The global neurostimulation devices market size is expected to reach USD 16.31 billion by 2032, is expected to increase at a CAGR of 12.22% over the course of the forecast period.
The neurostimulation devices market refers to the segment of medical devices designed to alter nerve activity through electrical impulses. These devices are primarily used in the treatment of neurological disorders such as chronic pain, Parkinson’s disease, epilepsy, depression, and migraine. Neurostimulation devices work by sending electrical impulses to specific areas of the brain or spinal cord to modulate neural activity, offering a non-pharmacological alternative to traditional drug therapies.
The market for neurostimulation devices has gained significant traction due to rising prevalence of neurological conditions, advancements in technology, and increasing acceptance of non-invasive treatment options. The devices are categorized based on the treatment areas, including spinal cord stimulation, deep brain stimulation, transcranial magnetic stimulation, and others.
The market is expected to continue its growth trajectory as demand for effective treatment options increases, driven by an aging global population, greater awareness of neurological diseases, and improved healthcare infrastructure.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
Competitive Insight
Some of the major players operating in the global neurostimulation devices market include
- Abbott,
- Bayer AG,
- Boston Scientific Corporation,
- Laborie,
- LivaNova PLC,
- ,
- NeuroPace, Inc.,
- Nevro Corp.,
- Medtronic, and
- Synapse Biomedical Inc.
Market’s Growth Drivers
Several factors contribute to the growth of the neurostimulation devices market:
- Rising Prevalence of Neurological Disorders: The global incidence of neurological diseases such as Alzheimer’s disease, Parkinson’s disease, chronic pain, and epilepsy is rising. This increase in the number of patients needing treatment has propelled the demand for neurostimulation devices as alternative therapeutic options.
- Technological Advancements: Continuous innovation in neurostimulation technology, such as improvements in device miniaturization, wireless connectivity, and battery life, has led to better device functionality and patient comfort. The development of closed-loop systems that automatically adjust stimulation based on feedback from the brain or spinal cord has further enhanced the therapeutic potential of these devices.
- Non-Invasive Treatment Preferences: Non-invasive procedures like transcranial magnetic stimulation (TMS) or deep brain stimulation (DBS) have become increasingly popular due to their ability to treat chronic conditions without the need for surgeries or pharmaceuticals. This has created a strong market demand for neurostimulation technologies.
- Aging Population: The world’s population is aging, leading to a greater demand for healthcare services, particularly for those suffering from age-related neurological disorders. Neurostimulation devices offer a non-pharmacological alternative that is suitable for older patients who may have limited options for treatment.
- Cost-Effectiveness and Improved Reimbursement: As healthcare providers and insurance companies recognize the long-term benefits and cost-effectiveness of neurostimulation devices, reimbursement policies have become more favorable. This makes the devices more accessible to a broader patient demographic.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Neurostimulation Devices Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Pain Management
- Epilepsy
- Essential Tremor
- Urinary and Fecal Incontinence
- Depression
Neurostimulation Devices Market, Product Outlook (Revenue – USD Billion, 2019-2032)
- Spinal Cord Stimulator
- Deep Brain Stimulator
- Sacral Nerve Stimulator
- Vagus Nerve Stimulator
- Gastric Electric Stimulator
Key Trends in the Neurostimulation Devices Market
- Increasing Popularity of Wearable Neurostimulation Devices: Wearable neurostimulation devices are gaining attention due to their portability and ease of use. These devices allow patients to manage their condition from the comfort of their homes, thereby improving patient adherence and quality of life.
- Advancement in Implantable Neurostimulation Systems: Implantable neurostimulation systems, such as spinal cord stimulators (SCS) and deep brain stimulators (DBS), are evolving to offer greater precision and customization. With the introduction of closed-loop systems, these devices can adjust their stimulation levels based on real-time feedback, improving therapeutic outcomes.
- Expanding Applications Beyond Neurological Disorders: The scope of neurostimulation is expanding beyond traditional neurological indications. Emerging applications include the treatment of psychiatric conditions like depression and anxiety, as well as non-neurological disorders such as chronic migraines and obesity.
- Increased Focus on Personalized Medicine: With advancements in precision medicine, there is growing interest in personalized neurostimulation therapies. Customizing treatment plans based on the individual patient’s neurological profile and condition is expected to become a prominent trend in the neurostimulation devices market.
- Regulatory Approvals and Clinical Trials: Ongoing clinical trials and regulatory approvals are accelerating the availability of new neurostimulation technologies. Regulatory agencies like the FDA and EMA are approving devices for new indications, further expanding the market’s growth.
Research Scope
The scope of research in the neurostimulation devices market is vast, focusing on both technological innovations and clinical applications. Key areas of research include:
- Enhancing Device Performance: Research on improving the effectiveness, efficiency, and ease of use of neurostimulation devices continues to be a priority. This includes optimizing battery life, reducing device size, and enhancing connectivity.
- Exploring New Indications: The exploration of neurostimulation for conditions like depression, anxiety, and chronic migraines is an emerging field. Researchers are investigating the neurobiological mechanisms behind neurostimulation’s therapeutic effects on these disorders.
- Personalized Approaches to Neurostimulation: Studies on how to tailor neurostimulation therapies to individual patients, based on factors such as genetics, brain activity, and disease progression, are expected to grow.
- Long-Term Efficacy and Safety: Evaluating the long-term safety and efficacy of neurostimulation devices is crucial. Research is being conducted on the durability of implanted devices, the potential side effects, and the overall effectiveness in managing chronic neurological conditions.
- Alternative and Non-Invasive Methods: The development of non-invasive neurostimulation methods, such as transcranial direct current stimulation (tDCS) and transcranial magnetic stimulation (TMS), is an active research area. These technologies could offer cost-effective and less invasive alternatives to traditional neurostimulation therapies.
Future Scope
The future of the neurostimulation devices market looks promising, with several factors expected to drive further growth:
- Integration with Artificial Intelligence (AI): AI-powered neurostimulation devices will be capable of offering more personalized and adaptive therapies. By utilizing AI algorithms, these devices can learn from a patient’s condition over time and adjust stimulation levels in real-time for optimal results.
- Increased Focus on Home Healthcare: As remote healthcare continues to grow, the demand for home-based neurostimulation devices will rise. This shift could lead to greater patient autonomy and reduced healthcare costs, as patients would be able to manage their conditions without frequent hospital visits.
- Collaborations and Mergers: To enhance innovation and accelerate market growth, established medical device companies are likely to collaborate with startups and research institutions. This will facilitate the development of next-generation neurostimulation devices and expand their applications.
- Expanding Global Market: As healthcare infrastructure improves in emerging markets, neurostimulation devices will become more accessible to a broader population. Rising disposable incomes, increasing awareness of neurological diseases, and better healthcare access will drive market expansion in Asia-Pacific, Latin America, and Africa.
- Regulatory Advances: As regulatory frameworks for neurostimulation devices evolve, approval processes will become more streamlined, facilitating faster market access for new devices. Furthermore, as more countries adopt policies to reimburse neurostimulation therapies, the market’s growth potential will increase.
Recent Developments
- In January 2022, Nevro Corp received U.S. Food and Drug Administration (FDA) approval for expanded labeling of its Senza Spinal Cord Stimulation (SCS) System for the treatment of Non-Surgical Refractory Back Pain (NSRBP).
- In January 2022, Medtronic obtained FDA approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator, both designed for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).
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.