Global Neurostimulatory Devices Market Size (2024 – 2030)

As per our research report, the Global neurostimulatory devices market was valued at USD 5.74 billion in 2023 and is projected to reach a market size of USD 13.18 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 12.6%. The increasing prevalence of neurological disorders across the globe, rise in demand for minimum invasive surgery, technological advancements, and extensive R&D activities are majorly driving the growth of the market.

Industry Overview:

Neurostimulation makes use of an implantable medical device for modulating and altering neural activities for therapeutic purposes. Neurostimulators are equipment used for neuromodulation and the process is termed neurostimulation. Neurostimulation devices are commonly used in the diagnosis and treatment of disorders of the autonomic nervous system (ANS), central nervous system (CNS), and peripheral nervous system (PNS) for stimulation of brain cells and administering medication. Diseases that do not respond to systematic drug therapies require advanced stimulation devices for treating them. The electrodes in the neurostimulation devices generate mild electrical impulses to increase the neurological activities in the patients.

The demand for neurostimulatory devices is growing for managing chronic neurological conditions such as neuropathic pain, epilepsy, nociceptive pain, depression, and Parkinson's disease. According to WHO, there are nearly 50 million cases of dementia globally among which 60-70% are Alzheimer’s and 10 million are added every year. Dementia is the fifth leading cause of death across the world. Furthermore, the incidence rate of Parkinson’s disease is 4.5-19 per 100,000 population every year. According to the American Academy of Neurology, Alzheimer’s is the sixth-leading cause of death. The growing geriatric population, an increasing incidence of chronic diseases, such as migraine and epilepsy, the rising prevalence of neurological disorders and lifestyle-related disorders, the introduction of technologically advanced products, external funding for R&D, and rising demand for minimally invasive surgeries are propelling the market growth. Manufacturers are increasingly investing in R&D activities for the development of advanced products and technologies, including implantable neurostimulation devices, which are poised to boost market growth. In addition, the increasing investments and other strategic implications by key players are positively impacting the market.  

COVID-19 outbreak impact on Neurostimulatory Devices Market

The COVID-19 pandemic adversely affected the growth of the Neurostimulatory Devices Market as the focus of healthcare shifted to treating the affected patients and controlling the spread of COVID-19. As a result, the patients suffering from other diseases were largely affected. It also put a halt to the manufacturing of technologically advanced products for the treatment. The supply chain and distribution network of various companies were also affected to some extent owing to the COVID-19 imposed restrictions. The growing cases of various neurological diseases across the world are likely to boost market growth in the future. The market is poised to regain its growth rate in the post-pandemic period.

MARKET DRIVERS:

The increasing prevalence of neurological disorders across the globe and the rise in demand for minimum invasive surgery is majorly driving the market growth

The rise in prevalence of lifestyle diseases such as chronic pain, increase in the number of neurological disorders, and increased investment in neurological R&D are some of the factors fuelling the growth of the global neurostimulatory devices market. Additionally, the rise in demand for minimally invasive surgery, the growing geriatric population, and the adoption of technologically advanced products also propel the growth of the market as they are more susceptible to neurological disorders, including Parkinson’s disease, Epilepsy, Alzheimer’s disease, and chronic pain. Furthermore, a favorable regulatory scenario for medical modalities in superior patient care as well as management is anticipated to foster the market expansion.

Technological advancements and extensive R&D activities in neurostimulatory devices are likely to propel the market progression

Rising advancements and developments in neurostimulatory devices are anticipated to offer relief to an unprecedented number of patients affected by serious neurologic disorders. The availability of implantable neurostimulatory devices that target specific cranial, spinal, and peripheral nerve structures to regulate neuronal activity and provide therapeutic effects for a variety of neurological disorders is likely to favor the neurostimulatory devices' market growth. Moreover, market players in the neurostimulation devices business are focusing on the development of technologically advanced devices to ease the pain of patients. Factors such as significant growth in the medical industry, extensive research & development (R&D) activities, and increasing healthcare expenditure are also fueling the growth of the neurostimulatory device market.

MARKET RESTRAINTS:

The high cost of neurostimulatory devices and the side effects associated with them can restrain the market growth

The growth in the neurostimulatory devices market can be impeded by factors such as the high cost and side effects associated with these devices. The high cost of neurostimulatory devices often compels patients to opt for alternative treatments, such as oral medication. In addition, patients find alternative treatments easy to access and affordable, which is also restraining the demand for neurostimulation devices. Adverse effects and risks associated with the use of neurostimulatory devices, such as allergic reactions or prickling of skin, can restrict the usage of neurostimulation devices.

The shortage of skilled healthcare practitioners and lack of advanced infrastructure can restrain the growth of neurostimulatory devices market

The factor that is hampering the Neurostimulation Devices Market Growth is the shortage of skilled healthcare practitioners. Also, the requirement for an increasing process for technological development along with advanced infrastructure in various mid-level income countries is a restraining factor. Moreover, stringent government regulations on neurostimulatory device approval might act as a barrier to market growth.

GLOBAL NEUROSTIMULATORY DEVICES MARKET REPORT COVERAGE:

This research report on the global Neurostimulatory Devices Market has been segmented and sub-segmented based on product, application, end-user, and region.

Neurostimulatory Devices Market – By Product

• Deep Brain Stimulator
• Spinal Cord Stimulator
• Gastric Electric Stimulator
• Sacral Nerve Stimulator
• Vagus Nerve Stimulator
• Transcutaneous Electrical Nerve Stimulation (TENS)
• Transcranial Magnetic Stimulation (TMS)
• Others

Based on Product, the Neurostimulatory Devices Market is segmented into Deep Brain Stimulator Spinal Cord Stimulator, Gastric Electric Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS), and Others. The Spinal Cord Stimulator segment accounted for the largest revenue share of more than 51.5% in 2021 owing to the high market penetration of commercially available products in this segment. Factors such as the increase in usage of spinal cord stimulators for treating neuropathic pain and spinal injuries, an upsurge in minimally invasive procedures, technological advancements, and an increase in healthcare spending are fuelling the market growth for spinal cord stimulators. Spinal cord stimulators are utilized in the treatment of non-malignant chronic neuropathic pain management and help minimize the pain by producing tiny nerve impulses without making any anatomical changes to the target area.

The Deep Brain Stimulator (DBS) segment is anticipated to witness a growth rate of 12.5% through 2030 owing to the rising research and development activities to develop improved deep brain stimulators. Additionally, new product launches and innovations in deep brain stimulators are further likely to accelerate the industry’s progression. Deep brain stimulators are used in several neurological disorders, especially Parkinson’s disease. These devices are built on a nascent technology and thereby, are currently undergoing an experimental phase. The use of these devices for diseases, such as Tourette syndrome, Alzheimer’s, refractory epilepsy, trigeminal neuralgia, cluster headache, and movement disorders by multiple sclerosis, is awaiting approval by FDA.

The Sacral Nerve Stimulators segment is anticipated to grow rapidly during the forecast period owing to the increasing awareness regarding these devices. They are used to treat chronic diseases including urinary incontinence and fecal incontinence.

Neurostimulatory Devices Market – By Application

• Pain Management
• Epilepsy
• Essential Tremor
• Urinary and Fecal Incontinence
• Depression
• Dystonia
• Gastroparesis
• Parkinson's Disease
• Others

Based on Application, the Neurostimulatory Devices Market is segmented into Pain Management Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson's Disease, and Others. The Pain Management segment accounted for the largest revenue share of more than 68.0% in 2021. This is attributable to an increase in the usage of neurostimulation devices for treating chronic and acute pain and the growing use of advanced neurostimulation devices in neuropathic pain management.

The Epilepsy segment is anticipated to grow significantly over the forecast period owing to the high product efficacy exhibited in treating epilepsy along with the availability of limited treatment options for the disease. The growing geriatric population around the world is one of the major impact-rendering drivers for the growth of this segment.

Neurostimulatory Devices Market – By End User

• Rehabilitation Centers
• Hospitals
• Medical Clinics
• Others

Based on End User, the Neurostimulatory Devices Market is segmented into Rehabilitation Centers, Hospitals, Medical Clinics, and Others. The Hospitals segment dominates the global neurostimulatory devices market and the trend is anticipated to continue during the forecast period. A high number of patients suffering from neurological diseases need hospitalizations, globally, which increases the demand for early diagnosis of these diseases driving this market. Neurostimulation device implantation is a minimally invasive process and the growing demand for such surgeries owing to shorter hospital stays & faster recovery is likely to offer new growth opportunities for the market.

Neurostimulatory Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America, the Middle East, and Africa

Geographically, the North American Neurostimulatory Devices Market holds the largest revenue share of more than 60% in 2021 in the global market and is anticipated to grow at a high CAGR during the forecast period. This is attributed to the rising prevalence of neurological diseases, favorable reimbursement rates,  increased government spending on research & development of more advanced and effective neurostimulation devices, approvals by health authorities for novel techniques in neurostimulators, and the presence of key market players in the region.

The European Neurostimulatory Devices Market is anticipated to account for the second-largest market share during the forecast period. This is attributable to the growing preference for advanced technologies and innovations coupled with several healthcare initiatives taken by various public organizations to improve the healthcare sector in the region.

The Neurostimulatory Devices Market in the Asia Pacific is anticipated to register the fastest growth rate during the forecast period. This is attributed to the growing geriatric population, the increasing incidences of neurological disorders such as arthritis and osteoporosis, especially in countries such as Japan and China, improving healthcare infrastructure, and increasing healthcare expenditures in the emerging markets to overcome the unmet medical needs. The adoption latest technologies by market players to develop advanced products to populate their product portfolio is further driving the market growth.

The Neurostimulatory Devices Market in Latin America, the Middle East, and Africa is anticipated to register steady growth in the Neurostimulation Devices Market during the forecast period. The growing awareness and adoption of new technology are likely to fuel the market growth.

Major Key Players in the Market

Companies like

1. bbott Laboratories
2. Medtronic plc
3. Aleva Neurotherapeutics SA
4. Boston Scientific Corporation
5. ElectroCore Inc
6. EndoStim Inc
7. NeuroPace Inc
8. Nevro Corporation
9. Neuronetics Inc
10. NeuroSigma Inc
11. Synapse Biomedical Inc

are playing a pivotal role in the Global Neurostimulatory Devices Market.

The prominent players are focusing more on R&D activities to develop novel products. Regional expansions, partnerships, and collaborations & acquisitions are the key strategic initiatives followed by market players to strengthen their product portfolio.

Notable happenings in the Global Neurostimulatory Devices Market in the recent past:

Product Approval- In January 2022, Medtronic Plc received U.S. Food and Drug Administration approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain resulting from diabetic peripheral neuropathy (DPN).

Product Launch- In January 2021, Boston Scientific launched WaveWriter Alpha Spinal Cord Stimulator Systems, in the United States. It is a unified portfolio of four MRI conditional, Bluetooth-enabled rechargeable, and non-rechargeable implantable pulse generators (IPGs) that offer uncompromised personalization, and for the first time in SCS, Fast Acting Sub-perception Therapy (FAST) developed to deliver profound paresthesia-free pain relief in minutes.

Product Launch- In March 2021, Abbott announced the U.S. launch of NeuroSphere™ Virtual Clinic in the U.S., a first-of-its-kind technology allowing patients to communicate with physicians, receive new treatment settings remotely, and ensure proper settings and functionality. Approved by the U.S. FDA, the NeuroSphere Virtual Clinic aims to increase access to optimal treatment for patients suffering from chronic pain or movement disorders who have difficulty accessing care or are unable to go to a physician.

Product Launch- In August 2021, NeuroPace, Inc., announced the launch of its nSight Platform, an online portal that helps physicians deliver more personalized, data-driven epilepsy care by enabling remote review of patient progress, discovering actionable insights, and tracking their clinic’s overall patient outcomes.

Product Approval- In September 2019, the U.S. Food and Drug Administration (FDA) approved Abbott’s Proclaim XR™ recharge free neurostimulation platform for chronic pain. The approval helps Abbott to secure a higher market share portfolio.