Neurostimulation Devices Market Size 2024-2028
The neurostimulation devices market size is forecast to increase by USD 7.29 billion at a CAGR of 12.7% between 2023 and 2028.
- The market is experiencing significant growth, driven by the rising prevalence of neurological disorders and expanding indications for neurostimulation devices. Neurological disorders, such as Parkinson's disease, epilepsy, and chronic pain, affect millions of people worldwide, creating a substantial demand for effective treatment options. Neurostimulation devices, which use electrical impulses to stimulate nerves and modify brain activity, offer promising solutions for managing these conditions. However, the market growth is not without challenges. The high cost of neurostimulation devices and procedures remains a significant barrier to widespread adoption. Despite these challenges, opportunities exist for companies to capitalize on market trends and navigate challenges effectively.
- For instance, developing cost-effective solutions through technological advancements and collaborations with healthcare providers could help make neurostimulation devices more accessible to patients. Additionally, expanding indications for neurostimulation devices into new therapeutic areas, such as mental health disorders, could open up new revenue streams and broaden the market scope. Overall, the market presents a compelling investment opportunity for companies seeking to innovate and address the unmet needs of patients with neurological disorders.
What will be the Size of the Neurostimulation Devices Market during the forecast period?
- The market encompasses a range of implantable medical devices used to treat various neurological disorders. These devices, including spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, and sacral nerve stimulators, employ neuromodulation techniques to alleviate symptoms of conditions such as Parkinson's disease, dystonia, chronic pain, overactive bladder syndrome, and neurological injuries. Neurostimulation devices offer an alternative to traditional surgical treatments and drug therapies for managing neurological disorders. The market is experiencing significant growth due to the increasing prevalence of neurological diseases, such as Alzheimer's and stroke, and the rising demand for minimally invasive procedures.
- The market's expansion is also driven by advancements in technology, enabling the development of more effective and patient-friendly devices. Reimbursement policies and healthcare providers' growing acceptance of neurostimulation devices further contribute to the market's growth. Despite these positive trends, challenges remain, including regulatory requirements and the need for continuous innovation to address the diverse needs of patients.
How is this Neurostimulation Devices Industry segmented?
The neurostimulation devices industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Product
- Implantable neurostimulation devices
- External neurostimulation devices
- Application
- Pain management
- Urinary and fecal incontinence
- Parkinson's disease
- Epilepsy
- Movement disorders
- Chronic migraines
- Others
- Type
- Invasive
- Non-Invasive
- Geography
- North America
- US
- Canada
- Europe
- Germany
- Italy
- Netherlands
- UK
- Asia
- Australia
- China
- Japan
- South Korea
- Rest of World (ROW)
- North America
By Product Insights
The implantable neurostimulation devices segment is estimated to witness significant growth during the forecast period.
Neurostimulation devices, a type of implantable medical technology, function as programmable and electrically stimulating medical tools for the central nervous system (CNS). These neurostimulators are utilized to stimulate specific areas of the peripheral nerve, spinal cord, or brain, offering relief from various neurological disorders and chronic pain. Notable neurostimulation therapies include spinal cord stimulation (SCS), sacral nerve stimulation (SNS), deep brain stimulation (DBS), vagus nerve stimulation (VNS), gastric electric stimulation (GES), and peripheral nerve stimulation (PNS). SCS, also known as dorsal column stimulation (DCS,) involves the use of a small spinal cord stimulator to deliver low-voltage electrical current continuously to the spinal cord or specific nerves, thereby blocking pain signals from reaching the brain.
Neurological conditions treated with neurostimulation devices encompass essential tremors, arthritis, Parkinson's, dystonia, migraine, depression, chronic pain, nerve injuries, osteoarthritis, and other neurovascular disorders. The regulatory approval process for these devices is rigorous to ensure safety and efficacy. Neurostimulation devices offer an alternative to invasive procedures and drug therapies, making them an essential tool for healthcare providers in managing neurological diseases and chronic conditions, particularly in the geriatric population base.
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The Implantable neurostimulation devices segment was valued at USD 4.76 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
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 shape the market during the forecast period.
