Neurostimulation Devices - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Neurostimulation Devices - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Neurostimulation Devices Market By Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others), Application (Pain Management, Bowel and Bladder Control, Parkinson's Disease, Epilepsy, and Others), Type (Invasive, and Non-Invasive), End-User (Hospitals, Ambulatory Surgical Centres, and Others), and Geography is expected to grow at a steady CAGR Forecast till 2028 owing to increasing incidence of chronic diseases and escalating product demand as add-on therapy

The global neurostimulation devices market was valued at USD 5.82 billion in 2022, growing at a CAGR of 11.77% during the forecast period from 2023 to 2028, to reach USD 11.34 billion by 2028. The demand for neurostimulation devices is primarily motivated by the increasing incidence of chronic neurological diseases, such as migraine and epilepsy, escalating product demand as add-on therapy, the prevalence of lifestyle diseases such as depression and chronic pain, the adoption of technologically advanced products, and rising geriatric population among others during the forecast period.

Neurostimulation Devices Market Dynamics:

Neurological disorders, consisting of stroke, brain and other nervous system cancers, traumatic brain injury, spinal cord injury, Alzheimer’s disease and other dementias, Parkinson’s disease, epilepsy, and migraine, among others, are the leading cause of disability. The absolute number of people affected by, or remaining disabled from neurological disorders over the past 25 years has been increasing globally, as per the Global Burden of Disease Study 2019. These disorders are increasingly recognized as one of the most prevalent disorders with a high burden to the patients, their families, and society. As per the data published by the Epilepsy Centre in 2020, around 50 million patients are living with epilepsy worldwide, and around 2.4 million new cases are diagnosed annually. Moreover, the majority of epileptic cases are idiopathic, with no identifiable cause.

Parkinson's disease (PD) affects 1-2 per 1000 of the population at any time, as per the Global Burden of Disease Study 2019. PD prevalence is increasing with age and PD affects 1% of the population above 60 years.

According to World Health Organisation (2022) data, around 50 million people globally have dementia, and there are nearly 10 million new cases every year. Around 60-70% of these cases are of Alzheimer's. Urgent measures to reduce this burden are therefore needed. The increasing number of neurological cases around the globe is expected to boost the demand for neurostimulation devices in the market.

Moreover, companies are increasing their research and development to develop products with better efficacy and easy. High product efficacy demonstrated in treating neurological conditions along with the availability of limited treatment options for the disease is expected to impel market growth during the forecast period. Rising cases of depression are also likely to contribute to market development as neurostimulation devices provide easy treatment by activating or inhibiting electrical brain signals.

An aging population contributed to the increase in numbers. As per the recent survey, Global Population Aging 2020 Report (United Nations, 2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure of such patients is expected to double and reach 1.5 billion by 2050. Thus, all these factors are projected to drive the growth of the neurostimulation devices market.

Certain factors such as the surgical complications during implantation of the devices, the high cost of the products, less awareness in low-economic countries, high chances of infections, and product getting recalled, pose as a minor hurdle for the neurostimulation devices growth in the market.

Neurostimulation Devices Segment Analysis:

By Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others), Application (Pain Management, Bowel and Bladder Control, Parkinson's Disease, Epilepsy, and Others), Type (Invasive, and Non-Invasive), End-User (Hospitals, Ambulatory Surgical Centres, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the devices type segment, spinal cord stimulators are expected to hold the largest share in the market as neurostimulation devices.

The increased use of spinal cord stimulators, also known as dorsal column stimulation, for treating neuropathic pain and spinal injuries is contributing to this segment's growth. The therapy is more intrusive than percutaneous injection therapy but less invasive than back surgery and uses pulsed electrical energy near the spinal cord to manage pain.

In addition, an upsurge in minimally invasive procedures and an increase in healthcare spending further drive the market growth for spinal cord stimulators across the globe.

The spinal cord stimulator segment is expected to grow at a significant CAGR, owing to the usage of DBS in various diseases such as Parkinson's disease, obsessive-compulsive disorders, idiopathic dystonia, & essential tremor and growth in several product approvals.

In the application segment, the pain management segment is the highest contributor to the neurostimulation devices market, due to the increase in usage of neurostimulation devices for treating chronic and acute pain. Some of the diseases encompassed under this segment include chronic pain, disk surgery pain, and leg pain.

