Neurostimulation Devices Market

Neurostimulation Devices Market Size (2023 to 2028)

The size of the global neurostimulation devices market has been estimated at USD 30.03 billion by 2028 and USD 13.58 billion in 2023, growing at a CAGR of 17.2% CAGR between 2023 to 2028.

Neurostimulation Devices Market Share Insights:

• Based on application, the spinal cord stimulation segment occupied 48.7% of the worldwide market share in 2022.
• North America was the biggest regional segment worldwide and held 54.6% of the global market share in 2022.
• The European held a substantial share of the worldwide market and is estimated to grow at a CAGR of 7.43 billion by 2028.
• The APAC region is predicted to grow the fastest among all regions in the coming years and holds a considerable share of the global market.

MARKET DRIVERS:

The growing patient population suffering from neurological diseases is one of the major factors propelling the neurostimulation devices market growth. The number of people suffering from neurological diseases is growing rapidly over the last several years. WHO says that neurological diseases affect almost 13% of the worldwide population. As per the Global Burden of Disease Study 2019, neurological diseases are one of the major reasons behind the incidence of disability-adjusted life years (DALYs) worldwide. People who are suffering from neurological diseases such as chronic pain, depression and others have been actively looking for alternative treatments from traditional pharmacological approaches which have unwanted side effects and be ineffective in managing their symptoms. To such people, neuromodulation devices can be a safe and effective option and this awareness among the neurological patient population has been increasing gradually over the last few years and driving the adoption of these devices. This trend is anticipated to fuel in the coming years and accelerate the market’s growth rate.

Technological advancements are further contributing to the growth of the neurostimulation devices market. In recent years, technological advancements have significantly improved the effectiveness and safety of neurostimulation devices and played a vital role in boosting the adoption and usage of these devices by healthcare providers and patients. For instance, microelectronic technology has been used in the manufacturing of neurostimulation devices. Such devices can be implanted in the body and controlled wirelessly. This has reduced the need for invasive surgeries significantly. Furthermore, the manufacturers of neurostimulation devices have used the Internet of Things (IoT) in the manufacturing activities of the devices and this has enabled the possibility to connect with other devices and networks and further allowed the healthcare professionals with the required data for the monitoring and to take appropriate changes in the treatment plans.

The growing aging population worldwide is another key factor fuelling the growth rate of the neurostimulation devices market. The risk of diagnosing with neurological diseases such as Parkinson's disease, chronic pain, and epilepsy grows with increasing age and this is resulting in the increasing need for neurostimulation devices. People who are aged are most likely to suffer from chronic pain. WHO says approximately 20% of the aging population worldwide is suffering from chronic pain. As neurostimulation devices are being effective in pain relief and not causing any side effects, the adoption of these devices among the elderly has been picking the pace up over the last few years and the trend is likely to fuel in the coming years and boost the market’s growth rate.

In addition, the presence of favorable reimbursement policies for neurostimulation procedures in many developed countries, rising awareness about the effectiveness of neurostimulation therapies in treating neurological disorders among the healthcare professionals and patient population in various countries, increasing investments by the market participants in the R&D to develop more effective neurostimulation devices and increasing demand for non-invasive neurostimulation devices such as transcranial magnetic stimulators and transcutaneous electrical nerve stimulators favor the market growth. Furthermore, factors such as the growing preference from patients towards minimally invasive surgeries for neurological diseases to avoid the risks associated with invasive surgeries, rising healthcare expenditure by governments and private organizations are leading to better healthcare infrastructure and the availability of advanced neurostimulation devices, growing adoption of personalized medicine, rising adoption of neurostimulation devices in developing countries such as China, India, and Brazil and favorable regulatory environment for the approval of neurostimulation devices positively affecting the market’s growth rate.