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The market in North America is experiencing significant growth due to the high prevalence of neurological disorders such as essential tremors, Parkinson's disease, dystonia, migraine, and epilepsy, among others. Favorable reimbursement policies and the increasing adoption of advanced neurostimulation devices, including sacral nerve stimulators, transcutaneous electrical nerve stimulators (TENS), vagus nerve stimulators, and deep brain stimulators (DBS), are key factors driving market expansion. Initiatives to raise awareness about neurological disorders, the growth of the North American economy, and rising healthcare expenditure are also contributing to market growth. The US, as the largest contributor to the market in the Americas and a significant contributor globally, benefits from favorable reimbursement policies, a large geriatric population base, and high healthcare spending.
Neurostimulation devices are used to treat various conditions, including chronic pain, musculoskeletal disorders, gastroparesis, depression, and neurovascular embolization. Market growth is further fueled by the development of neurotech devices for pain management, nerve injuries, and neurovascular devices for stroke and Alzheimer's disease. The regulatory approval process for neurostimulation devices is stringent, ensuring their safety and efficacy. Neuspera Medical, a leading neurostimulation device manufacturer, offers innovative solutions for essential tremor, urinary incontinence, and chronic pain. Healthcare providers and patients increasingly recognize the benefits of neurostimulation devices in managing neurological disorders and chronic diseases.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise in the adoption of Neurostimulation Devices Industry?
- Rising prevalence of neurological disorders is the key driver of the market.
- Neurological disorders, including neuropathic pain, Alzheimer's disease, epilepsy, Parkinson's disease, and stroke, are a significant global health concern. In 2020, these conditions accounted for over 250 million disability-adjusted life years (DALY), and nearly one in every five people worldwide experienced chronic pain. Neuropathic pain, a common form of chronic pain, affected approximately 1.4% of the population in the US and Europe. This figure includes over 5.6 million people aged 65 and above and around 200,000 individuals under 65. The risk of these diseases and disorders increases significantly with age. Neurostimulation devices have emerged as a promising solution for managing various neurological conditions, including chronic pain and epilepsy.
- These devices work by delivering electrical impulses to the affected areas of the nervous system, modifying the body's response to pain or abnormal nerve activity. The market for neurostimulation devices is expected to grow due to the increasing prevalence of neurological disorders and the effectiveness of these devices in managing symptoms.
What are the market trends shaping the Neurostimulation Devices Industry?
- Expanding indications of neurostimulation devices is the upcoming market trend.
- Neurostimulation devices have gained significant attention in due to their potential in treating various neurological conditions, including chronic pain. Historically, treating neuropathic pain conditions, which stem from tissue and nerve damage or disruption of the peripheral nervous system or central nervous system, has been challenging. Traditional therapies such as medication, opioids, and ry have shown limited success in alleviating pain in patients with such conditions. Abbott's Proclaim DRG Neurostimulator System is an example of an advanced neurostimulation device that has demonstrated superior pain relief compared to traditional systems. This system, which has received approvals for specific indications and is undergoing clinical trials for additional therapeutic properties, has shown sustained pain relief for patients with complex regional pain syndrome of the lower limbs and other neuropathic pain conditions.
- The market for neurostimulation devices is expected to grow due to the increasing number of approvals and clinical trials for these devices, providing new treatment options for patients with previously untreatable conditions.
What challenges does the Neurostimulation Devices Industry face during its growth?
- High cost of neurostimulation devices and procedures is a key challenge affecting the industry growth.
- Neurostimulation devices, a niche market, face limitations due to their high cost, which hinders their adoption in various developing countries. The initial implantation of pulse generators costs over USD20,000 on average, while Deep Brain Stimulation (DBS) ries in the US can range from USD65,000 to USD100,000 for bilateral procedures. Spinal Cord Stimulation (SCS) systems cost approximately USD18,000, and a Vagus Nerve Stimulation (VNS) device and lead implantation cost between USD25,000 and USD30,000. End-users bear additional costs for device maintenance, post-operative adjustments, and battery replacement.
- For instance, the battery replacement cost for DBS therapy can reach USD10,000-USD20,000 within the first 36 months post-implantation. These expenses pose significant challenges for potential buyers, making it essential for market players to explore cost-effective solutions and financing options.
