Neurostimulation Devices Market Share Analysis by Type (Implantable/Internal, External), Application (Pain Management, Failed Back Syndrome, Ischemia, Parkinson's Disease, Essential Tremor, Urinary and Fecal Incontinence, Epilepsy, Hearing Loss, Gastroparesis, Depression), End User (Hospitals, Specialty Clinics) - Global Industry Demand Forecast to 2030

Market Overview

The global neurostimulation devices market size in 2021 was $6,095.2 million, and it is expected to advance at a CAGR of 9.9% during 2021–2030, to reach $14,239.5 million by 2030. Neurostimulation devices are used to treat neurological problems and chronic pain by giving tingling sensations to the injured nerve.

The neurostimulation technology uses microelectrodes to stimulate the nerves. The devices are the size of a stopwatch and powered by a battery. They are often surgically inserted into the brain, to generate paresthesia, a tingling sensation in the nerves, at predetermined time intervals. These electrical signals cause feelings in the injured neurons and aid in the treatment of chronic pain and neurological problems. In the event of chronic pain, these electrical signals aid in the blockage of pain messages from the neurons to the brain. These devices are typically employed in situations where pharmacological therapy is not effective.

The increasing prevalence of neurological illnesses and chronic pain and the growing geriatric population are, thus, driving the industry expansion. Furthermore, the increasing awareness of neurological illnesses and the rising investments in research and development for creative and revolutionary neurostimulation equipment are driving the market's growth. Moreover, there is an increasing demand for minimally invasive methods for the treatment of neurological illnesses.

Competitive Scenario

Buyers in the market include hospitals, clinics, nursing homes, patients, and academic research organizations. Because of the increasing incidence of neurological illnesses and chronic pain, there is a strong presence of buyers in the market. Additionally, suppliers are abundant, which provides a plenty of options for the buyers to switch from one to another.

The high capital required for research and development, device production, and clinical trials reduces the threat of new entrants. Furthermore, new businesses attempting to enter the neurostimulation device industry need to clear a variety of regulatory criteria, thus reducing the threat from them to the established companies. The industry is also characterized by a modest level of brand loyalty, as physicians suggest existing brands, which has a significant negative impact on the entry of new firms.

Furthermore, manufacturers are investing increasingly in R&D in order to develop sophisticated implantable neurostimulation devices. These companies' strategic methods are focused on catering to more geographical areas and growing their revenue share. Neurostimulation device implantation is minimally invasive and leads to shorter hospital stays and speedier recovery, which is likely to open up new prospects.

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End User Analysis

The adoption of modern instruments by specialty clinics for neuromodulation device implantation is propelling the specialty clinics category advance. Globally, there is a noticeable trend of patient treatment in outpatient settings, due to the overcrowding in hospital inpatient settings and high-cost nature of hospital care in industrialized countries. Moreover, several regional and national authorities are promoting patient treatment at home or in outpatient clinics.

In industrialized and developing countries, the growth in the count of specialty clinics for neurology, cardiology, and other fields of medicine is attracting a large patient pool. This, combined with the use of advanced tools, presence of a competent staff, and supportive reimbursement procedures for treatment in these settings, has resulted in an increase in the number of patients visiting specialized clinics for chronic pain, epilepsy, and other illnesses.

Regardless, hospitals present a highly lucrative global neurostimulation devices market outlook for the forecast period. The well-established healthcare infrastructure, advantageous medical reimbursement policies for neurostimulation devices in industrialized nations, and the expensive nature of implantable devices have all contributed to hospitals accounting for more than 60% revenue share in 2021. During the forecast period, the category is projected to be driven by an increase in the number of hospitals in emerging economies and the rise in the volume of neurostimulation device implantation procedures.

Application Analysis

The market was dominated by the pain management category in 2021, with a revenue share of around 30%. The main factors driving the expansion of this category are the increasing number of people with chronic pain and the rising usage of neuromodulation for pain management due to its high therapeutic efficacy. Regulatory authorities' clearance of the associated products is also accelerating the category’s expansion. Additionally, the category is set to advance as a result of the technical developments in the pain management industry and the various market strategies used by the major participants.

Parkinson's disease is a degenerative nervous system condition that impairs bodily movement. Devices that use neurostimulation aid in lessening its symptoms, including tremors, rigidity, stiffness, slowed mobility, and walking issues. Hence, device sales are set to increase rapidly due to the aging population and rising prevalence of Parkinson's disease.

Further, urinary and fecal incontinence is defined by a loss of bladder and bowel control, respectively. Electrical stimulation of the nervous system is used to treat bladder and bowel control.

Similarly, epilepsy is a neurological condition that causes seizures. Due to the high product efficacy in treating epilepsy and the dearth of effective treatments for the condition, this application category’s value is predicted to rise throughout the forecast period. Severe involuntary limb movement is a hallmark of essential tremors. The neck, mouth, and other regions of the body are also affected by the illness.

Hearing loss is a condition that results from damage to an auditory system component. When a person has hearing loss, sound signals cannot reach the brain, rendering the person unable to perceive sound. Patients with damaged sensory hair cells in their cochleae who are deaf can benefit from cochlear implants. By triggering the neuroplastic changes required to stop the aberrant levels of oscillatory cortical activity and restore normal levels of activity, neurostimulation therapies regulate brain activity to offer a long-lasting reduction in tinnitus perception.

Gastroparesis is a digestive condition that prevents the stomach from properly emptying the food, which results in nausea and vomiting. People with both type 1 and type 2 diabetes are afflicted by gastroparesis. The lower stomach nerves receive light stimulation from neurostimulation devices, which aids in the contraction of the stomach and the movement of food into the small intestine, which relieves nausea and vomiting.

Depression is a mood illness that makes people gloomy and uninterested in their regular activities. It has an impact on a person's thoughts, actions, emotions, and sense of wellbeing. Hence, the market is projected to grow as a result of the increase in the occurrence of depression, as the neurostimulation technology makes treating the condition simple, by triggering or blocking electrical brain signals.

Regional Analysis

North America led the market in 2021 due to the aging of the population and rise in the prevalence of neurological illnesses. The demand for neurostimulation devices is also rising as a result of the increasing preference for minimally invasive treatments and growing awareness of mental illnesses. Additionally, the rising R&D expenditure for the creation of innovative neurostimulation equipment is expected to result in the market growth.

It is expected that rapid economic development will further drive the neurostimulation device market growth in Europe, which is already expanding rapidly. Additionally, since it is easier to get a medical device approval in Europe than in the U.S., this region is witnessing a rapid increase in neurostimulation device sales. Additionally, the region's rising senior population is going to assist the industry expansion.

During the projection period, APAC is projected to develop at the highest CAGR, of more than 10%. Due to the vast unmet medical needs and untapped development potential, North American and European manufacturers are swiftly shifting their manufacturing activities to this region. Furthermore, the APAC market advance is aided by the swiftly growing economies of China and India, along with the escalating costs of healthcare.

Moreover, the aging populations in several nations, including Brazil and Saudi Arabia, are causing the LATAM and MEA regions to expand quickly, respectively. Additionally, the rising prevalence of neurological illnesses and chronic pain are contributing to the expansion. During the projection period, the growth is set to be fueled by the indirect and direct entry of players in these regions.

Top Neurostimulation Device Manufacturers Are:

• Aleva Neurotherapeutics
• Medtronic plc
• Boston Scientific Corporation
• LivaNova PLC
• NeuroPace Inc.
• NeuroSigma Inc.
• Synapse Biomedical Inc.
• Neuronetics Inc.

Global Neurostimulation Devices Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Type

• Implantable/Internal
  • Spinal cord stimulation (SCS)
  • Deep brain stimulation (DBS)
  • Sacral nerve stimulation (SNS)
  • Vagus nerve stimulation (VNS)
  • Cochlear implants (CI)
  • Gastric electric stimulation (GES)
• External
  • Transcutaneous electrical nerve stimulation (TENS)
  • Transcranial magnetic stimulation (TMS)

Based on Application

• Pain Management
• Failed Back Syndrome
• Ischemia
• Parkinson's Disease
• Essential Tremor
• Urinary and Fecal Incontinence
• Epilepsy
• Hearing Loss
• Gastroparesis 
• Depression

Based on End User

• Hospitals
• Specialty Clinics

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa