicals Market Size, Share Global Analysis Report, 2023-2032
- Global Move To Earn Fitness Apps Market Size, Share & Growth Analysis Report, 2023-2032
© 2023 Polaris Market Research and Consulting. All rights reserved