Exclusive Customer Landscape
The neurostimulation devices market forecasting 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 neurostimulation devices market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, neurostimulation devices market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Abbott Laboratories - Neurostimulation devices, including the Proclaim SCS system, provide a safe and effective, non-opioid alternative for managing chronic pain. These advanced medical solutions utilize electrical pulses to modulate pain signals, enabling patients to experience significant pain relief without relying on opioids. By targeting specific nerves, neurostimulation devices offer a personalized approach to pain management, providing long-term benefits for individuals suffering from various types of chronic pain conditions. This non-invasive and reversible therapy carries a low risk of side effects, making it a preferred option for those seeking an alternative to traditional pain management methods.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Abbott Laboratories
- ALEVA NEUROTHERAPEUTICS SA
- Axonics Inc.
- Bayer AG
- Bioinduction Ltd
- Boston Scientific Corp.
- electroCore Inc.
- EndoStim Inc
- Integer Holdings Corp.
- Laborie
- LivaNova PLC
- Medtronic Plc
- NeuroMetrix Inc.
- NEURONETICS Inc.
- NeuroPace Inc.
- Nevro Corp.
- Parasym
- Perflow Medical Ltd.
- Soterix Medical Inc.
- Synapse Biomedical Inc.
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 industry 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.
Research Analyst Overview
Neurostimulation devices have gained significant attention in the healthcare industry due to their effectiveness in managing various neurological conditions. These devices utilize electrical or magnetic signals to modify the activity of the nervous system, providing relief for individuals suffering from chronic pain, movement disorders, and other neurological conditions. The neurostimulation market is driven by the increasing prevalence of neurological disorders and the growing demand for minimally invasive treatment options. Neurological disorders, such as essential tremors, dystonia, Parkinson's disease, epilepsy, and Alzheimer's disease, affect millions of people worldwide. These conditions often result in debilitating symptoms that significantly impact patients' quality of life.
Neurostimulation devices offer a viable alternative to traditional procedures and drug therapies, providing targeted relief with minimal side effects. For instance, sacral nerve stimulation is an effective treatment for overactive bladder syndrome and fecal incontinence. Transcranial magnetic stimulation is used to treat depression and migraines, while deep brain stimulation is an established therapy for Parkinson's disease and dystonia. The regulatory approval process for neurostimulation devices is rigorous, ensuring their safety and efficacy. Neurostimulation devices undergo extensive clinical trials to demonstrate their benefits and risk-benefit profile. Regulatory agencies, such as the Food and Drug Administration (FDA), closely monitor the development and marketing of these devices to ensure they meet the highest standards of quality and safety.
Neurostimulation devices can be broadly categorized into internal and external neuromodulation. Internal neuromodulation involves the implantation of a device, such as a spinal cord stimulator or a vagus nerve stimulator, which delivers electrical signals directly to the nervous system. External neuromodulation, on the other hand, involves the use of transcutaneous electrical nerve stimulation (TENS) or transcranial magnetic stimulation, which stimulates the nervous system through the skin. The market for neurostimulation devices is expected to grow significantly due to the increasing geriatric population base and the rising prevalence of chronic diseases. Elderly people are more susceptible to neurological disorders, such as Parkinson's disease, Alzheimer's disease, and essential tremors.
Neurostimulation devices offer a minimally invasive treatment option for these conditions, making them an attractive alternative to surgical treatments. Emerging countries are expected to contribute significantly to the growth of the market. These countries have large populations with a high prevalence of neurological disorders and a growing awareness of the benefits of neurostimulation devices. Additionally, the increasing availability of reimbursement options and the growing presence of healthcare providers specialized in neurostimulation therapies are expected to drive market growth in these regions. In , the market is poised for significant growth due to the increasing prevalence of neurological disorders, the growing demand for minimally invasive treatment options, and the regulatory approval of new devices.
Neurostimulation devices offer a targeted and effective treatment option for various neurological conditions, making them an attractive alternative to traditional procedures and drug therapies. The future of neurostimulation devices looks promising, with ongoing research and development efforts focused on expanding their indications and improving their efficacy.
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Market Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.7% |
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Market growth 2024-2028 |
USD 7289.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
11.0 |
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Key countries |
US, Germany, UK, Japan, China, Canada, Italy, Australia, Japan, South Korea, Netherlands, and Rest of World(RoW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Neurostimulation Devices Market Research and Growth Report?
- CAGR of the Neurostimulation Devices industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the neurostimulation devices market growth of industry companies
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