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2020

Neurostimulation Devices Market

Neurostimulation Devices Market Size, Share, Competitive Landscape and Trend Analysis Report by Device Type Application : Global Opportunity Analysis and Industry Forecast, 2019-2026

LS : Medical Devices & Supplies

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Author's: Onkar Sumant & Snehal Manjrekar | Roshan Deshmukh
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Neurostimulation Devices Market Overview:

The global neurostimulation devices market size was valued at $4,387.50 million in 2018 and is projected to reach $11,257.38 million by 2026, registering a CAGR of 12.5% from 2019 to 2026. Neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and cerebrovascular diseases affect the central nervous system (CNS) and peripheral nervous system (PNS) of the human body. To manage these neurological disorders, neurostimulation technique plays a vital role. The electrodes in the devices generate mild electrical impulses to supplement the neurological activities in the patients. These devices are can be implanted or can be external. Neurostimulation devices are directly placed within the brain, PNS or CNS. Spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, and vagus nerve stimulators are some of the neurostimulation devices used in treating patients with various diseases such as pain management, hearing loss, urinary incontinence, Parkinson's disease, and epilepsy.

Approximately 48 million people are affected in America and nearly 360 million people globally, according to the data published by the Hearing Health Foundation in 2020. Furthermore, as per the data published by the Epilepsy Centre, presently, around 50 million patients are living with epilepsy worldwide and around 2.4 million new cases are diagnosed annually. Moreover, majority of the epileptic cases are idiopathic, with no identifiable cause. In addition, according to the U.S. Centers for Disease Control and Prevention’s National Center for Health Statistics, in 2014, around 50% of older Americans experienced urinary or bowel leakage; around 25% had moderate to severe urinary leakage, and around 8% had moderate to severe bowel leakage. As per the data published by WHO, in 2017, the prevalence of urinary incontinence ranges from 9.9% to 36.1% (reported in population-based studies). These increase in incidences and rise in prevalence of neurological disorders are expected to fuel the growth of the market. 

Neurostimulation-Devices-Market-2019-2026

The factors such as rise in prevalence of lifestyle diseases such as depression and chronic pain, increase in number of neurological disorders, and investment for neurological R&D drive the growth of the global neurostimulation devices market. Moreover, rise in demand for minimal invasive surgery, adoption of technologically advanced products, and surge in aging population also propel the growth of the market as they are more susceptible to neurological disorders, such as Epilepsy, Parkinson’s disease, Alzheimer’s disease, and chronic pain. However, side effects such as allergic reaction and tingling or prickling of the skin due to implantation of neurostimulation device into the body and increase in cost of devices are expected to restrain the growth of the market. Furthermore, availability of other treatment options such as drug therapies and surgeries restrict the market growth. On the contrary, research regarding the use of neurostimulators for managing diseases such as obsessive-compulsive disorders, interstitial cystitis, and asthma are ongoing and are expected to create lucrative opportunities for the growth of the neurostimulation devices market in the coming years.  

Global Neurostimulation Devices Market Segmentation

The neurostimulation devices market is classified on the basis of device type, application, and region. Based on device type, the neurostimulation devices market is divided into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. On the basis of application, the market is classified into pain management, hearing loss, urinary incontinence, Parkinson's disease, epilepsy, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

Device type segment review

Based on device type, the neurostimulation devices market is divided into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. The spinal cord stimulators segment is the most lucrative segment in the global neurostimulation market. This is attributed to increase in usage of spinal cord stimulators for treating neuropathic pain and spinal injuries. In addition, upsurge in minimally invasive procedures and increase in healthcare spending further drive the market growth for spinal cord stimulators across the globe. The spinal cord stimulator segment is expected to grow at a significant CAGR, owing to usage of DBS in various diseases such as Parkinson's disease, obsessive-compulsive disorders, idiopathic dystonia, & essential tremor and growth in number of product approvals. 

Neurostimulation Devices Market
By Device Type
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Spinal Cord Stimulators segment is projected as one of the most lucrative segment.

Application segment review

According to global neurostimulation devices market analysis, the application segment is classified into pain management, hearing loss, urinary incontinence, Parkinson's disease, epilepsy, and others. The pain management segment is the highest contributor to the neurostimulation devices market in 2018, due to increase in usage of neurostimulation devices for treating chronic and acute pain. The hearing loss segment is anticipated to grow at a considerable CAGR, owing to rise in incidences of hearing loss across the globe. Approximately 48 million people are affected in America and nearly 360 million people globally, according to the data published by Hearing Health Foundation in 2020.

Neurostimulation Devices Market
By Application
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Pain Management segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.

