Neurostimulation devices are implantable or non-implantable medical devices that provide electrical stimulation to specific parts of the patient’s brain, spinal cord or peripheral nervous system to treat numerous conditions, including chronic pain, movement disorders, epilepsy and Parkinson’s disease.
What is the Global Neurostimulation Devices Market?
Global Neurostimulation Devices Market was valued at USD 5.82 billion in 2021, growing at a CAGR of 11.77% during the forecast period from 2022 to 2027, to reach USD 11.34 billion by 2027. The demand for Neurostimulation Devices Market is primarily motivated by the increasing incidence of chronic diseases, such as migraine and epilepsy, escalating product demand as add-on therapy, prevalence of lifestyle diseases such as depression and chronic pain, adoption of technologically advanced products, and rising geriatric population.
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What are the drivers for Neurostimulation Devices Market?
The major drivers driving the demand for Neurostimulation Devices are the growing incidence of chronic diseases, such as migraine and epilepsy, increasing product demand as add-on therapy, rise in prevalence of lifestyle diseases such as depression and chronic pain, adoption of technologically advanced products, and rising geriatric population.
Recent Developmental Activities in Neurostimulation Devices Market:
· In August 2021, Merck announced a collaboration in its new Bioelectronics innovation field with neuroloop GmbH, a B. Braun subsidiary, to develop a neurostimulator device that can complement the existing drug therapies of patients with chronic inflammatory diseases.
· In August 2021, the US Food and Drug Administration (FDA) has expanded indication for noninvasive BrainsWay Deep Transcranial Magnetic Stimulation (Deep TMSTM) System to include treatment of comorbid anxiety symptoms in adult patients with depression.
· In July 2021, Unity HA received Breakthrough Device Designation by FDA for the Pulsante® SPG Microstimulator System for the treatment of acute pain associated with chronic cluster headaches.
· In July 2021, Nevro Corp. received FDA approval for its Senza® System for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN).
What are the Global Neurostimulation Devices Market Companies?
Some of the key market players operating in the Neurostimulation Devices Market includes Medtronic PLC, Cyberonics, Boston Scientific Corporation, Abbott Laboratories, Aleva neurotherapeutics SA, ElectroCore Inc., EndoStim Inc., and Nevro Corporation, and others.
What regions have the Neurostimulation Devices Market Share?
North America is expected to dominate the overall Neurostimulation Devices market during the forecast period, 2022 to 2027. This domination is due to the growing number of patients suffering from various neurological conditions, the increase in prevalence of neurological disorders and lifestyle-related disorders, and demand for advance technologies in neurostimulation devices.
What is the Neurostimulation Devices Segment Analysis?
By Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others), By Application (Pain Management, Bowel and Bladder Control, Parkinson’s Disease, Epilepsy, and Others), By Type (Invasive, and Non-Invasive), By End User (Hospitals, Ambulatory Surgical Centres and Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).
What is the Neurostimulation Devices Market Dynamics?
Neurological disorders, consisting of stroke, brain and other nervous system cancers, traumatic brain injury, spinal cord injury, Alzheimer’s disease and other dementias, Parkinson’s disease, epilepsy, migraine, among others, are the leading cause of disability. Stroke is the second leading cause of death worldwide. The absolute number of people affected by, or remaining disabled from neurological disorders over the past 25 years has been increasing globally, as per the Global Burden of Disease Study 2019. These disorders are increasingly recognized as one of the most prevalent disorders with high burden to the patients, their families, and society.
As per the data published by the Epilepsy Centre in 2020, 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. Parkinson’s disease (PD) affects 1-2 per 1000 of the population at any time, as per the Global Burden of Disease Study 2019. PD prevalence is increasing with age and PD affects 1% of the population above 60 years. According to World Health Organisation (2020) data, globally, around 50 million people have dementia, and there are nearly 10 million new cases every year. Around 60-70% of these cases are of Alzheimer’s. Urgent measures to reduce this burden are therefore needed. The increasing number of neurological cases around the globe is expected to boost the demand for neurostimulation devices in the market.
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Key Takes Away from the Neurostimulation Devices Market Report Study
· Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
· The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the market.
· Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
· Key companies dominating the Global Neurostimulation Devices Market.
· Various opportunities available for the other competitor in the Neurostimulation Devices Market space.
· What are the top performing segments in 2021? How these segments will perform in 2027?
· Which is the top-performing regions and countries in the current market scenario?
· Which are the regions and countries where companies should have concentrated on opportunities for market growth in the coming future?
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