Neurostimulation Devices Market

Neurostimulation Devices Market Size: 

The global neurostimulation devices market size reached US$ 8.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.6 Billion by 2032, exhibiting a growth rate (CAGR) of 9.7% during 2024-2032. The global market is primarily driven by the rising prevalence of neurological disorders, growing demand for minimally invasive surgeries, continual technological advancements in closed-loop systems, digital health integration, and improved imaging techniques, and favorable reimbursement policies.

Neurostimulation Devices Market Analysis:         

• Major Market Drivers: The rising incidences disorders and chronic pain conditions worldwide is a significant driver for the neurostimulation devices market. This rise in demand reflects the urgent need for effective treatment alternatives for patients who have exhausted conventional options.   
• Key Market Trends: The development and adoption of closed-loop systems and integration with digital health technologies are leading trends. These advancements enhance the precision and effectiveness of treatments by enabling real-time monitoring and adjustments.
• Geographical Trends:  North America stands out as the largest market for neurostimulation devices, driven by advanced healthcare infrastructure, significant healthcare spending, and a strong presence of key industry players. Emerging markets, particularly in Asia-Pacific regions, are experiencing rapid growth due to increasing awareness and rising healthcare expenditures.
• Competitive Landscape: The market is characterized by a competitive and dynamic environment, with key players such as Boston Scientific, Medtronic, and Abbott leading the charge. These companies focus on innovation, strategic partnerships, and global expansion to maintain and enhance their market positions.   
• Challenges and Opportunities: Regulatory challenges and the high cost of neurostimulation devices pose significant hurdles to market growth. Ensuring patient access and affordability remains a complex issue for industry stakeholders. Despite these challenges, the expanding range of applications for neurostimulation devices in treating various neurological and mental health disorders presents significant opportunities for market growth.

Neurostimulation Devices Market Drivers:

Increasing Prevalence of Neurological Disorders

Neurological disorders are a major health threating issue among a growing number of individuals worldwide. It includes various diseases as Alzheimer’s and Parkinson’s, epilepsy, multiple sclerosis, that affect individuals. It necessitates an increasing need for diagnostic and therapeutic assistance. This leads to more advanced and specialized health care services, including more effective medication, rehabilitation, and support. This need, inadvertently, fuels the transformation of neurology and the entire healthcare system, making it adapt to new capacities and mechanisms of neurological disease treatment and management. The World Health Organization (WHO) reports that approximately 55 million people were affected by dementia worldwide in 2020, with Alzheimer's disease being the predominant cause. Annually, the world sees over 10 million new dementia cases, equating to a new diagnosis every 3.2 seconds.     

Rising Demand for Minimally Invasive Surgeries

Minimally invasive surgery is driving the demand in the global market. Not only MIS is demonstrated to facilitate faster recovery, shorter hospitalization, and prevention of large postoperative scars, but it also reduces patients’ after-procedure pain. A survey by the American College of Surgeons found that 86% of patients preferred minimally invasive surgery over open surgery when given a choice. In this, patients perceived MIS surgery to have advantages over open surgery with regard to postoperative pain, complication risk, recovery time, cost, and anesthesia requirement.

On the other hand, surgical technology allows a growing number of procedures in different anatomical regions through miniature incisions; thus, more healthcare professionals and patients prefer this type of surgery.

Favorable Reimbursement Policies

Favorable reimbursement models are critical for getting enough patient attention and evolving medical procedures. Healthcare models and insurers that favor policies allowing safer medical practices eventually enable patients to take up services when they are needed. Safety reimbursement policies make it easier for patients to take up new treatments and technologies helping healthcare professionals acquire more remuneration. Hence, the available treatment becomes affordable and safe at the same time. These strides overlay the importance of policy changes within the evolving healthcare provision, thus allowing for patient-centeredness and coherence in advancements.

Neurostimulation Devices Market Opportunities:

Emerging New Applications

Neural stimulation devices market opportunities are expanding with the emergence of new applications. New developments in neuroscience are opening up new applications for these devices beyond traditional indications such as chronic pain management. In recent years, several advances in TES technology have improved its effectiveness and expanded its potential applications. The technology offers high-Definition Transcranial Direct Current Stimulation (HD-tDCS), HD-tDCS is a newer form of tDCS that uses a more focused electrical field to stimulate specific regions of the brain.  Potential applications are varied and promising, ranging from treating psychosis to enhancing cognitive function. As research elucidates the mechanisms by which tissues change, new therapeutic approaches are being sought, offering practical opportunities for device manufacturers and health care providers.

Miniaturization of Devices

Device miniaturization presents significant opportunities in the neurostimulation market. Advances in technology have led to the development of small, portable neurostimulants, which provide patients with comfort and convenience. On 7^th March 2023, Nevro announced U.S. Full Market Launch of Revolutionary HFX iQ Spinal Cord Stimulation System to Personalize Treatment of Chronic Pain. On 18th April 2023, Neuspera Medical announced that the U.S. FDA has approved its next-generation Neuspera ultra-miniaturised system, which delivers neurostimulation therapy via a wireless platform Shortness also facilitates minimally invasive treatment, extending the neurostimulation therapy to a larger patient population.