MARKET RESTRAINTS:

The high cost of neurostimulation devices is one of the major factors hampering market growth. Due to these high costs, the adoption of these devices by healthcare professionals and patients has been limited in underdeveloped and some developing countries. Limited reimbursement policies for neurostimulation devices in some countries are further inhibiting the market’s growth rate. Poor awareness among healthcare professionals and patients regarding the potential benefits and capabilities of neurostimulation devices in some countries is another significant obstacle to global market growth. In addition, factors such as the presence of alternative treatments such as medications and surgeries, availability issues of neurostimulation devices in some low-income countries and technical issues such as battery life, programming flexibility, and targeting accuracy are further limiting the adoption of these devices and the market’s growth rate.

REPORT COVERAGE:

This research report on the global neurostimulation devices market has been segmented and sub-segmented based on the technology, application, and region.

Neurostimulation Devices Market - By Technology:

• Internal
• External

Based on the technology, the internal segment led the market in 2022 and is expected to continue its dominance in the worldwide market during the forecast period. The segmental growth is majorly driven by the increasing usage of internal neurostimulation devices by the patient population of chronic pain, Parkinson's disease, and epilepsy, increasing preference from healthcare providers and patients for internal neurostimulation devices due to their improved efficacy and safety because of the recent technological developments and rising awareness among healthcare providers and patients regarding the benefits of these devices. In addition, factors such as favorable reimbursement policies for internal neurostimulation devices in many countries, the growing aging population worldwide and rising investments by the market participants in the R&D to develop improved and effective internal neurostimulation devices propel the segment’s growth rate.

On the other hand, the external segment had a considerable share of the worldwide market in 2022 and is expected to grow at a healthy CAGR in the coming years. Factors such as the growing adoption of non-invasive therapies, the cost-effectiveness of external neurostimulation devices compared to internal neurostimulation devices and rising preference from the patients for non-invasive treatments over invasive surgeries or long-term medication use are majorly driving the segmental growth.

Neurostimulation Devices Market - By Application:

• Spinal Cord Stimulation
• Deep Brain Stimulation
• Sacral Nerve Stimulation
• Gastric Electrical Stimulation
• Transcutaneous Electrical Nerve Stimulation
• Transcranial Magnetic Stimulation
• Respiratory Electrical Stimulation

Based on the application, the spinal cord stimulation segment held the largest share of the global market in 2022, and the domination of the segment is estimated to continue dominating the market during the forecast period. The growing patient population worldwide is one of the major factors contributing to segmental growth. The rising preference for SCS devices by healthcare professionals and patients due to the effectiveness and safety of these devices, favorable reimbursement policies for SCS in many countries and increasing adoption of minimally invasive surgeries are further fuelling the growth rate of the segment.

On the other hand, the deep brain stimulation segment is expected to grow at a healthy CAGR in the coming years due to the rise in incidences and the growth of R&D activities worldwide. The segmental growth is further driven by the growing adoption of DBS by healthcare professionals to treat Parkinson's disease and an increasing number of investments by market participants in favor of DBS.

Neurostimulation Devices Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • United Kingdom
  • Germany
  • Italy
  • Spain
  • France
  • Rest of EU
• Asia-Pacific
  • India
  • China
  • Japan
  • Australia
  • New Zealand
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of Latin America
• The Middle East and Africa

Geographically, North America held the major share of the worldwide market in 2022 and is expected to hold a promising occupancy in the global market during the forecast period due to factors such as rising healthcare expenditure and the presence of leading neurostimulation device manufacturers in the region. In addition, the rising prevalence of neurological disorders, such as chronic pain, epilepsy, and depression and the growing investments in R&D activities to develop advanced neurostimulation devices by the market participants and government organizations further fuel the growth rate of the North American market. Furthermore, favorable reimbursement policies and growing awareness among patients about the benefits of neurostimulation devices, rising adoption of minimally invasive surgeries and the availability of advanced healthcare infrastructure favor the growth rate of the North American market. The U.S. neurostimulation devices market captured the major share of the North American market in 2022, followed by Canada and the same trend is expected to continue throughout the forecast period. The growing chronic pain patient population is one of the notable factors driving the U.S. market growth. As per the data published by the National Institutes of Health (NIH), an estimated 50 million people in the U.S. are suffering from chronic pain. On the other hand, the Canadian market is predicted to grow at a healthy CAGR during the forecast period owing to increasing awareness and acceptance of neurostimulation therapies.

