Neurostimulation Devices Market Size was valued at USD 8.81 Billion in 2023. The Neurostimulation Devices industry is projected to grow from USD 9.86 Billion in 2024 to USD 22.40 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.55% during the forecast period (2024 - 2032).The Neurostimulation device is used for the modulation of the activity of the nervous system. It is done by both non-invasive and invasive techniques. Mainly, the implantable devices are used for the treatment of neurological problems such as Parkinson's disease, epilepsy, depression, tremors, OBC (Obsessive Compulsive Disorder), and others.
Due to various technological developments, it is possible to effectively treat patients suffering from neurological disorders. According to the neurostimulation devices market forecast, the Asia-Pacific region is evaluated to have the fastest growth in the studied forecast period. Also, the increasing investments and other strategic implications by key players are focusing on positively impacting the market.
In May 2023, Abbott received the FDA’s nod for its spinal cord stimulation (SCS) systems that treat chronic back pain in people who are either not eligible for or have not had a back operation. The new indication applies to all of Abbott's SCS products in the country, including the Eterna SCS platform and Proclaim SCS family.
For example, in April 2023, Neuspera Medical revealed that its next-generation Neuspera ultra-miniaturised system had been approved by the U.S. FDA. The system allows neurostimulation therapy through a wireless platform while at the same time providing an ultra-small version for physicians to diagnose deeper anatomy and offer patients a better experience.
On another hand, Biotronik got approval from the FDA for Prospera, which is a spinal cord stimulation (SCS) system. In combination with Embrace One, the system features RESONANCE as the first multiphase stimulation paradigm. This patient-centric model makes proactive care possible by offering automatic, objective, daily remote monitoring and ongoing management and support.
COVID-19 Analysis
The COVID-19 disease had an adverse effect on the growth of the market. It is mainly because the focus of healthcare shifted to treat the affected patients and control the spread. As a result, the patients suffering from other diseases largely suffered. Along with that, it halted the manufacturing of technologically advanced products for the treatment. However, the rising cases of various neurological diseases and control of the virus spread can boost the market growth in the future.
Market Drivers
Restraints
The factor that is restraining the neurostimulation devices market growth is the requirement of high costs for surgeries. Also, the need for an increasing process for technological development will further hamper market growth.
Opportunities
The positive initiatives taken by the key players such as partnerships, acquisitions, mergers are estimated to improve neurostimulation devices market growth.
Challenges
Some challenges such as the low availability of skilled professionals can slow down the market growth. Also, the requirement of advanced infrastructure in various mid-level income countries is a challenging factor.
Value Chain Analysis
The rising technological development and growing cases of neurological disorders will be favorable for the market. The rising demand for the new product will be advantageous for neurostimulation devices market trends. Therefore, the market value will improve simultaneously in the forthcoming years.
The segments of the neurostimulation devices market are divided into application, type, and end-user. Based on application, the Market is segmented into Epilepsy, Depression, Pain Management, Gastroparesis, Parkinson’s disease, Dystonia, Fecal Incontinence, Urinary, Tremors, and Others.
Based on type, the market is segmented into External Devices and Implantable Devices. The implantable devices are further segmented into Spinal Cord Stimulators, Vagus Nerve Stimulators, Cochlear Implants, Sacral Nerve Nerve Stimulators, and Gastric Electric Stimulators. The external devices are further divided into Transcranial Magnetic Stimulator and Transcutaneous Electrical Nerve Stimulator.
Based on end-user segment of the Market is again divided into Cognitive Care, Research Institutes, Clinics and Hospitals, and Others.
Regional Analysis
Based on region, the neurostimulation devices market size is divided into Europe, Americas, Asia-Pacific and Africa, and the Middle East. The Americas is anticipated to hold the largest share in the market. It is divided into North America and Lain America. In 2019, the North Americas region revenue of the market increased to up to USD 4 Billion. The presence of various key players and the rising adoption of less invasive surgical procedures are the crucial reason for the market growth.
Secondly, Europe is depicted to hold the second largest neurostimulation devices market share in the forecast period. Increasing development adoption of new technologies is further leading to significant growth.
Apart from that, the Asia-Pacific region is anticipated to grow at the fastest CAGR in the upcoming years. Developing countries such as China, India are playing a crucial role to enhance growth. Also, significant development by the key players will have a positive effect.
However, Africa and the Middle East region is estimated to have a steady growth in the market. The rising awareness and adoption of new technology are estimated to fuel the market growth.
Competitive Landscape
The Neurostimulation Devices Market is fragmented with the presence of various key players. These key layers use different strategies to improve their market growth. They do market analysis, partnerships, new product development, new ventures, acquisitions, mergers, and many more. Some of the crucial key players in the market are as follows.
Recent Developments
Report Overview
The report overview of the Neurostimulation Devices Market Outlook is as follows.
Report Score and Segmentation
The report score provides the necessary information about the Neurostimulation Devices Market. It highlights the market value, CAGR, opportunities, drivers, challenges, etc. The information covered in this report is gathered from various secondary and primary sources.
| Report Attribute/Metric | Details |
| Market Size | USD 22.40 Billion |
| CAGR | 9.55% |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Autonomic Technologies, Boston Scientific, ElectroCore, ImThera Medical, Inspire Medical Systems, LivaNova (Cyberonics), Medtronic, NeuroMetrix, NeuroPace, Neuros Medical, NeuroSigma, Nevro Corporation, SPR Therapeutics, St.Jude Medical, Synapse Biomedical |
| Key Market Opportunities | joint ventures, strategic alliances, mergers and acquisitions, new product developments along with research and developments |
| Key Market Drivers | Increasing cases of the neurological disorders such as chronic pain and depression high adoption of the Neurostimulation therapy |
Neurostimulation Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The neurostimulation devices market is expected to touch a value of USD 22.40 billion by 2032.
Neuros Medical, NeuroSigma, Autonomic Technologies, Nevro Corporation, SPR Therapeutics, St. Jude Medical, Boston Scientific, Synapse Biomedical, ElectroCore, LivaNova (Cyberonics), Inspire Medical Systems, Medtronic, NeuroPace, ImThera Medical, and NeuroMetrix are major players of the global neurostimulation devices market.
The Americas can contribute the maximum to the global neurostimulation devices market.
High prevalence of neurological disorders is the major driver of the global neurostimuation devices market.
New product launches, mergers, acquisitions, partnerships, and collaborations are major strategies of the global neurostimulation devices market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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