The use of low-voltage electricity to impact neuronal transmission at a specific nerve or target in the spinal cord or brain is known as neurostimulation. It is a therapeutic tool used for various conditions, including epilepsy, migraine, Parkinson’s disease, and neuropathic pain, or to modify motor function. The growing frequency of neurological illnesses and the rising elderly population contribute to the enormous growth of the global market for neurostimulation devices.
In 2021, the market for Neurostimulation devices was worth USD 4.796 billion, and by 2030 it will reach USD 50.7 billion, expanding at a 12.8% CAGR during the forecast period.
The rising prevalence of neurological illnesses like Parkinson’s disease, epilepsy, depression, chronic pain, etc., is a major driver of the market for neurostimulation devices. In the coming years, the market for neurostimulation devices will grow due to rising R&D efforts to create technologically sophisticated devices and rising trends for minimally invasive operations, drug-free treatments, and therapeutic potential.
Market Dynamics
Drivers
The primary aspect influencing the growth of the market is the rise in neurological and lifestyle-related illnesses and the world’s rapidly expanding elderly population. Also, patients’ growing desire for minimally invasive (MI) operations is bolstering the market’s expansion. For instance, deep brain stimulation (DBS) is a MI technique that sends electrical signals to a particular location in the brain circuits using neurostimulation devices. This helps in the treatment of several degenerative diseases, including Parkinson’s and Alzheimer’s. In the next years, the market will be driven by factors such as the medical industry’s rapid expansion, rising healthcare costs, and intensive research and development (R&D) efforts.
Restraints
However, unfavorable elements like rising device costs, the expanding availability of alternative treatment methods, and unfavorable side effects and hazards connected to neurostimulation devices, such as allergic reactions and skin prickling, are expected to impede market revenue growth.
Opportunities
In order to enhance production efficiency and outcomes, advanced products and technologies have been developed to address the unmet needs of both patients and surgeons. Companies are creating innovative products and technology, like neurostimulation devices, to enhance the well-being of individuals with neurological disorders and offer unique treatment options that address medical requirements.
Market Segmentation
Product Insights
On the basis of product, the neurostimulation devices market is segment into vagus nerve, deep brain, spinal cord stimulator, sacral nerve, and gastric electric stimulators.
The spinal cord stimulator led the entire market in 2021 with a share of 51.5%. It is due to a wide range of product applications and a sizable market penetration of commercially available products. The market segment will grow due to the technical developments in this field. Spinal cord stimulators used to treat non-malignant chronic neuropathic pain produce minute nerve impulses without causing any physical changes to the target region.
Application Insights
On the basis of application, the Neurostimulation devices market is segment into epilepsy, pain management, essential tremors, depression, urinary & fecal incontinence, dystonia, Parkinson’s disease, gastroparesis, and others.
With a revenue share of more than 68.0%, the pain management segment ruled the entire market in 2021. The expansion is accelerate by the rising incidence of chronic pain issues. And an increase in product usage for pain management because of its high therapeutic value. The conditions mentioned in this section are leg pain, disc surgery discomfort, and chronic pain.
Regional Analysis
North America was the biggest market contributor, with 60% of the revenue share. The main factors driving the neurovascular devices market in North America are:
- The problem with a critical sickness.
- The growth of minimally intrusive nervous system scientific techniques.
- The continued expansion of injury/crisis care offices in the US.
Asia Pacific will experience the quickest regional market growth during the forecast period. Numerous international businesses are moving their manufacturing bases to this region. Due to the availability of unmet medical demands and untapped growth potential. The rapid economic development of emerging nations like China and India. And rising healthcare costs will support market expansion in the APAC region.
Key Players
- Neutronics Inc.
- Nevro Corp.
- Jude Medical, Inc.
- Boston Scientific Corp.
- EndoStim Inc.
- Cyberonics
- ElectroCore Inc
- NeuroPace Inc.
- Medtronic PLC
- Aleva Therapeutics SA
- NeuroSigma, Inc.
- Synapse Biomedical Inc.
On February 2023, SenTiva DUO, a new implantable pulse generator, was introduce by the medical technology company LivaNova (IPG). The new IPG, which has a dual-pin head, is intend to deliver Vagus Nerve Stimulation therapy for treating drug-resistant epilepsy.
In 2021, the market for Neurostimulation devices was worth USD 4.796 billion. And by 2030 it will reach USD 50.7 billion, expanding at a 12.8% CAGR during the forecast period. Growing geriatric populations, the introduction of technologically advanced products. And the rising rate of chronic disorders like migraine and epilepsy are major factors boosting the market growth.