Neurostimulator Device Market Analysis by Product (Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, and Others), by End-User (Hospitals, Specialty Clinics, and Others), and by Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, and Others) - Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Global Neurostimulator Device Market Definition

Neurostimulation devices are programmable, implantable medical devices that deliver electrical stimulation to particular regions of the patient's brain, spinal cord, or peripheral nervous system, to help treat a variety of conditions, such as Parkinson's disease, movement disorders, epilepsy, and chronic pain. Neurostimulation modifies pain signals as they make their way to the brain, and may also increase the brain's connection, making various networks or areas function more synergistically and quickly, increasing the speed and effectiveness of information processing. Further, deep brain stimulation (DBS), cortical stimulation, vagus nerve stimulation, spinal cord stimulation, and peripheral nerve stimulation are some of the invasive neuromodulation techniques.

Thin wires (the electrodes) and a tiny battery pack resembling a pacemaker are the only components of spinal cord stimulators. The spinal cord of the patient is electrically stimulated by a spinal cord stimulator (SCS) device that is surgically implanted beneath the patient’s skin. In order to relieve pain, a small electric current is applied to the spinal cord during spinal cord stimulation (SCS). However, the ailment they are used to treat and the type of device have an impact on the spinal cord stimulator success rate. Whereas, a deep brain stimulation (DBS) is a surgical method that targets specific brain regions, that employs electrical stimulation and implanted electrodes to treat related movement problems. Furthermore, a new therapy option for a number of neurological conditions is cortical stimulation. Cortical stimulation employs electrodes that are positioned on the brain's surface, as opposed to deep brain stimulation, which implants electrodes deep into the brain.

Global Neurostimulator Device Market: Key Insights

Global Neurostimulator Device Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global neurostimulator device market is estimated to garner a revenue of ~USD 24 Billion by the end of 2035 by growing at a CAGR of ~14% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 10 Billion in the year 2022. 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.

Global Neurostimulator Device Market: 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

Global Neurostimulator Device Market Segmentation

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.

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 neurostimulator device market includes the following segments:

Global Neurostimulator Device Market Regional Synopsis

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 2035. 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.

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.

Top Featured Companies Dominating the Global Neurostimulator Device Market

• Boston Scientific Corporation

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• Medtronic PLC
• Abbott Laboratories
• Nevro Corp.
• Liva Nova PLC
• Axonics Modulation Technologies Inc.
• Neuropace Inc.
• EndoStimInc.
• NDI Medical
• Cochlear Limited
• Neuronetics Inc.