Key Technological Trends & Development:

Closed-Loop Systems

Closed-loop system is one of the market trends representing technological progress in neurostimulation devices. Such systems provide newly emerging feedback mechanisms capable to correct stimulation parameters in accordance with the immediate neural activity. A study published on 13 June 2023 in the Journal of Neurosurgery found that closed-loop deep brain stimulation (DBS) for Parkinson's disease resulted in better motor symptom control and reduced dyskinesia compared to conventional DBS.  Through the ability of such systems to continuously adjust therapy to address each patient's unique demands, the closed-loop structures are expected to prevail over open-loop and foster a growth of the demand for the current generation neurostimulation therapies.

Integration with Digital Health

Integration in digital health is reshaping the landscape in neurostimulation. Smooth interaction between neurostimulation devices and digital devices allows remote monitoring, intensively personalized therapy adjustment, and data-driven insights. Analysis was conducted on both quantitative and qualitative data gathered from eight individuals diagnosed with Parkinson’s disease. Initially, participants had a median age of 68 years and a median Hoehn and Yahr score of 2. Examination of various community-based outcomes revealed diverse trajectories of change among individuals. From the qualitative data, significant content areas emerged, including engagement in occupations, travel, and home life. This research underscores the potential benefits of incorporating geolocation-based lifespace tracking in both urban and rural settings.

Enhanced Imaging and Navigation Techniques

Advanced imaging and navigation tools are precipitating remarkable changes in the procedures of the neurostimulation which used to be invasive. Sophisticated imaging arms, like the MRI and CT, as well as advanced navigation systems allow targeting of the correct place and then putting on the electrodes. From 2018 to 2020, the growth rate of China’s percutaneous puncture surgery robot market is maintained at about 37–39%, accounting for 4.89% of the overall Chinese surgical robot market, which is the third largest surgical robot market segment except for endoscopic surgery robots and orthopaedic surgery robots.

Neurostimulation Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on device type, application, and end-user.

Breakup by Device Type:

• SCS (Spinal Cord Stimulation) Devices
• DBS (Deep Brain Stimulation) Devices
• SNS (Sacral Nerve Stimulation) Devices
• VNS (Vagus Nerve Stimulation) Devices
• GES (Gastric Electrical Stimulation) Devices
• Transcutaneous Electrical Nerve Stimulation Devices
• Transcranial Magnetic Stimulation Devices
• Others
   

SCS (Spinal cord stimulation) devices account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the device type. This includes SCS (Spinal Cord Stimulation) devices, DBS (Deep Brain Stimulation) devices, SNS (Sacral Nerve Stimulation) devices, VNS (Vagus Nerve Stimulation) devices, GES (Gastric Electrical Stimulation) devices, transcutaneous electrical nerve stimulation devices, transcranial magnetic stimulation devices, and others. According to the report, SCS (Spinal Cord Stimulation) devices represented the largest segment.

Spinal cord stimulation (SCS) devices take over, holding the majority of the market. These devices are crafted particularly to send electronic signals to the spinal cord, which provide a guiding hand to control chronic pain, particularly when other treatments fail. There is a growing number of chronic pain cases worldwide and technological progress in SCS systems, like rechargeable units and devices with improved lead configurations, contribute to the rise of their popularity in the market. The success of the SCS devices in treating many chronic pain conditions, including complex regional pain syndrome, failed back surgery syndrome, and chronic neuropathic pain, is a clear illustration of their importance.

Breakup by Application:

• Pain Management
• Epilepsy
• Essential Tremors
• Urinary and Fecal Incontinence
• Depression
• Dystonia
• Parkinson’s Disease
• Others
   

Pain management holds the largest share of the industry     

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes pain management, epilepsy, essential tremors, urinary and fecal incontinence, depression, dystonia, Parkinson’s disease, and others. According to the report, pain management accounted for the largest market share.

Pain management is the largest application for neurostimulation devices on account of the rising global pandemic of chronic pain. It affects millions with such a devastating effect on their quality of life.  Neurostimulation becomes the leading ray of hope for pain control, encompassing individuals who have not benefited from traditional medicine. Its effectiveness in tackling pains across the range of chronic pains including neuropathic and musculoskeletal pains and pains emanated from disorders of the nervous system, gives it acceptance by many. Given that chronic pain affects more and more people on a daily basis, and neurostimulation turns out to be an effective treatment, this segment of the market must extend.

Breakup by End-User:

• Rehabilitation Centers
• Hospitals
• Medical Clinics
• Others
   

Hospitals represent the leading market segment      

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes rehabilitation centers, hospitals, medical clinics, and others. According to the report, hospitals represented the largest segment.

