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Neurostimulation Devices Market Share

ID: MRFR//1663-HCR | 80 Pages | Author: Kinjoll Dey| November 2024

People who are weak, like those with Parkinson's disease (PD) or dystonic patients getting Deep Brain Stimulation (DBS), are more likely to experience long-term stress because of social restriction measures. It was observed that these patients' emotional and physical conditions got worse. When neurostimulators are used to treat neurological diseases, they make it easier for electrical input to reach the right parts of the patient's brain, spinal cord, and peripheral nervous system. These are very useful for addressing a number of illnesses, such as Parkinson's disease, epilepsy, sadness, and movement disorders.
Businesses help get these things to customers. For example, Neuspera Medical announced in April 2023 that the next-generation Neuspera ultra-miniaturized system had been approved by the U.S. Food and Drug Administration (FDA). This system uses a digital base to give neurostimulation treatment. There is also a very small form that is better for patients and helps doctors make more accurate anatomy diagnoses.
The market is being driven by a number of factors, including a growing number of older people, the release of new, high-tech products, rising demand for products used as add-on therapies, and the fact that many people with chronic diseases like migraines and epilepsy still don't have all their medical needs met. Need for minimally invasive surgeries, outside funding for research and development, and a rise in brain and lifestyle-related illnesses are some of the other things that are making the market grow.
Alzheimer's disease is the sixth most common cause of death in the US, according to the American Academy of Neurology. Stroke is the third most common cause of death.
That same source says that at least 60,000 new cases of Parkinson's disease are found every year, which means that about 1 million Americans are affected. Since there are more brain illnesses, there will probably be a fast rise in the need for neurostimulation devices. Companies are also putting more money into research and development to make cutting edge products and technologies, like neurostimulation devices that can be implanted. These are expected to speed up the growth of the market. Neurostimulation device placement is a less invasive process, and the rising demand for these surgeries, which lead to shorter hospital stays and faster healing times, will open up new business opportunities.
For people with different neurological diseases, companies are changing neurostimulation products to fit their needs. Customizing the treatment settings, electrode sites, and programming choices is the best way to help people with a wide range of nerve problems. Companies put a lot of value on strong security and data protection methods because health data is private. Using encryption technology and following privacy rules for healthcare data can give customers and medical staff more faith in the system.
Doing research is important. As a way to show the many reasons why neurostimulation devices work, companies are spending huge amounts of money on thorough research and clinical studies. Good study results help get products approved by regulators and help them get a better place in the market.
Being aware of the patient is very important. Businesses are involved in campaigns to make people more aware of the problem and speak up for patients. These programs try to give people with neurological illnesses the tools they need to find the best treatments, reduce shame, and teach patients about their neurostimulation choices.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2021
Historical Data	2020
Forecast Period	2022-2030
Growth Rate	10.7%

Neurostimulation Devices Market Highlights:

Neurostimulation Devices Market Trends

Neurostimulation Devices Market Analysis

Neurostimulation Devices Market Share

Neurostimulation Devices Companies

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

Neurostimulation Devices Companies

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