Global Market Size, Forecast, and Trend Highlights Over 2024-2036
Neurostimulator Device Market size was valued at USD 11.44 Billion in 2023 and is expected to reach USD 65.76 Billion by the end of 2036, expanding at around 14.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of neurostimulator device is assessed at USD 12.92 Billion. The growth of the market can be attributed to the rising prevalence of chronic diseases. The main causes of disability and mortality are chronic illnesses, which include heart disease, cancer, diabetes, stroke, migraine, epilepsy, and rheumatoid arthritis. Increasing consumption of tobacco and being around smoke, stress, inadequate nutrition, taking meals heavy in salt and saturated fats and deficient in fruits and vegetables, inactivity in the body, and others are a few risk behaviors resulting in the majority of chronic diseases. In 2018, more than 20% of American people had several chronic illnesses.
In addition to these, factors that are believed to fuel the market growth of neurostimulator device include the rising consciousness of neurological disorders. Each year, millions of people are affected by neurological problems, yet many may be completely unaware that they do. Many organizations across the globe are working towards improving the lives of people with neurological disorders. Brain health awareness programs are being launched, which is the first step towards illness prevention. Also, initiatives are being made to spread awareness of how early identification and treatment of neurological disorders may improve the quality of life and care for the patients, and halt the condition's progression.
Neurostimulator Device Sector: Growth Drivers and Challenges
Growth Drivers
-
Increasing Elderly Population – Growing ageing populations are a result of longer life expectancies and lower birth rates. On account of more people surviving to later ages, the prevalence of dementia cases will actually rise in the coming years. As per recent estimates, by 2060, there will be more than 90 million Americans over the age of 65.
-
Rising Prevalence of Neurological Disorders – The increase in diseases affecting the body's central nervous system, which includes the brain, spinal cord, and nerves, is caused by a number of reasons, including ageing and increasing environmental pollution. According to research including more than 60 million older Americans found a strong link between air pollution and an increased risk of hospital admissions for a number of neurological illnesses, such as Alzheimer's disease, Parkinson's disease, and other dementias.
-
Growing Demand for Minimally Invasive Surgeries – Minimally invasive procedures are growing in popularity as a result of ongoing advancements in the medical field, particularly in the neurological field, as neurosurgery is a very complicated surgery. These procedures have advantages such as quicker recovery, smaller incisions, less pain and scarring, increased accuracy, and shorter hospital stays. In 2018, more than 15 million minimally invasive cosmetic operations were performed in the US.
-
Surging Rate of Lifestyle-Related Disorders –Our daily lives include a range of nerve control and mental stress. For instance, nutrition, cognitive stimulation, physical exercise, and stress management are few of lifestyle choices that impact on brain health and quality of life. Increasing consumption of drugs and alcohol, physical inactivity, and a poor diet may all raise chances of getting certain diseases later in life. As per the World Health Organization, around 70% of all deaths worldwide are caused by lifestyle-related diseases.
Challenges
- Adverse effects such as an allergic reaction owing to the implantation of a neurostimulator device in the body - The possibility of such danger occurs as spinal cord stimulation requires putting a device into the patient’s body. There are situations when medical intervention is insufficient, and the generator and lines must be completely removed surgically. The components of a spinal cord stimulator might cause an allergic response in a patient. The Consequences that may result from stimulation include, sensations of numbness or tingling, having face- or arm-related muscle tension, communication issues, problems with balance, lightheadedness, and others.