The European neurostimulation devices market had the second-largest share of the worldwide market in 2022 and is expected to grow at a healthy CAGR in the coming years. Factors such as the presence of key market players and sophisticated healthcare infrastructure, the growing prevalence of neurological disorders in Europe and favorable reimbursement policies for neurostimulation devices primarily drive the European market growth. As per the statistics published by the European Brain Council, approximately 220 million people in Europe suffer from neurological diseases. The growing awareness and acceptance of neurostimulation therapies, increasing demand for technologically advanced neurostimulation devices, rising government support for R&D activities and increasing investments by the market participants in R&D activities to innovative advanced neurostimulation devices further boost the regional market growth. Germany occupied the largest share of the European market in 2022 and is expected to grow at a notable CAGR during the forecast period.

The Asia-Pacific neurostimulation devices market is also estimated to progress at an outstanding CAGR during the forecast period. Factors such as the growing patient population suffering from neurological disorders, such as chronic pain, epilepsy, and Parkinson's disease, the increasing aging population, rising adoption of minimally invasive surgeries, increasing healthcare expenditure, and rising awareness about neurostimulation therapies primarily drive the regional market growth. Furthermore, the growing number of investments by the market participants in R&D activities and increasing government support for the development of advanced healthcare infrastructure, favorable reimbursement policies in countries such as Japan and Australia and rising number of clinical trials and increasing demand for innovative and advanced neurostimulation devices promote the market’s growth rate of APAC. China held the major share of the APAC market in 2022 and is expected to continue the lead during the forecast period owing to the growing patient population of chronic pain. As per the data published by the Asia-Pacific Journal of Public Health, approximately 70 million people in China are suffering from chronic pain. During the forecast period, India, Japan and Australia are predicted to hold a considerable share of the APAC market.

The neurostimulation devices market in Latin America is estimated to grow at a steady CAGR during the forecast period. The growing healthcare expenditure, increasing adoption of advanced healthcare technologies, rising awareness about the benefits of neurostimulation therapies and favorable government policies and growing investment in healthcare infrastructure are driving the Latin American market growth. Brazil held the major share of the Latin American market in 2022 and is expected to hold a promising occupancy in the Latin American market during the forecast period.

The MEA neurostimulation devices market is predicted to hold a moderate share of the worldwide market in the coming years.

KEY MARKET PLAYERS:

Notable market participants dominating the global neurostimulation devices market are Abbott, Bayer AG, Boston Scientific Corporation, IntraPace, Inc., Laborie, Inc., LivaNova PLC, Medtronic, Neuronetics, Inc., NuroPace Inc., Nevro Corp., and SPR Therapeutics.

RECENT HAPPENINGS IN THIS MARKET:

• In March 2023, Sooma Medical, a finland based company that offers effective brain stimulation treatments for psychiatric and neurological disorders gained Breakthrough Device designation by the US Food and Drug Administration (FDA) for their portable, patient-administered neuromodulation device to treat depression.
• In 2019, a partnership was made by NeuroSigma with Teijin Limited in Japan. This partnership helps to have exclusive rights of the core company of Teijin healthcare business.
• In 2018, an agreement was made by Abbot with the National Institutes of Health (NIH) in the US. Abbott will provide information on neuromodulation technologies, including directional SCS, DRG, and DBS therapies, to explore the application of chronic pains with progressive movement disorders.
• In 2017, an agreement about a partnership was made by Medtronic with Mercy in the US for establishing a new data sharing and analysis network to gather clinical shreds of evidence for medical device innovation and access to patients.