Press Release

Neurostimulation Devices Market to Grow at 12.02% CAGR through 2029

Increase prevalence of neurological disorders and increasing patient preference for non-pharmacological treatment is expected to drive the Global Neurostimulation Devices Market growth in the forecast period, 2025-2029

According to TechSci Research report, “Neurostimulation Devices Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”, the Global Neurostimulation Devices Market stood at USD 5.41 Billion in 2023 and is anticipated to project steady growth in the forecast period with a CAGR of 12.02% through 2029. Rising incidence of neurological disorders and growing patient inclination towards non-pharmacological therapies are notable trends in the healthcare landscape.                                                                                       

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There is a significant need for medical advancements in these disease segments. The market is also being propelled by the rising prevalence of neurological disorders and lifestyle-related conditions, external funding for research and development, and the demand for minimally invasive surgical procedures.

According to the American Academy of Neurology, stroke is currently the third-leading cause of death in the U.S., while Alzheimer's is ranked as the sixth-leading cause. The rise in the acceptance and acknowledgment of neurostimulation, including deep brain stimulation (DBS) and spinal cord stimulation (SCS), is fueling market growth. Patients are increasingly adopting non-invasive and drug-free treatment options, leading to a higher demand for neurostimulation devices. Furthermore, there is a growing awareness of mental diseases, resulting in increased investments and initiatives by both private and public health institutions, as well as non-governmental organizations. These programs and organizations encourage individuals to undergo screenings for mental disorders, further driving the demand for neurostimulation devices to manage these conditions. Neurostimulation therapies can be categorized into invasive and non-invasive approaches, with non-invasive brain stimulation (NIBS) involving cortical stimulation through the skull, scalp, and meninges. The elderly population, who often experience surgeries, pain, and chronic conditions, are driving the use of efficient pain relief technology. Chronic pain is particularly common in this demographic, contributing to the significant demand expected in the coming years. Infusion pumps, electrical nerve stimulators, and spinal cord stimulators are being utilized more frequently. Manufacturers are increasing their investments in research and development to develop advanced neurostimulation products and technologies, including implantable devices, which is anticipated to further boost market growth. Neurostimulation device implantation is a minimally invasive procedure, and the growing demand for such surgeries, along with shorter hospital stays and faster recovery, presents new growth opportunities for the market.

According to the World Health Organization (WHO), approximately one billion people are affected by neurological disorders. The growing prevalence of conditions such as Alzheimer's, Parkinson's disease, strokes, multiple sclerosis, epilepsy, migraines, brain injuries, and neuro infections provides a substantial market opportunity for neurostimulation devices. As traditional treatments may be ineffective or have side effects, neurostimulation offers a promising alternative for managing and improving the quality of life for patients with neurological disorders. The market's potential for expansion will be further fueled by extensive research and development efforts for the creation of novel products and cutting-edge technology. For example, Neurowave Medical Technologies has developed a transdermal neuromodulation device with low invasiveness to treat patients with nausea and vomiting. The device aims to enhance the quality of life for patients undergoing chemotherapy-radiation therapy. Additionally, the potential for further market growth will be increased by new innovations, including deep brain stimulation, spinal cord stimulation, sacral nerve stimulation, and vagus nerve stimulation. 

The Global Neurostimulation Devices Market is segmented into type, application, regional distribution, and company

Based on type, the market is segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. The spinal cord stimulators segment emerged as the dominant force in the market in 2023. Mechanical advancements in this segment are expected to further propel its growth. Spinal cord stimulators are employed in non-invasive chronic neuropathic pain management, providing relief by delivering subtle nerve impulses without making any physical alterations to the targeted area. Deep Brain Stimulators are utilized for treating several neurological disorders, particularly Parkinson's disease. These devices rely on a pioneering technology and are currently in an experimental phase. The use of these devices for conditions such as Alzheimer's, Tourette syndrome, refractory epilepsy, cluster headache, trigeminal neuralgia, and movement disorders caused by multiple sclerosis, awaits FDA approval. Sacral Nerve Stimulators, utilized in the treatment of chronic conditions including urinary incontinence and fecal incontinence, are projected to experience the highest compound annual growth rate (CAGR) from 2024 to 2029. Increasing awareness about these devices is anticipated to be the primary driving factor for this segment. However, various risks associated with device implantation, such as mechanical failures and post-surgery pains and infections, may hinder the segment's growth to some extent. 

Based on region, the North America is projected to dominate the market. North America is projected to command a substantial market share in the neurostimulation devices market. The significant market size can be attributed to several key factors, including the growing elderly population, rising cases of neurological disorders and spinal injuries among the elderly, and the subsequent increase in demand for neurostimulation devices. The region's notable neurostimulation device market is driven by the high prevalence of neurological disorders, a well-established healthcare system, and favorable reimbursement policies. Among the countries in North America, the United States holds the largest market share, thanks to its advanced healthcare facilities, extensive research and development activities, and a large patient population. Noteworthy market leaders in the neurostimulation devices sector in North America include Abbott Laboratories, Synapse Biomedical Inc., Boston Scientific Corporation, NeuroPace Inc., and Nevro Corp. 

Major companies operating in Global Neurostimulation Devices Market are:

  • Boston Scientific Corporation
  • Medtronic PLC
  • Abbott Laboratories Inc.
  • Nevro Corp.
  • Liva Nova PLC
  • Axonics Modulation Technologies Inc.
  • Neuropace Inc.
  • EndoStim Inc.
  • NDI Medical LLC
  • Neuronetics Inc.

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“The increasing prevalence of neurological disorders attributed to the aging population is expected to drive market growth. Furthermore, the growing number of awareness initiatives and improvements in healthcare accessibility are anticipated to fuel the adoption of neurostimulation devices. The expanding indications of neurostimulation devices are poised to propel market growth during the forecast period. Approvals for these devices' indications also facilitate researchers in exploring their additional therapeutic properties. Prominent industry players are actively investing in clinical trials to ensure the sustainability of their products. For example, Boston Scientific Corporation is currently conducting a clinical trial study to evaluate patient satisfaction with a new implantable neurostimulation system for chronic pain of the trunk and/or limbs. Such initiatives significantly contribute to the growth rate of the neurostimulation devices market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Neurostimulation Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others), By Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, and Others), By Region and Competition 2019-2029F”, has evaluated the future growth potential of Global Neurostimulation Devices Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Neurostimulation Devices Market.

 

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