Neurostimulation Devices Market to Grow at 12.02% CAGR through 2029
Increase
prevalence of neurological disorders and increasing patient preference for
non-pharmacological treatment is expected to drive the Global Neurostimulation
Devices Market growth in the forecast period, 2025-2029
According to
TechSci Research report, “Neurostimulation Devices Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”,
the Global Neurostimulation Devices Market stood at USD 5.41 Billion in
2023 and is anticipated to project steady growth in the forecast period with a
CAGR of 12.02% through
2029. Rising incidence of neurological disorders and growing patient inclination towards non-pharmacological therapies are notable trends in the healthcare landscape.
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"Global Neurostimulation Devices Market”
There is a significant need for medical advancements in these disease segments. The market
is also being propelled by the rising prevalence of neurological disorders and
lifestyle-related conditions, external funding for research and development,
and the demand for minimally invasive surgical procedures.
According to the
American Academy of Neurology, stroke is currently the third-leading cause of
death in the U.S., while Alzheimer's is ranked as the sixth-leading cause. The
rise in the acceptance and acknowledgment of neurostimulation, including deep
brain stimulation (DBS) and spinal cord stimulation (SCS), is fueling market
growth. Patients are increasingly adopting non-invasive and drug-free treatment
options, leading to a higher demand for neurostimulation devices. Furthermore,
there is a growing awareness of mental diseases, resulting in increased
investments and initiatives by both private and public health institutions, as
well as non-governmental organizations. These programs and organizations
encourage individuals to undergo screenings for mental disorders, further
driving the demand for neurostimulation devices to manage these conditions.
Neurostimulation therapies can be categorized into invasive and non-invasive
approaches, with non-invasive brain stimulation (NIBS) involving cortical
stimulation through the skull, scalp, and meninges. The elderly population, who
often experience surgeries, pain, and chronic conditions, are driving the use
of efficient pain relief technology. Chronic pain is particularly common in
this demographic, contributing to the significant demand expected in the coming
years. Infusion pumps, electrical nerve stimulators, and spinal cord stimulators
are being utilized more frequently. Manufacturers are increasing their
investments in research and development to develop advanced neurostimulation
products and technologies, including implantable devices, which is anticipated
to further boost market growth. Neurostimulation device implantation is a
minimally invasive procedure, and the growing demand for such surgeries, along
with shorter hospital stays and faster recovery, presents new growth
opportunities for the market.
According to the
World Health Organization (WHO), approximately one billion people are affected
by neurological disorders. The growing prevalence of conditions such as
Alzheimer's, Parkinson's disease, strokes, multiple sclerosis, epilepsy,
migraines, brain injuries, and neuro infections provides a substantial market
opportunity for neurostimulation devices. As traditional treatments may be
ineffective or have side effects, neurostimulation offers a promising
alternative for managing and improving the quality of life for patients with
neurological disorders. The market's potential for expansion will be further
fueled by extensive research and development efforts for the creation of novel
products and cutting-edge technology. For example, Neurowave Medical Technologies
has developed a transdermal neuromodulation device with low invasiveness to
treat patients with nausea and vomiting. The device aims to enhance the quality
of life for patients undergoing chemotherapy-radiation therapy. Additionally,
the potential for further market growth will be increased by new innovations,
including deep brain stimulation, spinal cord stimulation, sacral nerve
stimulation, and vagus nerve stimulation.
The Global Neurostimulation
Devices Market is segmented into type,
application, regional distribution, and company
Based on type,
the market is segmented into spinal cord stimulators, deep brain stimulators,
sacral nerve stimulators, vagus nerve stimulators, and others. The spinal cord
stimulators segment emerged as the dominant force in the market in 2023.
Mechanical advancements in this segment are expected to further propel its
growth. Spinal cord stimulators are employed in non-invasive chronic
neuropathic pain management, providing relief by delivering subtle nerve
impulses without making any physical alterations to the targeted area. Deep
Brain Stimulators are utilized for treating several neurological disorders,
particularly Parkinson's disease. These devices rely on a pioneering technology
and are currently in an experimental phase. The use of these devices for
conditions such as Alzheimer's, Tourette syndrome, refractory epilepsy, cluster
headache, trigeminal neuralgia, and movement disorders caused by multiple
sclerosis, awaits FDA approval. Sacral Nerve Stimulators, utilized in the
treatment of chronic conditions including urinary incontinence and fecal
incontinence, are projected to experience the highest compound annual growth
rate (CAGR) from 2024 to 2029. Increasing awareness about these devices is
anticipated to be the primary driving factor for this segment. However, various
risks associated with device implantation, such as mechanical failures and
post-surgery pains and infections, may hinder the segment's growth to some
extent.
Based on region,
the North America is projected to dominate the market. North America is
projected to command a substantial market share in the neurostimulation devices
market. The significant market size can be attributed to several key factors,
including the growing elderly population, rising cases of neurological
disorders and spinal injuries among the elderly, and the subsequent increase in
demand for neurostimulation devices. The region's notable neurostimulation
device market is driven by the high prevalence of neurological disorders, a
well-established healthcare system, and favorable reimbursement policies. Among
the countries in North America, the United States holds the largest market
share, thanks to its advanced healthcare facilities, extensive research and
development activities, and a large patient population. Noteworthy market
leaders in the neurostimulation devices sector in North America include Abbott
Laboratories, Synapse Biomedical Inc., Boston Scientific Corporation, NeuroPace
Inc., and Nevro Corp.
Major companies
operating in Global Neurostimulation Devices Market are:
- Boston
Scientific Corporation
- Medtronic
PLC
- Abbott
Laboratories Inc.
- Nevro
Corp.
- Liva
Nova PLC
- Axonics
Modulation Technologies Inc.
- Neuropace
Inc.
- EndoStim Inc.
- NDI
Medical LLC
- Neuronetics
Inc.
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“The increasing
prevalence of neurological disorders attributed to the aging population is
expected to drive market growth. Furthermore, the growing number of awareness
initiatives and improvements in healthcare accessibility are anticipated to
fuel the adoption of neurostimulation devices. The expanding indications of
neurostimulation devices are poised to propel market growth during the forecast
period. Approvals for these devices' indications also facilitate researchers in
exploring their additional therapeutic properties. Prominent industry players
are actively investing in clinical trials to ensure the sustainability of their
products. For example, Boston Scientific Corporation is currently conducting a
clinical trial study to evaluate patient satisfaction with a new implantable
neurostimulation system for chronic pain of the trunk and/or limbs. Such
initiatives significantly contribute to the growth rate of the neurostimulation
devices market.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Neurostimulation
Devices Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Type (Spinal Cord Stimulators, Deep Brain Stimulators,
Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others), By Application
(Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease,
Epilepsy, and Others), By Region and Competition 2019-2029F”,
has evaluated the future growth potential of Global Neurostimulation Devices
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Neurostimulation
Devices Market.
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