Neurostimulation Devices Market: Current Analysis and Forecast (2022-2028)

Neurostimulation Devices Market: Current Analysis and Forecast (2022-2028)

Neurostimulation therapies consist essentially of exposing the electrically excitable tissue of the central or peripheral nervous system to voltage pulses applied to electrodes located in close proximity to the nervous tissue. Neurostimulators help in the treatment of neurologic disorders such as movement disorders, epilepsy, Parkinson’s disease, chronic pain, and depression. For instance, according to Parkinson.org, nearly one million people in the U.S. are living with Parkinson’s disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson’s is the second-most common neurodegenerative disease after Alzheimer’s disease. Thus, the vast and rapidly increasing patient pool for neurovascular diseases across the world is responsible for the significant volume consumption of the neurostimulation devices market during the forecast period.

The Neurostimulation devices Market is expected to grow at a steady rate of around 11% owing to the adoption of technologically advanced products. Major companies in the market launch neurostimulation devices for the treatment of applications with technologically advanced features. For instance, in Jan 2021, Abbott launched Neuso Spheremy Path which is aimed to track and report on patient-perceived pain relief and general well-being associated with conditions related to Spinal Cord Stimulation (SCS).

• Based on device type, the market is segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. Deep brain stimulators is expected to grow with a significant CAGR during the forecast period. Deep brain stimulation is an established treatment for people with movement disorders, such as essential tremor, Parkinson's disease, and dystonia, and psychiatric conditions, such as obsessive-compulsive disorder. For instance, in March 2021, Abbott launched NeuroSphere, a virtual clinic designed to aid deep brain stimulation patients in remotely programming and resetting their devices from the comfort of their homes.
• On the basis of application, the market is categorized into pain management, hearing loss, depression, parkinson's disease, epilepsy, and others. Pain management held a significant share of the market in 2020. This is mainly due to the increasing geriatric population along with the rising prevalence of chronic diseases are the contributing factors to the market growth of the pain management device market. For instance, as per CDC, in 2020, as many as 5.8 million Americans were living with Alzheimer’s disease. This number is projected to nearly triple to 14 million people by 2060.
• Based on end users, the neurostimulation devices market has been classified into hospitals, ambulatory surgical centers, and others. The hospital segment is expected to grow at a significant CAGR during the forecast period owing to the increasing number of hospitals and a surge in the number of surgeries in the hospital setting. Also, the presence of well-trained healthcare professionals, well-established infrastructure, and availability of technologically advanced devices in hospitals are some of the factors contributing to the growth of this segment. However, ambulatory surgical centers are also likely to witness lucrative growth during the forecast period.
• For a better understanding of the market adoption of the Neurostimulation devices industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC grow with a significant CAGR during the forecast period. This is mainly due to the availability of unmet medical needs and untapped development potential, various foreign manufacturers are moving their manufacturing bases to this region, which might be contributed to this growth. Furthermore, it is predicted that the market expansion in the APAC region will be aided by the swift economic development of emerging nations like China and India as well as rising healthcare costs. According to the data of Worldbank on January 2022, the current health expenditure of China was 5.35% of the GDP in 2019.
• Some of the major players operating in the market include Medtronic; Boston Scientific Corporation; Abbott; Aleva neurotherapeutics; electroCore, Inc.; EndoStim Inc.; Nevro Corporation; Neuronetics Inc.; NeuroSigma, Inc.; Synapse Biomedical Inc.