Neurostimulation Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Neurostimulation Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The neurostimulation devices market is expected to register a CAGR of 12.5% over the forecast period, 2022-2027.

The neurostimulation devices market has been significantly impacted by the COVID-19 pandemic, particularly in its early stages. The disruptions in the supply chain, postponements of surgical services by hospitals and clinics, and low demand from end-user industries impacted the market negatively. For instance, in a study report titled “The Impact of COVID-19 on Brain Stimulation Therapy” published in March 2022, the barriers to transcranial magnetic stimulation (TMS) included suspension of nonessential procedures, staffing shortages, limited access to PPE and sanitization supplies, and clinics or offices ill-equipped to comply with social distancing recommendations. This will negatively impact the demand for neurostimulation devices in clinical settings. Patients with Parkinson’s disease (PD) and dystonia have an increased risk of chronic stress related to social restriction measures during the COVID-19 pandemic. For instance, the report titled “Effects of COVID-19 Lockdown on Movement Disorders Patients With Deep Brain Stimulation: A Multicenter Survey” published in December 2020, stated that lockdown restriction measures were associated with subjective worsening of motor and psychiatric symptoms in Parkinson’s disease and dystonic patients treated with deep brain stimulation and that such measures may have exacerbated the burden of neurological disease and increased the chronic stress related to the deep brain stimulation management. As a result of the lockdown, the demand for neurostimulation devices had a negative impact but later has a significant postive impact on the market due to the resume of clinical practice and vaccination for COVID-19.

The major growth drivers of the neurostimulation devices market over the forecast period are the rising prevalence of neurological disorders and the technological advancements in neurostimulation devices. For instance, as per the research study titled “Prevalence of the major neurological disorders in a semi-urban community in northern Benin” published in June 2020, the prevalence of neurological diseases was found to be 45.4%. More precisely, the prevalence of tension headaches was 26.9%, peripheral neuropathies 5.6%, epilepsy 1.9%, stroke 0.1%, and migraine 14.3%. Thus, with the raise in the prevalence of neurological diseases, the demand for neurostimulation devices is expected to increase which is anticipated to have a positive impact on the growth of the studied market.

In addition, according to a study titled "New Advances in Neurostimulation for Chronic Pain" published in February 2021, Mainstay Medical developed a ReActiv8 implantable restorative neurostimulation system, which is used to treat intractable chronic lower back pain. Thus, the increasing advances in the products are expected to rise the adoption of these neurostimulation devices, thereby propelling the market growth.

However, factors such as the complications associated with neurostimulation devices and stringent device approval regulations are expected to restrain the neurostimulation devices market during the forecast period.

Key Market TrendsSpinal Cord Stimulator is Expected to Dominate the Market During the Forecast Period

The spinal cord stimulators segment is expected to witness significant growth over the forecast period owing to the factors such as the increasing prevalence of neurological disorders coupled with lifestyle-related disorders such as depression and chronic pain and the increasing adoption of technologically advanced products.

For Instance, as per the National Spinal Cord Injury Statistical Center (NSCISC) 2021 datasheet the annual incidence of spinal cord injuries is 60 cases per million. For the management of postoperative pain associated with spine surgeries, spinal cord stimulators can be useful. Hence, the demand for spinal cord stimulators is increasing with the increase in spinal surgeries. Moreover, the incidence rate of spinal cord injury is increasing over the previous decade. As per the article titled “Epidemiology of traumatic spinal cord injury: a large population-based study” published in April 2022, the overall age-sex-standardized traumatic spinal cord injury incidence rate was 26.5 per 1,000,000 inhabitants and the rates were directly associated with age in both sexes, exceeding among older individuals (≥65 years), 59.2 and 23.3 per 1,000,000 for men and women, respectively.

Therefore, due to the above-mentioned factors, the neurostimulation devices market is expected to grow in this segment over the forecast period of the study.

North America is Expected to Dominate the Market During the Forecast Period

North America is expected to hold a major market share in the neurostimulation devices market. The primary factors behind the large market size are the rising geriatric population, an increasing number of cases of neurological disorders and spinal injuries among the geriatric population, and thereby surge in demand for neurostimulation devices. According to the report titled “Spinal Cord Injury Facts and Stats” published in July 2022, every year approximately 17,700 Americans acquire a spinal cord injury, out of which roughly 78% are men, with an average age of 43. Thus, the high incidences of spinal cord injury in old age as well as in adult will drive the demand for neurostimulation devices, thus driving the market.

Product approvals and launches are some of the factors in the growth of the market. For instance, in July 2021 Nevro Corp received approval from the United States Food and Drug Administration for its Senza System for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN). Also, in January 2021, Boston Scientific Corporation launched the WaveWriter Alpha, a portfolio of Spinal Cord Stimulator (SCS) systems that combine therapy options for personalized pain relief.

Thus, the increasing cases of neurological disorders and spinal injuries, and increasing company activities in the region are expected to augment the market growth over the forecast period.

Competitive Landscape

The neurostimulation devices market is fragmented in nature due to the presence of several companies operating globally. The key players are adopting various strategies, such as acquisitions, partnerships, and heavy investments in research and development activities and new product launches. The major players include Abbott, Bayer AG, Boston Scientific Corporation, Laborie, LivaNova PLC, Neuronetics., NeuroPace, Inc., Nevro Corp., Medtronic, and Synapse Biomedical Inc.

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