Neurostimulation Devices Market Size - By Product (Deep Brain, Gastric Electric, Spinal Cord, Sacral Nerve, Vagus Nerve Stimulator), By Application (Epilepsy, Pain Management, Essential Tremor, Urinary & Fecal Incontinence) & Forecast, 2023 - 2032

Neurostimulation Devices Market Size

Neurostimulation Devices Market was valued at USD 8.3 billion in 2022 and is projected to register more than 12.2% CAGR between 2023 and 2032. Increasing demand for minimally invasive surgery coupled with rising prevalence of neurological disorders are foremost factors propelling the market market growth.  For instance, according to the Alzheimer’s Association, in the U.S. more than 5.5 million individuals are suffering from Alzheimer’s and this number is projected to reach 16 million by 2050.
 

Furthermore, companies and organizations across the globe have been pumping billions into the development of unique, sophisticated, and revolutionary neurostimulation devices. For instance, in February 2021, Mainstay Medical Holdings PLC reported that it completed an equity offering proceeds of about USD 108 million. The funds were used to support and strengthen the business of ReActive8, an implanted restorative neurostimulation device, commercial launch in the U.S., thus further expanding its presence in Australia and Europe. Therefore, the abovementioned factors are estimated to augment neurotech devices market growth, which is estimated to account for USD 42.1 billion by 2032.
 

COVID-19 Impact

COVID-19 pandemic considerably impacted the neurostimulation devices industry during the initial breakdown due to hindrance in supply chain and scarcity of workforce. Further, several surgical procedures were postponed. Hence, the adoption of neurostimulation devices was slowed down in the initial months of 2020. For instance, in Europe, National Health Service (NHS) hospitals were directed to briefly halt non-urgent surgeries for minimum 3 months to allow healthcare professionals to deal with COVID-19 outbreak, thereby hindering the devices growth.
 

Neurostimulation Devices Market Trends

Elderly people are more prone to suffer from several neurological diseases due to anatomic and functional changes. Hence, the rising geriatric population base will act as a high impact rendering factor by increasing the demand of neurovascular devices, neurovascular embolization, and neurostimulation devices. The most common neurological disorders such as Alzheimer’s, dementia and Parkinson’s disease are common to affect people after 65 years of age. Thus, a growing geriatric population base will act as a crucial factor for the overall market.
 

• According to the WHO estimates, the elderly patient base aged 60 years and more is anticipated to increase from 1 billion in 2020 to 1.4 billion in 2040. Further, by 2050 the elderly population base is estimated to double to approximately 2.1 billion.
   
• Additionally, in developed nations, demand for minimally invasive procedures is rising due to quicker recovery time and less scarring as compared to traditional procedures. It is a popular choice among patients for the treatment due to additional benefits such as a smaller incision length, less blood loss, and minimized discomfort. As a result, proving beneficial for the overall business progression.  
   

Neurostimulation Devices Market Analysis

The neurostimulation devices industry by product is categorized into deep brain stimulator, gastric electric stimulator, spinal cord stimulator, sacral nerve stimulator, vagus nerve stimulator, transcutaneous electrical nerve stimulation (TENS), and other products. The spinal cord stimulator segment garnered USD 3 billion revenue in 2022.
 

• The market expansion is attributable to rising prevalence of chronic pain and the increasing number of failed back surgeries. For instance, in 2021, according to the Centers for Disease Control and Prevention (CDC), around 20.9% of the U.S. adults suffered from chronic pain. Such scenarios are estimated to provide a massive growth opportunity to the spinal cord stimulator market segment.
   
• Moreover, growing R&D activities to develop advanced spinal cord stimulators coupled with launch of better and innovative devices for the treatment of neurological disorders are factors propelling the market growth.
   

Based on application, the neurostimulation devices market is segmented into pain management, epilepsy, essential tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson’s disease, and other applications. The pain management segment was worth USD 5.9 billion in 2022.
 

• Increasing incidence of musculoskeletal disorders such as osteoarthritis, arthritis, rheumatoid arthritis, and orthopedic degenerative disorders will surge the segmental progression. Pain management will grow considerably owing to the availability of implantable stimulator devices to reduce chronic pain indications.
   
• Further, adults experience chronic pain, and these numbers are projected to rise significantly over the forecast timeframe that will further stimulate the demand for neurostimulation devices.  
   

U.S. neurostimulation devices market accounted for USD 4 billion revenue in 2022 and is predicted to witness substantial market growth.|
 

• The increasing prevalence of neurological diseases in the U.S. is projected to drive the market growth. For instance, according to the Centers for Disease Control (CDC) report, in the U.S. the burden of Alzheimer’s disease and related dementias (ADRD) will double by 2060. The rise in number of ADRD can be attributed to rising geriatric population base and unhealthy lifestyle.
   
• Additionally, increasing R&D and adoption of minimally invasive techniques along with the development of technologically advanced neurostimulation devices are few factors boosting the U.S. neurostimulation devices business growth.
   

Neurostimulation Devices Market Share

The neurostimulation devices industry is consolidated, with key players including, Abbott Laboratories, Medtronic plc, and others dominating the market space. These companies focus on ongoing product innovation, geographical expansion, and partnerships to secure substantial market share. For instance, in February 2022, Medtronic plc announced that it received approval from the U.S. FDA for InterStim X, the next generation of the InterStim portfolio's recharge-free device which was available immediately in the market. This approval stimulated company’s market position coupled with expanded its customer base.

Some of the eminent market participants operating in the neurostimulation devices industry include:

• Abbott Laboratories
• Aleva Neurotherapeutics S.A
• BioControl Medical
• Boston Scientific Corporation
• ElectroCore, Inc.
• Endostim
• Helbling Holding AG
• Innovative Health Solutions, Inc.
• Laborie, Inc.
• LivaNova PLC
• Medtronic plc
• MicroTransponder
• Neuronetics, Inc.
• Parasym Ltd.
• RS Medical
• Synapse Biomedical
• tVNS Technologies GmbH (Cerbomed)
   

Neurostimulation Devices Market News

• In February 2022, Aleva Neurotherapeutics SA received FDA approval for an Investigational Device Exemption (IDE) study on directSTIM Directional DBS System. This clearance helped the company to boost its market position.
   
• In September 2021, ElectroCore, Inc. announced that the company received Section 510(k) clearance from the U.S. FDA for the company’s submission to expand the label of gammaCore nVNS to include the treatment of Paroxysmal Hemicrania (PH) and Hemicrania Continua (HC) in adults. Such approvals helped the company in strengthening its position in the market.
   

This neurostimulation devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Product

• Deep brain stimulator
• Gastric electric stimulator
• Spinal cord stimulator
• Sacral nerve stimulator
• Vagus nerve stimulator
• Transcutaneous electrical nerve stimulation (TENS)
• Other products

Market, By Application

• Pain management
• Epilepsy
• Essential tremor
• Urinary and fecal incontinence
• Depression
• Dystonia
• Gastroparesis
• Parkinson's disease
• Other applications

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa