The global neurostimulation devices market is predicted to grow at 11.7% CAGR during the forecast period with the market size reaching USD 12.2 billion by 2024. The market is driven by the factors growing prevalence of neurological disorders, increasing prevalence of lifestyle associated diseases, robust product pipeline and mounting geriatric population. Neurostimulation is the technology to deliver low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. It is a therapeutic tool used to treat neuropathic pain or to modulate motor function and for a range of different diseases such as epilepsy, migraine, and Parkinson’s disease.
Neuromodulation devices have shown to be very effective in treating Parkinson’s and other chronic illnesses induced by old age. According to the WHO, globally depression is a common mental disorder and approximately 300 million people of all age group suffer from depression. Expanded target applications and new indications, increasing healthcare expenditure, increasing demand for minimally invasive surgeries, and increasing adoption of technologically advanced products are also fueling the growth of the neurostimulation device market.
The market for neurostimulation devices is primarily driven by increasing number of skin diseases and escalating appearance consciousness among consumers. With the increasing occurrence of skin diseases such as vitiligo, psoriasis, eczema, and photoaging of skin and burn cases has resulted in the scar which requires surgical treatment which further increased the demand for neurostimulation devices. This offers market players immense opportunities for clinical trials, which will drive their revenue growth.
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Among the two types of neurostimulation devices, internal and external, internal neurostimulation device accounted for the major share in the global market, due to the increasing prevalence of the neurological disorder. The internal neurostimulation segment is further segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, cochlear implant and gastric electrical stimulation. Spinal cord stimulation segment is estimated to account the largest share in the internal neurostimulation device market due to increasing awareness of spinal cord stimulator and increasing number of people suffering from chronic leg and back pain. The external neurostimulation segment is segmented into transcranial magnetic stimulation and transcranial electric nerve stimulation.
The different applications of neurostimulation device are pain management, essential tremor, Parkinson’s disease, urinary and fecal incontinence, depression, epilepsy, gastroparesis, hearing loss, dystonia and others. The pain management segment is estimated to account the largest share in the neurostimulation device market due to the increasing number of product launches and approvals of devices to reduce chronic pain. In addition, the epilepsy segment is expected to grow at the fastest rate due to the availability of new therapeutic procedures. According to the World Health Organization (WHO), globally approximately 50 million people have epilepsy and approximately 2.4 million people are diagnosed with epilepsy each year.
North America accounted for the major share in the neurostimulation devices industry in 2017, globally as as the region has a high prevalence of chronic diseases and the growing geriatric population. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes. Moreover, Asia-Pacific is observed to witness the fastest growth in the neurostimulation devices market, owing to the largest population base, increasing prevalence of diabetes, growing geriatric population and rising adoption of neurostimulation devices.
Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices. The key challenge for the new entrants is the survival in capital intensive and highly regulated neurostimulation device market. However, various large neurostimulation companies can enter the neurostimulation device market through mergers and acquisitions of smaller companies.
Global Neuro Stimulation Market Coverage
Product Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Neurostimulation Devices Market by Region
Rest of the World