Neurostimulation Devices Market

Market Synopsis:

The Global Neurostimulation Devices Market was valued at USD 4.3 Billion in 2021 and is projected to reach a value of USD 8.7 Billion by 2028. In the predicted period, the Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 10.9%.

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 market for Neurostimulation Devices 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 2021

The Hospitals segment dominates the market share during the forecast period. The segments 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 2021

The Spinal Cord Stimulators segment is anticipated to grow at the highest rate during the forecast period 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 markets 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 areas anatomy.

Based on Regional Analysis:

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

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 regions 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 regions 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.

Recent Developments:

• In June 2021, 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.
• In February 2019, Medtronic plc launched a deep brain stimulation device for medically refractory epilepsy patients in the U.S.

Competitive Landscape:

The key players in the Global Neurostimulation Devices Market include- Boston Scientific Corporation and others.

Segmentation of the Global Neurostimulation Devices Market: