Neurostimulation Devices Market

Market Synopsis

The global Neurostimulation Devices Market is valued at USD 8.7 Billion in 2024 and is projected to reach a value of USD 19.9 Billion by 2035 at a CAGR (Compound Annual Growth Rate) of 10.9% between 2025 and 2035.

An implantable medical device is used during the neurostimulation procedure to modulate and change brain activity for therapeutic purposes. The market is being driven by several important factors, such as the rising geriatric population, the introduction of technologically advanced products, the rising demand for products as add-on therapies, the increasing prevalence of chronic diseases like migraine and epilepsy, and the existence of significant unmet medical needs in these disease categories. Additionally, alternative treatments, including medical procedures and medication therapy, limit market expansion. On the other hand, research into using neurostimulators for treating conditions like obsessive-compulsive disorders, interstitial cystitis, and asthma is still ongoing. It is anticipated that this will open lucrative opportunities for the market for Neurostimulation Devices to expand in the years to come.

Additionally, manufacturers are increasing their Research and Development (R&D) expenditure in order to manufacture cutting-edge products and technology solutions. These include implantable neurostimulation devices, which is forecast to proliferate the market expansion. A major reason for this is implanting a neurostimulation device is a minimally invasive procedure. Therefore, the market is anticipated to see new growth potential due to the growing demand for such systems due to shorter hospital stays and quicker recovery. Furthermore, the Neurostimulation Devices market is expanding due to factors such as the rising prevalence of lifestyle diseases like chronic pain and depression, the rise in neurological disorders, and investments in neurological Research and Development (R&D).

Market Segmentation

The Neurostimulation Devices market is segmented based on Product Type, Application, End Users, and Region. Based on the Product Type, the market is further segmented into Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vigus Nerve Stimulators, Percutaneous Tibial Nerve Stimulators, and Transcranial Magnetic Stimulators. Furthermore, based on the Applications segment, the market is further divided into Chronic Pain, Movement Disorders, Hearing Impairments, Epilepsy, Urinary Incontinence, and Other Applications. In addition, based on the End Users, the market is further divided into Hospitals, Ambulatory Surgery Centers, and Specialty Centers.

Based on End Users

Hospitals category dominated the market in 2024

The Hospitals segment held the dominant share in 2024, accounting for significant Neurostimulation Devices industry share of 56.6%. The segment's growth is attributed to increasing preference and awareness among manufacturers' consumers to improve their products' self-life. In addition, the rise in the efficiency of reverse logistics operation of recycled products, decrease in landfill sites, and eco-friendly legislations for the government are driving the Neurostimulation Devices market growth during the forecast period.

Based on Product Types

Spinal Cord Stimulators category dominated the market in 2024

The Spinal cord segment held the dominant share in 2024, accounting for significant Neurostimulation Devices industry share of 50.3%, because of the broad range of product applications. In addition, the commercially available items in this category have a high market penetration. In addition, this market's technological development is anticipated to fuel its growth. Spinal cord stimulators treat non-malignant chronic neuropathic pain because they assist in numbing the discomfort by generating minute nerve impulses without altering the target area's anatomy.

Based on Regional Analysis

North America is estimated to maintain its dominant share in the market during the forecast period.

In 2024, the Neurostimulation Devices market size of the North America is USD 5.0 Billion.

The North American market forecast for a significant portion of the global market for neurostimulation devices. A few significant market trends in North America include:

• The development of novel neurostimulators,
• Approval by health authorities for novel procedures in neurostimulators,
• Mergers & acquisitions to acquire unique technologies & products.

Additionally, the region's development may be hampered by stringent government rules and an increase in the typical number of days needed for Food and Drug Administration (FDA) approval. However, it is anticipated that the region's rapid economic development would further speed up this increase. Additionally, since obtaining a CE (Conformité Européenne) approval is more straightforward than obtaining an FDA approval, this region has a greater production penetration rate.

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Competitive Landscape

The Neurostimulation Devices market report is characterized by the presence of both established players and emerging companies, each strive for market share through product innovation, strategic partnerships, and geographic expansion. Industry giants like Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Nevro Corp., LivaNova PLC, Axonics Modulation Technologies Inc., Neuropace Inc., EndoStimInc., NDI Medical, Cochlear Limited, Neuronetics Inc. and others. These companies focus on a variety of neurostimulation devices such as spinal cord stimulators, deep brain stimulators, and vagus nerve stimulators. Recent developments, including Axonics, Inc.'s FDA approval for the Axonics R20 neurostimulator and its legal victory over Medtronic in a patent lawsuit, highlight the dynamic nature of the industry.

The key players in the global Neurostimulation Devices market report include - Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Nevro Corp., LivaNova PLC, Axonics Modulation Technologies Inc., Neuropace Inc., EndoStimInc., NDI Medical, Cochlear Limited, Neuronetics Inc. among others.

Recent Developments

Axonics Receives FDA Approval for Fourth-Generation Rechargeable Sacral Neuromodulation System

• In January 2023, Axonics, Inc. , a global medical technology company that is developing and commercializing novel products for the treatment of bladder and bowel dysfunction, today announced that the U.S. Food and Drug Administration has approved the company’s fourth-generation rechargeable sacral neuromodulation system.

Oticon Medical Announces FDA Premarket Approval for Neuro Cochlear Implant System to Treat Severe to Profound Hearing Loss

• In June 2024, Oticon Medical, one of the key players in the market, announced that the U.S. Food and Drug Administration (USFDA) granted and provided premarket approval to its Neuro System to treat and cure individuals 18 years or above. The system had been intended to treat patients with bilateral severe-to-profound sensorineural hearing loss. This system is known as Neuro Cochlear Implant System.

The global Neurostimulation Devices market can be categorized as Type, End Use, and Region.