According to the study undertaken by Astute Analytica, the Global Neurostimulation Device Market is forecasted to witness a rise in its revenue from US$ 7,622.7 Million in 2021 to US$ 17,367 Million by 2030, registering a CAGR of 9.7% over the forecast period. In terms of volume, the market is recording a CAGR of 8.3% during 2022-2030.
The market is majorly driven by factors such as increasing incidence of neurological disorders and rising investment in neurological R&D. Neurostimulation involves the purposeful modulation of the nervous system’s activity using invasive (e.g., microelectrodes) or non-invasive means (e.g., transcranial magnetic). Neurostimulation devices treat the nervous system directly with implantable or wearable devices that rebalance neural circuitry with pulses of electrical currents. Further, Neurostimulation devices can improve the quality of life of those who are severely paralyzed or suffering from profound losses to various sense organs, as well as for permanent reduction of severe, chronic pain which otherwise requires high-dose opioid therapy.
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Neurological disorders are diseases of the central and peripheral nervous system. In other words, the brain, spinal cord, cranial nerves, peripheral nerves, nerve roots, autonomic nervous system, neuromuscular junction, and muscles. These disorders include epilepsy, Alzheimer disease and other dementias, cerebrovascular diseases including stroke, migraine and other headache disorders, multiple sclerosis, Parkinson’s disease, neuroinfectious, brain tumors, traumatic disorders of the nervous system due to head trauma, and neurological disorders as a result of malnutrition.
Neurological disorders pose a large burden on worldwide health. Hundreds of millions of people worldwide are affected by neurological disorders. According to WHO (World Health Organization), more than 6 million people die because of stroke each year; over 80% of these deaths take place in low- and middle-income countries. More than 50 million people have epilepsy worldwide. It is estimated that globally there are 47.5 million people with dementia with 7.7 million new cases every year – Alzheimer’s disease is the most common cause of dementia and may contribute to 60–70% of cases.
The prevalence of migraine is more than 10% worldwide. With awareness of the massive burden associated with neurological disorders came the recognition that neurological services and devices were disproportionately scarce, especially in low income and developing countries. This led to rising investments by various governments in neurological R&D. Furthermore, the adoption of emerging technologies, such as silicon micro-fabrication and wireless energy transfer is creating an opportunity for market expansion.
The high cost of neurostimulation procedures and equipment is restraining the market growth. The high cost of these devices may lead to disproportionate application in geographical regions with different financial resources.
Based on device type, the market is divided into implantable and external devices. Among these, the implantable device segment holds the highest share in the Global Neurostimulation Device Market in 2021 and further registers the highest CAGR during the forecast period. Growing cases of depression, anxiety, and neurological disorders along with the new and improved innovations in implantable devices is fueling market growth. Further, within implantable devices type, the spinal cord stimulation device holds the highest market share in 2021.
In terms of application, the neurostimulation device market is segmented into pain management, hearing loss, urinary incontinence, Parkinson’s disease, epilepsy, gastroparesis, depression, and others. The pain management segment has the highest market share in 2021 and is projected to continue its dominance over the forecast period. These devices provide pain reliefs for patients who have been exhausted using conservative measures—including physical therapy, neuropathic pain medications, and adjuvant medications.
End Users Insights:
Based on end-users, the market is segmented into hospitals/clinics, cognitive care centers, research Institutes, and others. The hospitals/clinics segment holds the highest share in the Global Neurostimulation Device Market in 2021. With the growing aging population and subsequent rise in the chronic diseases such as Parkinson’s, Alzheimer’s etc., an increase is expected in the number of patients requiring treatments for the above diseases. However, the research institutes segment holds the highest growth rate over the projection period. This is due to growing research and development activities in the medical sector and increasing government funding for better treatment of neurological disorders.
North America dominates the Global Neurostimulation Device Market in 2021. According to Global Burden of Disease study – stroke, dementias, and migraine cause the most disability among neurological disorders in the United States. However, the Asia Pacific region records the highest CAGR over the projection owing to rising cases of depression and dementia in South Asian countries like Japan, South Korea, and China. Furthermore, rising disposable income in APAC countries has increased the healthcare expenditure of individuals, which again is expected to propel market growth over the forecast period.
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- Abbott is a healthcare firm dedicated to assisting people at all stages of life to live more fully. It has leading businesses and products in diagnostics, medical equipment, nutritional, and branded generic medications, and its portfolio of life-changing technology spans the healthcare spectrum.
- Advanced Bionics is engaged in implantable, high technology neurostimulation devices for the treatment of deafness. The company focuses on developing the most advanced cochlear implant systems in the world.
- Boston Scientific Corporation is committed to improving the health of patients by designing & manufacturing breakthrough medical devices in the global market. They operate their seven core businesses through their major three operational business segments including, MedSurg, Rhythm & Neuro, and Cardiovascular.
- Cochlear is a manufacturer and provider of implantable hearing solutions. The company has three key product segments –: Cochlear implants, Services, and Acoustics. Its products and accessories include Cochlear Nucleus System, Cochlear Baha System, Cochlear Osia System, all of which include implants, sound processors, and haring solutions. Also, the company offers wireless devices and water-safe devices.
- Medtronic is a manufacturer and supplier of medical technology, services, and solutions in the field of restoring health, alleviating pain, and extending a life expectancy for millions of individuals globally.
The following are the various segments of the Global Neurostimulation Device Market:
- By Device Type segment of the Global Neurostimulation Device Market is sub-segmented into:
- Implantable Device
- Cochlear Implants (CI)
- Sacral Nerve Stimulation (SNS)
- Gastric Electric Stimulation (GES)
- Deep Brain Stimulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Spinal Cord Stimulation (SCS)
- External Device
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Implantable Device
- By Application segment of the Global Neurostimulation Device Market is sub-segmented into:
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson’s Disease
- By End User segment of the Global Neurostimulation Device Market is sub-segmented into:
- Cognitive Care Centres
- Research Institutes
- By Region segment of the Global Neurostimulation Device Market is sub-segmented into:
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
- North America
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