Region segment review

The North America market accounted for major in the global neurostimulation devices market share in 2018. Development of innovative neurostimulators, approvals by health authorities for novel techniques in neurostimulators, and mergers & acquisitions to acquire novel technologies & products are significant market trends in North America. Rise in prevalence of neurological disorders, increase in geriatric population, favorable reimbursement rates, and introduction of innovative technology are expected to drive of the market in this region. In addition, research and development activities to develop new technologies to manage pain and neurological disorders such as Parkinson’s disease, dystonia, and epilepsy are expected to increase the treatment options for patients and surgeons in the neurostimulation market. The market is expected to grow at a steady rate in future. The Asia-Pacific region offers lucrative opportunities to the players in the neurostimulator market, as it is anticipated to be the fastest growing market. Government and private initiatives to increase awareness regarding mental health and increase in incidence of neurological disorders drive the market growth. Factors such as improving healthcare infrastructure, rising number of healthcare reforms, and increasing healthcare expenditures in the emerging markets such as India and China to overcome the unmet medical needs in these regions boost the demand for neurostimulators. The report provides an extensive competitive analysis and profiles of the key neurostimulation devices market players such as Abbott Laboratories, Aleva neurotherapeutics SA, Boston scientific corporation, ElectroCore Inc., EndoStim Inc., Medtronic plc, NeuroPace Inc., Nevro Corporation, Neuronetics Inc., NeuroSigma, Inc., and Synapse Biomedical Inc. 

Neurostimulation Devices Market
By Region
2026
North America 
Europe
Asia Pacific
LAMEA

North America segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.

Key Benefits For Stakeholders

  • This report provides a detailed quantitative analysis of the current market trends and neurostimulation devices market forecast estimations from 2019 to 2026, which assists in identifying the prevailing neurostimulation devices market opportunities. 

  • An in-depth market analysis includes analysis of various regions and is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.

  • A comprehensive analysis of the factors that drive and restrain the neurostimulation devices market growth is provided.

  • Region-wise and country-wise market conditions are comprehensively analyzed in this report.

  • The projections in this report are made by analyzing the current neurostimulation devices market trends and future market potential from 2019 to 2026 in terms of value.

  • An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.

  • The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the market.

Neurostimulation Devices Market Report Highlights

Aspects Details
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By DEVICE TYPE
  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Sacral Nerve Stimulators
  • Vagus Nerve Stimulators
  • Others
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By APPLICATION
  • Pain Management
  • Hearing Loss
  • Urinary Incontinence
  • Parkinson's Disease
  • Epilepsy
  • Others
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By Region
  • North America  (U.S, Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

ElectroCore Inc, NeuroSigma Inc, Nevro Corporation, Synapse Biomedical Inc, Aleva Neurotherapeutics SA, Boston Scientific Corporation, Abbott Laboratories, Neuronetics Inc, NeuroPace Inc, EndoStim Inc, Medtronic plc

Analyst Review

  The utilization of neurostimulation devices is expected to witness a significant rise with increase in diagnosis of neurological disorders. The neurostimulation devices market has piqued the interest of healthcare providers, owing to several benefits offered by these devices to treat neurological disorders and improve the quality of life of the patients. There have been remarkable technological advancements in these devices to provide advanced treatment options for the management of symptoms of neurological disorders. As the market is nascent and growing at a steady rate in developed nations, the Asia-Pacific and LAMEA regions are expected to offer high growth opportunities to the key players. 

Rise in incidence of neurological disorders, technological advancements, and increase in emphasis on management of symptoms of neurological disorders, such as Alzheimer's and Parkinson’s diseases are some of the factors that drive the market growth. However, lack of reimbursement and high cost of these devices hamper the market growth. Moreover, rise in geriatric population, which is susceptible to neurological disorders and increase in amount of stress in daily life add to the growth of the neurological disorders. In addition, emerging markets are gaining more importance for majority of the neurostimulation device manufacturers and distributors. Rapid growth was observed in the shipment of these devices to provide improved healthcare services in emerging nations, and this is expected to offset the challenging conditions in mature markets such as North America and Europe. 

Author Name(s) : Onkar Sumant & Snehal Manjrekar | Roshan Deshmukh
Frequently Asked Questions?

The total market value of global neurostimulation devices market is $4,387.5 million in 2018.

The forecast period for global neurostimulation devices market is 2019 to 2026

The market value of global neurostimulation devices market in 2019 is $4,935.9 million

The base year is 2018 in global neurostimulation devices market

Top companies such as, Abbott Laboratories, Aleva neurotherapeutics SA, Boston scientific corporation, ElectroCore Inc., EndoStim Inc., Medtronic plc, held a high market position in 2018.

Deep Brain Stimulators segment is the most influencing segment growing in the global neurostimulation devices market

The key trend in the global neurostimulation devices market is increase in prevalence of neurological disorders and surge in the neurological R&D investment by various major pharmaceutical giants drive the growth of the market.

Asia-Pacific is expected to grow at a highest CAGR of 14.6%, owing to increased awareness regarding mental health and rise in incidence of neurological disorders in China and India

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Neurostimulation Devices Market

Global Opportunity Analysis and Industry Forecast, 2019-2026