- Exorbitant cost of neurostimulator equipment
- Existence of other treatment options, such as drug therapies and surgeries
Neurostimulator Device Market: Key Insights
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
14.4% |
|
Base Year Market Size (2023) |
USD 11.44 Billion |
|
Forecast Year Market Size (2036) |
USD 65.76 Billion |
|
Regional Scope |
|
Neurostimulator Device Segmentation
Product (Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, and Others),
The global neurostimulator device market is segmented and analyzed for demand and supply by product into spinal cord stimulators, vagus nerve stimulators, deep brain stimulators, sacral nerve stimulators, and others. Out of the types of stimulators, the spinal cord stimulators segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing prevalence of chronic pain. Moreover, spinal cord stimulators help to mask the pain by generating minute nerve impulses without causing any structural changes to the target location, making them useful for the treatment of non-malignant chronic neuropathic pain. Failed back surgery syndrome, cancer, traumatic pain, and nerve injuries are a few of the reasons behind the rising incidence of chronic pain. For instance, chronic pain seems to be common in cancer patients, and has a significant negative influence on quality of life, and is linked to a variety of psychological reactions. Further, cancer patients who find that medicinal therapy does not sufficiently manage their pain may benefit from spinal cord stimulators as a kind of therapy. In the UK, chronic pain affects more than 60% of adults over 75, and the prevalence of the illness increases with advancing age.
Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, and Others)
The global neurostimulator device market is also segmented and analyzed for demand and supply by application into pain management, hearing loss, urinary incontinence, Parkinson's disease, epilepsy, and others. Amongst these segments, the pain management segment is expected to garner a significant share. The growth can be attributed to the increasing prevalence of diabetes, cancer, and mental illnesses. For instance, owing to the prevalence of chronic pain, people are increasingly using pain management devices, as they offer powerful therapeutic benefits. Further, as the older population grows, the acceptance of the use of pain-relieving technologies in home healthcare services is also rising, as they serve as an excellent method available for obtaining affordable pain relief at home.
Our in-depth analysis of the global market includes the following segments:
|
By Application |
|
|
By Product |
|
|
By End User |
|
Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Neurostimulator Device Industry - Regional Synopsis
North American Market Forecast
The North American neurostimulator device market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The growth of the market can be attributed majorly to the growing rate of neurological illnesses in the region. The rising elderly population in the region, will result in an enormous load of neurological (brain) problems in the near future. The population of the United States is ageing as a result of longer life expectancies and decreasing birthrates. Neurological problems are more common as people get older. Further, Parkinson's disease is the second most prevalent neurodegenerative condition affecting older adults in the area. Many cellular functions that are affected by ageing and predisposed to neurodegeneration also predispose to the aetiology of Parkinson's disease (PD). For instance, both motor and cognitive function are affected by this ageing neurodegenerative illness. Further, a minimally invasive surgical method called deep brain stimulation (DBS) is used to treat Parkinson's disease's neurological symptoms. In North America, Parkinson's disease (PD), the second most common neurological disorder, is predicted to impact more than 900,000 individuals by the year 2020. Furthermore, there has been surging adoption of robotic surgery is further anticipated to boost the market’s growth in the region.
Europe Market Forecast
The European neurostimulator device market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be attributed majorly to the surging demand for minimally invasive surgeries. In the European area, the prevalence of the most prevalent chronic conditions that call for less invasive surgeries is increasing, including cancer, renal failure, and heart disease. The incidence of chronic diseases has grown over time, owing to a number of causes, including an ageing population and risk factors associated with lifestyle. More chronic physical and mental health issues are increasingly prevalent in an ageing society. Further, the oldest population in the world is in Europe, which can be as a result of decreased death rates, and longer average life expectancies brought on by medical progress and rising living standards.
Companies Dominating the Neurostimulator Device Landscape
-
Boston Scientific Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Medtronic PLC
- Abbott Laboratories
- Nevro Corp.
- Liva Nova PLC
- Axonics Modulation Technologies Inc.
- Neuropace Inc.
- EndoStimInc.
- NDI Medical
- Cochlear Limited
- Neuronetics Inc.
Recent Developments
-
Medtronic PLC introduced the Medtronic Neurovascular Co-Lab Platform, which will eventually progress technological ideas with the greatest potential to benefit millions of stroke patients. Further, this platform will aid in the realization of neurovascular innovations.
-
Boston Scientific Corporation announced STIMVIEW XT, its most recent image guided programming software, has been approved by the U.S. Food and Drug Administration (FDA). The software provides real-time visualization of lead placement and stimulation modelling of the brain architecture of individuals with Parkinson's disease or essential tremor for physicians.
- Report ID: 3233
- Published Date: Jul 23, 2024
- Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Neurostimulator Device Market Report Scope
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Connect with our Expert
