Neurostimulatory Devices Market | Size, Share, Growth

Global Neurostimulatory Devices Market Analysis (2023 - 2030)

As per our research report, the global neurostimulatory devices market size is anticipated to grow at a CAGR of 12.6% from 2022 to 2030.

The Neurostimulatory Devices Market was adversely impacted by the COVID-19 pandemic as healthcare focus shifted towards treating COVID-19 patients. This resulted in a negative impact on patients with other diseases and halted the manufacturing of advanced treatment products. Supply chain and distribution networks were also affected by pandemic restrictions. However, the market is expected to regain growth in the post-pandemic period, driven by the increasing cases of neurological diseases worldwide.

The global neurostimulatory devices market is driven by various factors including the rise in lifestyle diseases, increased prevalence of neurological disorders, investment in neurological research and development, demand for minimally invasive surgery, growing geriatric population, and adoption of technologically advanced products. Favorable regulatory scenarios for medical modalities and superior patient care further contribute to market expansion.

Technological advancements and extensive research and development activities in neurostimulatory devices are propelling market progression. The development of implantable devices targeting specific nerve structures to regulate neuronal activity and provide therapeutic effects for neurological disorders is driving market growth. Market players are focused on developing technologically advanced devices to alleviate patient pain. Growth in the medical industry, increased research and development efforts, and rising healthcare expenditure also fuel the neurostimulatory device market's growth.

The growth of the neurostimulatory devices market can face obstacles due to factors such as high costs and associated side effects. The expensive nature of these devices often leads patients to opt for alternative treatments like oral medication, which are more accessible and affordable. Adverse effects and risks linked to neurostimulatory devices, such as allergic reactions or skin discomfort, can also limit their usage.

Another hindrance to market growth is the shortage of skilled healthcare practitioners. The requirement for technological advancements and advanced infrastructure, particularly in mid-level income countries, poses challenges to the adoption of neurostimulation devices. Additionally, stringent government regulations about the approval of neurostimulatory devices can act as a barrier to market growth.

KEY MARKET INSIGHTS:

Based on the product, the spinal cord stimulator segment dominates the market with over 51.5% revenue share due to its high market penetration and usage in treating neuropathic pain and spinal injuries. The deep brain stimulator (DBS) segment is anticipated to grow at a rate of 12.5% with ongoing research and development for improved devices. The sacral nerve stimulators segment is expected to grow rapidly due to increasing awareness and utilization for chronic conditions like urinary and fecal incontinence.
Based on the application, the Pain Management segment holds the largest revenue share of more than 68.0% in 2021, driven by increased usage of neurostimulation devices for chronic and acute pain treatment, including neuropathic pain management. The Epilepsy segment is expected to grow significantly due to high product efficacy and limited treatment options, supported by the growing geriatric population.
Based on end users, the Hospitals segment is the dominant end user in the global neurostimulatory devices market and is expected to maintain its position in the forecast period. The high prevalence of neurological diseases requiring hospitalizations drives the demand for early disease diagnosis, contributing to market growth. The minimally invasive nature of neurostimulation device implantation leads to shorter hospital stays and faster recovery, creating new growth opportunities for the market.
Based on the region, North America dominates the global Neurostimulatory Devices Market, holding over 60% of the revenue share in 2021. The region is expected to witness a high CAGR in the forecast period. The growth is driven by factors such as the increasing prevalence of neurological diseases, favorable reimbursement rates, government investments in research and development, approvals for novel neurostimulation techniques, and the presence of key market players in the region. The Asia Pacific Neurostimulatory Devices Market is expected to exhibit the fastest growth rate in the forecast period. This growth is driven by factors such as the growing geriatric population, increasing incidences of neurological disorders like arthritis and osteoporosis, improved healthcare infrastructure, rising healthcare expenditures in emerging markets, and the adoption of advanced technologies by market players to expand their product portfolios.
Companies playing a leading role in the global Neurostimulatory Devices market profiled in this report are Abbott Laboratories, Medtronic plc, Aleva Neurotherapeutics SA, Boston Scientific Corporation, ElectroCore Inc, EndoStim Inc, NeuroPace Inc, Nevro Corporation, Neuronetics Inc, NeuroSigma Inc, Synapse Biomedical Inc.