Neurostimulation Devices Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Neurostimulation Devices Market size in 2022: | USD 8.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 12.2 |
| 2023 Value Projection: | USD 25.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 111 |
| Tables, Charts & Figures: | 141 |
| Segments Covered: | Product, Application, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
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.
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.
U.S. neurostimulation devices market accounted for USD 4 billion revenue in 2022 and is predicted to witness substantial market growth.|
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:
Market, By Product
Market, By Application
The above information is provided for the following regions and countries:
Some of the leading neurostimulation devices players are Abbott Laboratories, Aleva Neurotherapeutics S.A, BioControl Medical, Boston Scientific Corporation, Endostim, Innovative Health Solutions, Inc., Laborie, Inc., LivaNova PLC, Medtronic plc, RS Medical, and Synapse Biomedical, among many others.
U.S. neurostimulation devices market was worth USD 4 billion in 2022 and is estimated to expand at a robust CAGR from 2023 to 2032, owing to the increasing prevalence of neurological diseases coupled with the increasing R&D activities and adoption of minimally invasive techniques.
The market size of neurostimulation devices was worth USD 8.3 billion in 2022 and is projected to reach USD 25.5 billion by 2032, attributed to the surging demand for minimally invasive surgeries coupled with the rising prevalence of neurological disorders.
The spinal cord stimulator segment accounted for USD 3 billion in 2022, due to the rising prevalence of chronic pain and the increasing number of failed back surgeries.