Neurostimulation Devices Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

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. The Global Neurostimulation Devices Market, analyzed by Astute Analytica, was valued at US$ 7,622.7 Mn in 2021 and is estimated to reach US$ 17,367 Mn 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. Neurostimulation is changing the face of neurological rehabilitation as it has a wide variety of uses including pain relief, treatment for psychiatric diseases, and more recent treatment of movement disorders such as multiple sclerosis and spinal cord injury. 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.

The market is majorly driven by factors such as the increasing incidence of neurological disorders and rising investment in neurological R&D. 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. Further, it is estimated that there are globally 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 for 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. However, the high cost of neurostimulation procedures and equipment is restraining market growth.

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the Global Neurostimulation Devices Market for the study period of 2017-2030; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2030.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 14 chapters distributed across 215 pages with 58 list of tables and 103 list of figures.
• The market is segmented based on device type, applications, end-users, and region.
• The market estimates are presented in terms of value (US$ Mn) and volume (Thousand Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Neurostimulation Devices Market Report:

• Based on device type, the implantable device segment holds the highest share in the Global Neurostimulation Devices 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 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 relief for patients who have been exhausted using conservative measures—including physical therapy, neuropathic pain medications, and adjuvant medications.
• Based on end-users, 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 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 the better treatment of neurological disorders.
• North America dominates the Global Neurostimulation Device Market in 2021. According to the 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.

Competitive Dashboard

The key players in the Global Neurostimulation Device Market are Medtronic plc, Cochlear Ltd., Boston Scientific Corporation, and Abbott Laboratories, Inc. among others.

Segmentation Overview

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)

By Application segment of the Global Neurostimulation Device Market is sub-segmented into:

• Pain Management
• Hearing Loss
• Urinary Incontinence
• Parkinson's Disease
• Epilepsy
• Gastroparesis
• Depression
• Others

By End User segment of the Global Neurostimulation Device Market is sub-segmented into:

• Hospitals/Clinics
• Cognitive Care Centres
• Research Institutes
• Others

By Region segment of the Global Neurostimulation Device Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand
  • Rest of APAC
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America