Hospitals lead as a priority in the neurostimulation device area that is equipped with necessitated infrastructure and expertise for intricate neurostimulator implantation processes. The adoption of neurostimulation devices has been increasing in recent years, particularly for the treatment of chronic pain, movement disorders, and other neurological conditions. Hospital systems that are holistic and multidisciplinary are essential for the initial assessment and ongoing care of neurostimulation patients. These hospitals are dominantly placed due to their fundamental role of providing more complex medical procedures and including neurostimulation devices into patient's therapeutic schemes for neurological and chronic pain problems.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East
• Africa
   

North America leads the market, accounting for the largest neurostimulation devices market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); the Middle East, and Africa. According to the report, North America represented the largest regional market for neurostimulation devices.

North America acts as the premier market for neurostimulation devices, a distinction closely linked to its sophisticated healthcare infrastructure, substantial healthcare spending, and significant strides in research and development. An analysis focusing on the implantation activities of neuromodulation devices by 50% of the companies in 2009 and 2010 highlighted an income disparity across counties, correlating economic factors directly with the distribution of neuromodulation therapies.

The region's market dominance is further bolstered by the presence of leading industry giants and a strong regulatory framework that encourages the introduction and uptake of innovative technologies. Moreover, the escalating incidence of neurological disorders and chronic pain conditions has spurred a growing demand for neurostimulation therapies in North America. This growth is also supported by an increasing awareness among healthcare professionals and patients about the benefits of neurostimulation, coupled with advantageous reimbursement scenarios, collectively fueling the market's robust expansion in this region.

Analysis Covered Across Each Country:

• Historical, current, and future market performance
• Historical, current, and future performance of the market based on device type, application, and end-user.
• Competitive landscape
• Government regulations
   

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape covering market structure, market share by key players, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, among others. Detailed profiles of all major companies have also been provided. This includes business overview, product offerings, business strategies, SWOT analysis, financials, and major news and events. Some of the major market players in the neurostimulation devices industry include:  

• Biocontrol Medical
• Boston Scientific Corporation
• Cyberonics Inc.
• Medtronic Inc.
• Neuronetics Inc.
• Neuropace Inc.
• Neurosigma Inc.
• Nevro Corporation
• ST. Jude Medical Inc.
• Synapse Biomedical Inc.
   

The major players the global market are implementing various strategies to niche out in this market which is growing rapidly day by day. They invest greatly in R&D to pursue pathways that would increase the effectiveness of the devices, patient comfort, and ease of use. Several are looking at the most modern technologies available whose example are wireless devices, smaller implants, and systems with enhanced sensing capability for real-time feedback alongside personalized treatment. Collaborations and partnerships with research institutions and other healthcare companies also are common that can serve the purpose of speeding up the product development and expand the medical uses. Moreover, the major companies are continually trying to gain regulatory approvals in various continents to have a wider global presence. Market expansion strategies involve outreach to healthcare providers and patients through targeted marketing and educational programs to inform people about the advantages of neurostimulation therapy.  

Analysis Covered for Each Player:

• Market Share
• Business Overview
• Products Offered
• Business Strategies
• SWOT Analysis
• Major News and Events
   

Neurostimulation Devices Market News:

• 25 March 2024: Neuronetics Inc. announced clearance from the U.S. Food and Drug Administration (FDA) for NeuroStar Advanced Therapy for use as an adjunct for the treatment of major depressive disorder (MDD) in adolescent patients aged 15-21. NeuroStar is the first and only transcranial magnetic stimulation (TMS) treatment FDA-cleared for this age group, making it the fourth FDA-cleared indication for NeuroStar.
• 08 January 2024: Boston Scientific Corporation announced its plan to buy Axonics, a maker of neurostimulation devices that treat urinary and bowel dysfunction, for $ 3.7 billion.
• 24 January 2022: Medtronic announces FDA approval of spinal cord stimulation therapy for treating chronic pain resulting from diabetic peripheral neuropathy. This new indication offers patients with DPN access to Medtronic's industry-leading spinal cord stimulation (SCS) portfolio of rechargeable and recharge-free platforms, which include multiple programming options to personalize patient therapy, unrestricted MRI access, unrivaled battery chemistry and performance.
   

Neurostimulation Devices Market Report Scope:

Key Questions Answered in This Report:

• How has the global neurostimulation devices market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global neurostimulation devices market?
• What is the impact of each driver, restraint, and opportunity on the global neurostimulation devices market?
• What are the key regional markets?
• Which countries represent the most attractive neurostimulation devices market?
• What is the breakup of the market based on the device type?
• Which is the most attractive device type in the neurostimulation devices market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the neurostimulation devices market?
• What is the breakup of the market based on the end-user?
• Which is the most attractive end-user in the neurostimulation devices market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global neurostimulation devices market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the neurostimulation devices market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global neurostimulation devices market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the neurostimulation devices industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.