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The global neurostimulation devices market size is estimated to grow by USD 6.26 billion at a Compound annual growth rate (CAGR) of 12.19% between 2022 and 2027.
Some public and private organizations are taking the initiative to promote awareness and improve access to healthcare for patients with neurological disorders. The World Health Organization (WHO) works with partners and stakeholders to improve access to healthcare for people with epilepsy. Brain Awareness Week (BAW), which is organized by the Dana Alliance for Brain Initiatives, is a global campaign that aims to improve public awareness about the progress and benefits of brain research. Furthermore, market players such as LivaNova are also taking the initiative to raise awareness about neurological disorders. The company works to increase attention to epilepsy and depression.
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The market share growth by the pain management segment will be significant during the forecast period. The demand for neurostimulation devices is increasing as these devices help in the management of neuropathic pain. Neurostimulation therapy provides relief from neurological pain by disrupting the pain signals between the spinal cord and the brain. The high number of people with chronic pain, especially among the geriatric population, is a major factor in the significant demand for these devices.
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The pain management segment was valued at USD 3.85 billion in 2017. According to the United Nations Digital Library System, there were over 700 million people in 2020 aged 65 years or older, and this population group is expected to double by 2050. Thus, owing to the high prevalence of chronic diseases, the global stimulation devices market is expected to grow significantly during the forecast period.
Implantable neurostimulation devices are implantable and programmable medical devices, which are called neurostimulators. They are used to electrically stimulate specific parts of the peripheral nerve, the spinal cord, or the brain to treat pain or other disorders of the central nervous system (CNS). The most widely used neurostimulation therapies include SCS, SNS, DBS, VNS, GES, and PNS. Furthermore, the growth of the segment will be driven by the increasing prevalence of neurological disorders, the presence of favorable reimbursement policies, technological advances, and the rising adoption of neurostimulators. The growth of the aging population and increasing awareness about the clinical benefits of neurostimulators in developing countries will also drive the growth of the segment, fueling the market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The rapid growth of the market in North America is attributed to the high prevalence of neurological disorders, the presence of favorable reimbursement policies, the rising adoption of advanced devices, and the presence of established market players.
Moreover, the US is the largest contributor of revenue to the market in the Americas. In the US. Several public and private organizations, such as the National Institutes for Health (NIH) and the North American Neuromodulation Society (NANS), are taking the initiative to enhance understanding of neurological disorders. Therefore, the adoption of developed devices is increasing in the US, which in turn will fuel the growth of the regional neurostimulation market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers Proclaim SCS system which is a safe and effective, non-opioid option for managing chronic pain.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The rising prevalence of neurological disorders is an important driver. Neurological disorders caused more than 250 million disability-adjusted life years (DALY) in 2020. Neuropathic pain is one of the most prevalent and undertreated forms of chronic pain. Approximately 1.4% of the population of the US and Europe had some degree of neuropathic pain. This figure includes an estimated 5.6 million people aged 65 years and above and approximately 200,000 individuals under the age of 65 years.
Moreover, the risk of diseases and disorders such as Alzheimer's disease, epilepsy, Parkinson's disease (PD), and stroke increases significantly with age. Devices are vital for the diagnosis and monitoring of neurological disorders and conditions.
Expanding indications of devices is the primary trend in the market. Several devices have recently received approvals for indications and are in ongoing clinical trials to explore their additional therapeutic properties. For instance, Abbott offers the Proclaim DRG Neurostimulator System. It demonstrated sustained and superior pain relief than traditional neurostimulation systems among patients with CRPS of the lower limbs and other neuropathic pain conditions.
Furthermore, endoscopy-based temporary gastric electrical stimulation (GES) has been demonstrated to improve the total symptom scores in non-delayed gastric emptying. Temporary GES also may be useful in patients with nausea and vomiting who are intolerant to medical treatment despite having non-delayed gastric emptying. Thus, the increasing acceptance and regulatory approvals of new indications will increase the demand for devices, fueling the market growth and trends during the forecast period.
The high cost of neurostimulation devices and procedures is a challenge that affects the growth of the market. The average surgical cost of the initial implantation of pulse generators is more than USD 20,000. The mean initial surgical cost of DBS surgeries in the US is around USD 65,000. End-users also have to bear additional costs to maintain these devices, make post-operative device adjustments, and replace their battery.
Furthermore, insurance coverage for novel neurostimulation therapies is limited. Several governmental and private insurers are reluctant to provide coverage for off-label therapies for devices such as DBS and VNS due to a lack of data about their efficacy. The lack of insurance coverage restricts access for patients to neurostimulation therapies, which impedes the growth of the market during the forecast period.
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The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The Neurostimulation Devices Market, driven by implantable medical devices, addresses neural activities for therapeutic purposes. Amidst the challenges posed by SARS-CoV-2, containment measures emphasize the significance of outpatient clinics for vulnerable patients, including dystonic patients. Innovations like Neuspera ultra-miniaturized system and wireless platforms from Neuspera Medical advance technologically advanced products, meeting the demand for treating neurological disorders. Neurostimulation plays a crucial role in managing chronic stress and motor & psychiatric symptoms exacerbated by social restriction measures.
The market witnesses a surge in treating lifestyle-related disorders, including migraines, with external funding supporting minimally invasive surgeries. Manufacturers, in collaboration with the American Academy of Neurology, address highly unmet medical needs for essential tremors, urinary & fecal incontinence, dystonia, gastroparesis, and more. Deep brain, sacral nerve, and vagus nerve stimulators, along with gastric electric stimulators, offer comprehensive solutions. The FDA approval further validates neurostimulation's efficacy in managing urinary incontinence, non-malignant chronic neuropathic pain, Tourette syndrome, refractory epilepsy, cluster headaches, trigeminal neuralgia, movement disorders, and multiple sclerosis. Attention to mechanical failures and post-surgery pains & infections ensures the reliability and safety of neurostimulation devices.
The market growth and forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Neurostimulation Devices Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.19% |
Market growth 2023-2027 |
USD 6.26 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.4 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, UK, Japan, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, ALEVA NEUROTHERAPEUTICS SA, Axonics Inc., Bayer AG, Bioinduction Ltd, Boston Scientific Corp., electroCore Inc., EndoStim Inc, Integer Holdings Corp., LABORIE MEDICAL TECHNOLOGIES CORP., LivaNova Plc, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., NeuroPace Inc., Nevro Corp., Parasym, Perflow Medical Ltd., Soterix Medical Inc., and Synapse Biomedical Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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