Neurostimulation Market Forecasts to 2030 – Global Analysis By Type (Sacral Nerve Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators and Other Types), Application (Hearing Loss, Urinary Incontinence, Pain Management, Epi

Neurostimulation Market Forecasts to 2030 – Global Analysis By Type (Sacral Nerve Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators and Other Types), Application (Hearing Loss, Urinary Incontinence, Pain Management, Epilepsy, Parkinson's disease and Other Applications) and By Geography

According to Stratistics MRC, the Global Neurostimulation Market is accounted for $6,221.2 million in 2023 and is expected to reach $13,329.0 million by 2030 growing at a CAGR of 11.5% during the forecast period. The use of regulated electrical or magnetic impulses to alter the nervous system's activity is known as neurostimulation. It is used to treat various neurological disorders such as psychiatric disorders, movement disorders, and chronic pain. Furthermore, neurostimulation is a potentially reversible and customizable method of modulating neural circuitry and relieving symptoms associated, with ongoing research exploring new applications and optimizing existing technologies.

According to Centers for Disease Control and Prevention (CDC), an estimated USD 50 billion are spent each year for treatment of chronic lower back pain in North America.

Market Dynamics:

Driver:

Increase in non-invasive alternatives

The development of non-invasive neurostimulation methods and their increasing acceptance as a result of technological advancements like transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS) which offer non-surgical approaches, reducing patient reluctance and expanding the market reach. This shift not only improve patient comfort and safety but also provide efficient, affordable, and minimally invasive solutions which place them in a position to play a significant role in influencing the direction of neurostimulation therapy, which are driving the market size.

Restraint:

High cost

Neurostimulation device development, manufacture, and distribution are expensive processes that require sophisticated technology, a great deal of research, and adherence to regulations. Specialized parts, cutting-edge materials, and complex manufacturing techniques all contribute to the higher expenses. In terms of affordability and reimbursement, these exorbitant cost present difficulties for patients and healthcare providers. Therefore, high out-of-pocket costs and a lack of insurance coverage may impede neurostimulation market.

Opportunity:

Technological advancements

Technological innovations have facilitated the development of closed-loop or adaptive neurostimulation systems with constant innovations including electrode technologies, programming capabilities, and device design which improves the accuracy, effectiveness, and safety of neurostimulation treatments. In addition, integration of wireless communication technologies enables better patient monitoring and real-time adjustments to neurostimulation parameters. By improving patient outcomes and addressing unmet medical needs overall propels the neurostimulation market.

Threat:

Side effects

Neurostimulation may not be equally effective for all neurological conditions which effects patient safety and confidence by the inherent risks associated with invasive procedures and implantable devices, which include infection, malfunctioning of the device, and unintended side effects. Moreover, adverse events can damage a product's reputation in the market and prevent its widespread adoption by giving rise to regulatory worries and legal issues. Thus, consequently hinder the neurostimulation market.

Covid-19 Impact

The COVID-19 pandemic has negatively impacted the neurostimulation market, causing disruptions in manufacturing, supply chains, and elective medical procedures. Restrictions on non-essential healthcare services, reduced patient visits, and diverted healthcare resources have led to delays in neurostimulation device implantations and decreased patient access. Economic uncertainties have also affected investment and research funding. Therefore, these factors significantly impede market expansion.

The vagus nerve stimulators segment is expected to be the largest during the forecast period

The vagus nerve stimulators segment is estimated to hold the largest share. These implantable devices stimulate the vagus nerve, which operates by sending electrical impulses to the brain. Technological advancements, miniaturization of devices, and improved understanding of neurophysiology are some of the innovations contributing awareness. The demand for non-pharmacological treatment options and the increasing prevalence of neurological disorders contribute to the expansion of the VNS segment in the Neurostimulation market.

The parkinson's disease segment is expected to have the highest CAGR during the forecast period

The parkinson's disease segment is anticipated to have the highest CAGR during the forecast period due to reducing symptoms by using implantable devices. Neurostimulation for Parkinson's disease is called deep brain stimulation (DBS), which involves implanting electrodes in particular brain areas to modify aberrant neural activity. The patients' quality of life is improved, medication dependence is decreased, and motor symptoms are reduced with DBS. Hence, it also makes a substantial contribution to the development and advancement of neurostimulation technologies which are propelling this segment expansion.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to evaluations of the healthcare infrastructure, reimbursement policies, and regulatory frameworks. The aging population and the subsequent increase in neurodegenerative diseases contribute to the expanding demand for neurostimulation therapies. The region is home to major key players such as Boston Scientific Corporation, Abbott Laboratories, Medtronic plc and Neuronetics, Inc. The region’s financing and reimbursement policies and new technologies is driving the market size.

Region with highest CAGR:

Europe is expected to witness highest CAGR over the projection period. Regulatory bodies and national health authorities play a crucial role in approving and regulating neurostimulation devices. Advancements in treatment efficacy and patient outcomes include enhanced electrode designs, precise targeting, and advanced programming capabilities. Countries within Europe, including Germany, the United Kingdom, France, and others, also contribute significantly to the adoption of cutting-edge technologies for neurological disorders which thereby driving region growth.

Key players in the market

Some of the key players in the Neurostimulation Market include Medtronic, LivaNa PLC, Abbott, Neuronetics, Boston Scientific Corporation, Nevro Corp, Laborie, Johnson & Johnson Services, NeuroPace, Inc., Synapse Biomedical Inc, NeuroSigma, Inc, Modulus, Inc and Biegler GmbH.

Key Developments:

In October 2023, Boston Scientific Corporation announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication of the WaveWriter Alpha™ Spinal Cord Stimulator (SCS) Systems for the treatment of painful diabetic peripheral neuropathy (DPN), a complication of diabetes that can affect the lower extremities of the body.

In September 2023, Abbott announced it has completed the acquisition of Bigfoot Biomedical, a leader in developing smart insulin management systems for people with diabetes.

In August 2023, Medtronic announced the outcome of the U.S. Food & Drug Administration (FDA) Circulatory System Devices Panel (CSDP) meeting to review data presented in support of the Medtronic Symplicity Spyral™ Renal Denervation (RDN) System.

In June 2023, the American Diabetes Association® (ADA) and Abbott announced a collaboration aimed at better understanding how diabetes technology like continuous glucose monitoring (CGM) systems can help people living with diabetes make informed decisions about their food and activity.


Types Covered:
• Sacral Nerve Stimulators
• Spinal Cord Stimulators
• Vagus Nerve Stimulators
• Deep Brain Stimulators
• Other Types

Applications Covered:
• Hearing Loss
• Urinary Incontinence
• Pain Management
• Epilepsy
• Parkinson's disease
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements