The global neurostimulation devices market size is expected to reach $14,239.5 million by 2030, growing at a CAGR of 9.9% from 2021 to 2030.
The market is being driven by the rising R&D expenditures for novel and cutting-edge neurostimulation devices. Additionally, these instruments often need to be implanted surgically and replaced after a few years. The use of non-invasive techniques for the safe and successful treatment of neurological illnesses that are resistant to medication is made possible by technologically advanced neurostimulation devices. Additionally, certain non-invasive neurostimulation devices are portable and simple to wear around the waist or carry in a pocket.
The implantable/internal category had the larger share, of more than 70%, in 2021. Devices that are implanted beneath the skin and transmit electrical impulses to stimulate the nervous system are referred to as implantable/internal neurostimulation devices. They are used to treat chronic pain and neurological conditions and give doctors and other healthcare professionals the best possible nerve stimulation results.
Implantable devices are most commonly used as deep brain, vagus nerve, and spinal cord stimulators. Thus, a wide application area is one of the elements responsible for the leading position of the implanted category in the market, along with the new implantable devices being introduced by the market participants.
In 2021, spinal cord stimulation devices held the largest share in implantable neurostimulation devices market. It is a method of treating chronic pain that uses an electric current. A spinal cord stimulator, a tiny device, is surgically implanted under the skin, close to the spinal cord. In order to limit the brain's ability to recognize the previously experienced pain, the gadget produces mild electrical pulses, which go to the brain faster than the pain signal and produce a pleasant sensation.
SCS is used to treat pain problems that are medicine-resistant, such as neuropathic pain and nociceptive pain. The category is expected to be driven by the introduction of new products with updated technologies and favorable medical reimbursement policies in developed countries. Moreover, SCS is expected to continue to hold the dominant position due to the high prevalence of chronic pain brought on by a variety of factors, including cancer, failed back surgery syndrome, trauma, and nerve injury.
Neurostimulators are also used in deep brain stimulation (DBS). Three components make up the DBS system: a lead, a neurostimulator, and an extension. While the neurostimulator, which functions similarly to a heart pacemaker and creates electrical current, is typically inserted under the skin, close to the collarbone, the small cable known as the lead or electrode is put deep inside the brain. It can be inserted into any part of the body, though. The leads and the neurostimulator are connected by an extension, which is a thin, insulated wire.
The motor cortex, the part of the brain that regulates movement, is stimulated electrically by the device, using electrodes, which are implanted in the body. Electrical stimulation helps control brain activity by blocking the aberrant nerve signal, which causes disorders such as Parkinson's and tremors. Only patients whose symptoms cannot be sufficiently controlled by medicine are given this therapy. Most often, neurological diseases, including Parkinson's disease, essential tremors, and dystonia, are treated with DBS.
Major players operating in the market include Aleva Neurotherapeutics, Medtronic plc, Boston Scientific Corporation, LivaNova PLC, Cochlear Limited, NeuroPace Inc., NeuroSigma Inc., Synapse Biomedical Inc., and Neuronetics Inc.