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A lot of people want neurostimulation devices because they can help treat more and more nerve illnesses. The market can expect tremendous growth as the demand for these tools has been mounting among people with constant pain, movement disorders, epilepsy, and mental illnesses.
One of the most prevalent neurostimulation types in the market is vagus nerve stimulation. Other types in the market include deep brain stimulation, transcranial magnetic stimulation as well as spinal cord stimulation. Giving people a choice affects the medicines they choose, which changes how the market works for some brain diseases.
A big part of how the market works is with treatments for long-term pain. Nerve stimulators, especially spinal cord stimulators, are a choice for people with chronic pain who don't respond well to regular painkillers. This changes the way the pain management market works. As technology improves, neurostimulation devices get better. The market is changing because of things like smaller sizes, longer battery lives, and better setting options.
Researchers are coming up with new ways to use neurostimulation devices. Some people think that these gadgets could help people who have mental illnesses like OCD and sadness. The market size could grow because of this changing trend, which also changes how treatments are thought of.
Approaches that focus on the customer are becoming more common in the business. Neurostimulation treatments can be customized with personalized programming and settings that can be changed. This affects patient happiness and helps businesses compete in the market.
Increasingly large-scale research and development projects in neurology are making the market bigger. As we learn more about how different diseases affect the brain and how to treat them, new neurostimulation targets and medicinal uses are created, which changes market trends. A growing trend is the combination of neurostimulation gadgets with ways to link to the internet. In the setting of connected healthcare, remote computing, data tracking, and patient interaction apps all make the user experience better and change the way the market works.
A patient support group or an information effort can also change the way the market works. Patients who know about neurostimulation as a treatment choice are better able to make decisions, which can change market trends and patient support.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Application and End User |
Neurostimulation Devices Market Highlights:
Neurostimulation Devices Market Overview
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.
Neurostimulation Devices Market Market Trends
Market Drivers
There are various drivers such as rising cases of neurological disorders that will have a positive impact on the market growth. Some neurological diseases are epilepsy, migraine, Parkinson's disease, and many more. The growing need for technological development for the treatment of neurological diseases will further drive the market.
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.
Neurostimulation Devices Market Segment Insights
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.
- Nevro Corporation
- NeuroPace
- ImThera Medical
- Therapeutics
- LivaNova (Cyberonics)
- SPR Therapeutics
- Autonomic Technologies
- ElectroCore
- NeuroSigma
- Neuros Medical
- Jude Medical
- Neurometrix
- Synapse Biomedical
- Boston Scientific
- BioControl Medical
- Soterix Medical
- Helius Medical
- Abbott
- GiMer Medical
- BlueWind
- Neuronano
- Bioindduction
- MicroTransponder
Recent Developments
- NeuroSigma announced its partnership with a company called Teijin Limited. This partnership enabled Teijin Pharma to have exclusive rights for the TNS system of NeuroSigma in Japan. It also gave the rights for the TNS patent of its non-invasive treatment related to ADHD.
- Medtronic in 2017 partnered with Mercy for the establishment of new analysis and data-sharing network. This will help the company to accumulate clinical evidence for the patient and development of the medical device.
Report Overview
The report overview of the Neurostimulation Devices Market Outlook is as follows.
- Market Overview
- COVID-19 Analysis
- Dynamics of the Market
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Development
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.
Neurostimulation Devices Market Segmentation
Neurostimulation Devices Application Outlook
- Epilepsy
- Depression
- Pain Management
- Gastroparesis
- Parkinson’s disease
- Dystonia
- Fecal Incontinence
- Urinary
- Tremors
- Others
Neurostimulation Devices End-User Outlook
- Cognitive Care
- Research Institutes
- Clinics and Hospitals
- Others
Neurostimulation Devices Type Outlook
- External Devices
- Transcranial Magnetic Stimulator
- Transcutaneous Electrical Nerve Stimulator
- Implantable Devices
- Spinal Cord Stimulators
- Vagus Nerve Stimulators
- Cochlear Implants
- Sacral Nerve Nerve Stimulators
- Gastric Electric Stimulators
Neurostimulation Devices Region Outlook
- Europe
- Americas
- Asia-Pacific
- Africa and the Middle East
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