Neurostimulation Devices Market: Projected CAGR of 13% from 2023 to 2032
The global neurostimulation devices market is experiencing substantial growth, driven by advancements in technology and an increasing prevalence of neurological disorders. The market size is projected to expand from USD 11.1 billion in 2022 to USD 36.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 13% during the forecast period from 2023 to 2032.
Several factors contribute to this market’s robust growth. Firstly, the rising incidence of chronic pain, Parkinson’s disease, epilepsy, and other neurological conditions is significantly boosting the demand for neurostimulation devices. Technological advancements, such as the integration of artificial intelligence (AI) and the Internet of Things (IoT) into these devices, enhance their functionality by enabling continuous patient monitoring and personalized treatment plans. Additionally, the development of minimally invasive procedures like spinal cord stimulation (SCS) and deep brain stimulation (DBS) has made these treatments more appealing due to shorter recovery times and reduced risks compared to traditional surgical methods.
However, the market faces several challenges. The high cost of neurostimulation devices can limit their accessibility, particularly in developing regions. Moreover, stringent regulatory approvals and the need for skilled professionals to operate these advanced devices pose significant hurdles to market expansion.
Recent developments in the market include Abbott’s FDA approval for its spinal cord stimulation systems aimed at treating chronic back pain without surgery and Axonics receiving FDA approval for its fourth-generation rechargeable sacral neuromodulation system. These innovations highlight the ongoing efforts of key players to enhance device efficacy and expand their application areas.
Overall, the global neurostimulation devices market is set for significant growth, driven by technological advancements and increasing healthcare needs, despite facing cost and regulatory challenges.
Key Takeaways
- Market Size: The global neurostimulation devices market was valued at USD 11.1 billion in 2022, with a projected CAGR of 13% from 2023 to 2032.
- Spinal Cord Stimulators: Accounted for 51% of the market share in 2022, primarily used for managing chronic neuropathic pain.
- Deep Brain Stimulators: Utilized for neurological disorders, especially effective in treating Parkinson’s disease.
- Sacral Nerve Stimulators: Employed in treating conditions like fecal and urinary incontinence.
- Pain Management: The dominant application segment due to the high prevalence of chronic pain disorders.
- Epilepsy Treatment: Growing segment due to the effectiveness of neurostimulation devices and limited alternative treatments.
- Hospitals: Led the end-user segment with a 34% revenue share in 2022, benefiting from well-established healthcare infrastructure.
- Specialty Clinics: Increasingly gaining approval for neurostimulation device implantation, contributing to market growth.
- Geriatric Population: Rising numbers, particularly Parkinson’s disease cases, drive the demand for neurostimulation devices.
- Technological Advancements: Innovations in spinal cord and deep brain stimulation technologies are significant market drivers.
- Chronic Diseases: Increasing prevalence of conditions like migraine and epilepsy boosts the neurostimulation devices market.
- Risks and Costs: Surgical risks and high costs of neurostimulation devices are significant market restraints.
- Regulatory Hurdles: Strict authorizations for device approvals limit market growth potential.
- Corporate Initiatives: Companies are focusing on initiatives to address Parkinson’s disease effectively.
- Technical Advancements: Rapid advancements aim to meet unmet medical needs, presenting market opportunities.
- North America: Held the largest market share (50%) in 2022, with the U.S. leading the region.
- Europe: Followed North America with a 28% revenue share in the neurostimulation devices market.
- Asia-Pacific: Expected to be the fastest-growing region in the neurostimulation devices market.
- Key Players: Leading companies include Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, and others focused on R&D.
- R&D Focus: Key players are heavily investing in research and development for innovative neurostimulation systems.
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Neurostimulation Devices Market Key Segments
By Devices Type
- Transcutaneous Electrical Nerve Stimulation
- Gastric Electric Stimulator
- Sacral Nerve Stimulator
- Spinal Cord Stimulator
- Deep Brain Stimulator
- Vagus Nerve Stimulator
By Application
- Epilepsy
- Essential Tremor
- Pain Management
- Depression
- Dystonia
- Urinary and Fecal Incontinence
- Parkinson’s Disease Gastroparesis
By End-User
- Hospitals
- Specialty Clinics
- Medical Clinics
- Rehabilitation Centers
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
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Key Players Analysis
Medtronic plc is a dominant player in the neurostimulation devices market, holding a substantial market share due to its comprehensive product portfolio. The company’s offerings include spinal cord stimulators, deep brain stimulators, and sacral nerve stimulators, which are widely used to treat chronic pain, Parkinson’s disease, and epilepsy. Technological advancements and significant R&D investments drive Medtronic’s growth in this sector. The company’s focus on minimally invasive procedures aligns with the increasing demand for such treatments due to their benefits of faster recovery and reduced complications.
Boston Scientific Corporation is a key competitor in the neurostimulation market, known for its innovative devices such as the Vercise Deep Brain Stimulation (DBS) System. The company’s products are utilized primarily for managing chronic pain and neurological disorders like Parkinson’s disease. Boston Scientific has leveraged its strong R&D capabilities to introduce cutting-edge technologies, contributing to its robust market presence. The firm continues to expand its portfolio through strategic acquisitions and partnerships, enhancing its position in the neuromodulation sector.
Nevro Corporation specializes in providing high-frequency spinal cord stimulation systems, particularly the Senza system, which is effective in treating chronic pain without causing paresthesia. Nevro’s focus on developing innovative neurostimulation therapies has positioned it as a leader in pain management solutions. The company has gained significant market traction due to the proven efficacy of its products in clinical trials, driving adoption among healthcare providers and patients seeking advanced pain management options.
St. Jude Medical, now part of Abbott, has a strong presence in the neurostimulation devices market with its offerings like the Proclaim XR SCS System. The company’s neurostimulation products are designed to manage chronic pain, enhance patient comfort, and improve overall quality of life. Abbott’s acquisition of St. Jude Medical has bolstered its neuromodulation portfolio, enabling the combined entity to leverage synergies in R&D and market reach to strengthen its competitive edge.
Abbott is a significant player in the neurostimulation market, providing advanced solutions for pain management and neurological disorders. The company offers a range of devices, including the Proclaim Plus SCS system, which employs BurstDR stimulation technology to mimic natural brain patterns, providing effective pain relief. Abbott’s continuous innovation and strategic expansions, including the integration of St. Jude Medical’s capabilities, have enhanced its market position, allowing it to address the growing demand for neurostimulation therapies.
Neurostimulation Devices Market Key Players:
- Medtronic plc
- Boston Scientific Corporation
- Nevro Corporation
- Jude Medical, Inc.
- Abbott
- NeuroPace Inc.
- NDI Medical, LLC
- Cochlear Limited
- EndoStim Inc.
- Electromedics Meditek Private Limited
- Medical Centre Inc.
- Electro Care Private Limited
- Synapse Biomedical Inc.
- LivaNova, PLC
- ElectroCore Inc.
- Cyberonics, Inc.
- Other Key Players
Neurostimulation Devices Market Report Scope >> Market Value (2022): USD 11.1 Billion || Forecast Revenue (2032): USD 36.5 Billion || CAGR (2023-2032): 13% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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