Additionally, assistance from government bodies, approval of more devices in the segment, increased awareness, and increased healthcare spending, is expected to enhance the market potential in several countries. Hence, all the above-mentioned factors are expected to drive segment growth in neurostimulation devices.

North America is expected to dominate the overall Neurostimulation Devices Market:

North America is expected to dominate the overall neurostimulation devices market during the forecast period. This domination is due to the growing number of patients suffering from various neurological conditions, rising product launches and approvals, the presence of key market players in the region, and others that will increase the demand for neurostimulation devices during the forecast period.

For instance, as per the data provided by the Alzheimer Association (2023), more than 6 million Americans are living with Alzheimer's. By 2050, this number is projected to rise to nearly 13 million.

As per the Parkinson's Foundation 2022 study, every year in the United States about 90,000 people are diagnosed with Parkinson's disease. The treatment through neurostimulation devices is expected to lower the burden and improve living conditions.

Moreover, an increase in product approval by FDA is also a driving factor for neurostimulation devices in the region. For instance, in June 2020, Medtronic received Food and Drug Administration (FDA) approval for the Percept™ PC Deep Brain Stimulation (DBS) system.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the neurostimulation devices market.

Neurostimulation Devices Key Players:

Some of the key market players operating in the Neurostimulation Devices Market include Medtronic PLC, Cyberonics, Boston Scientific Corporation, Abbott Laboratories, Aleva Neurotherapeutic, ElectroCore Inc., EndoStim Inc., Nevro Corporation, and others.

Recent Developmental Activities in Neurostimulation Devices Market:

In August 2022, Merck announced a collaboration in its new Bioelectronics innovation field with neuroloop GmbH, a B. Braun subsidiary, to develop a neurostimulator device that can complement the existing drug therapies of patients with chronic inflammatory diseases.

In July 2022, Unity HA received Breakthrough Device Designation by FDA for the Pulsante® SPG Microstimulator System for the treatment of acute pain associated with chronic cluster headaches.

In July 2022, Nevro Corp. received FDA approval for its Senza® System for the treatment of chronic pain associated with painful diabetic neuropathy (PDN).

Key Takes Away from the Neurostimulation Devices Market Report Study

Market size analysis for current market size (2022), and market forecast for 5 years (2023-2028)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global neurostimulation devices market.

Various opportunities available for the other competitor in the neurostimulation devices market space.

What are the top-performing segments in 2022? How these segments will perform in 2028?

Which are the top-performing regions and countries in the current market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for market growth in the coming future?

Target Audience who can be benefited from this Neurostimulation Devices Market Report Study

Neurostimulation Devices providers

Research organizations and consulting companies

Cardiopulmonary Bypass Equipment-related organization, association, forum, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders

Various End-Users who want to know more about the neurostimulation devices market and the latest technological developments in the neurostimulation devices market.

Frequently Asked Questions for Neurostimulation Devices Market:

1. What are Neurostimulation Devices?

Neurostimulation devices are implantable or non-implantable medical devices that provide electrical stimulation to specific parts of the patient's brain, spinal cord, or peripheral nervous system to treat numerous conditions, including chronic pain, movement disorders, epilepsy, and Parkinson's disease.

2. What is the market for global neurostimulation devices?

The global neurostimulation devices market was valued at USD 5.82 billion in 2022, growing at a CAGR of 11.77% during the forecast period from 2023 to 2028, to reach USD 11.34 billion by 2028.

3. What are the drivers for the neurostimulation devices market?

The major drivers driving the demand for neurostimulation devices are the growing incidence of chronic diseases, such as migraine and epilepsy, increasing product demand as add-on therapy, rise in prevalence of lifestyle diseases such as depression and chronic pain, adoption of technologically advanced products, and rising geriatric population.

4. What are the key players operating in the global neurostimulation devices market?

Some of the key market players operating in the neurostimulation devices market include Medtronic PLC, Cyberonics, Boston Scientific Corporation, Abbott Laboratories, Aleva neurotherapeutics SA, ElectroCore Inc., EndoStim Inc., Nevro Corporation, and others.

5. Which region has the highest share in the neurostimulation devices market?

North America is expected to dominate the overall neurostimulation devices market during the forecast period, 2023 to 2028. This domination is due to the growing number of patients suffering from various neurological conditions, the increase in the prevalence of neurological disorders and lifestyle-related disorders, and the demand for advanced technologies in neurostimulation devices


Please Note: It will take 3-5 business days to complete the report upon order confirmation.