Neurostimulation Devices Market By Technology (Internal Neuromodulation, External-Neuromodulation), By Application (Spinal Cord-Stimulation, Deep-Brain Stimulation, Sacral-Nerve Stimulation, Vagus-Nerve Stimulation, Gastric-Electrical Stimulation, Transcutaneous-Electric Nerve Stimulation, Transcranial-Magnetic Stimulation, Respiratory ElectricStimulation, Others) By Application Type (Dairy Products, Snacks, Meat & Poultry Products, Beverages, Bakery Products, Others) By Geography, Size, Share, Global Industry Analysis Report, Forecast, 2020-2030

Industry Report and Statistics

The global neurostimulation devices market will witness a robust CAGR of 12.8%, valued at $4.796 billion in 2021, expected to appreciate and reach $50.7 billion by 2030, confirms Strategic Market Research. The human body's peripheral nervous system (PNS) and central nervous system (CNS) are impacted by neurological conditions such as Alzheimer's disease, Parkinson's disease, epilepsy, and cerebrovascular diseases. Neurostimulation technology is essential for treating certain neurological problems like Obsessive-Compulsive Disorder, ALS, etc. The electrodes within the apparatus produce electrical impulses to support the patients' neurological activity. These devices can either be external or implanted. The brain, PNS, or CNS, is the direct placement site for neurostimulation devices. The implantable neuro-stimulation devices target the cortical, deep subcortical structures for the modulation of neuronal activity and the treatment of various neuropsychiatric disorders through closed-loop therapy, functional MRI, Motor Cortex Stimulation, Neuroimaging, Electrochemical Monitoring, Neurostimulators, etc., thereby providing adequate therapeutic effects.

Some neurostimulation devices like Sacral nerve stimulators with Vagus nerve stimulators and Deep brain stimulators are used to treat patients with various ailments like hearing loss, pain management, urine incontinence, epilepsy, and Parkinson's disease. According to information released by the Hearing-Health Foundation in 2020, about 360 million people worldwide and 48 Mn Americans are impacted and affected by hearing loss. Additionally, according to information provided by the Epilepsy Centre, there are currently 50 million people living with epilepsy worldwide, and 2.4 million fresh cases are reported yearly. Additionally, most epileptic cases are generally idiopathic, with no known cause. The National Centre for Health Statistics at U.S. Centres for Disease Control & Prevention reports that in 2014, about 50% of older Americans reported having bowel or urinary leakage, around 25% reporting severe-to-moderate urinary leakage, and about 8% reporting severe-to-moderate bowel leakage. According to WHO data, the rising prevalence of urinary incontinence ranged from 9.9% to 36.1% in 2017. The market is expected and poised to grow due to the rise in neurological illnesses' incidence and prevalence.  

Key Industry Drivers - The A Continuous Rise in Cases of Parkinson’s Disease, An Increase in The Old-Age Population, And A Massive Surge in The Number of Chronic Diseases.

• The neurostimulation device market is anticipated to expand due to increased research into non-invasive brain stimulation for age-related neurodegenerative illnesses. Different deep brain stimulation (DBS) technologies considerably impact the market's growth. Parkinson's disease prevalence is considered a key factor in propelling the market for neurostimulation devices. Hence Neurostimulation therapies for the treatment of these diseases are essential. According to a survey and research, at least 60,000 new instances of Parkinson's disease are reported each year, affecting close to 1 million Americans. Therefore, there will probably be a demand for neurostimulation devices that will soon increase in response to the rising incidence of neurological illnesses.

• Additionally, manufacturers are increasing their R&D spending to create cutting-edge products and technology, such as implantable neurostimulation devices, which is predicted to accelerate market expansion. Implanting a neurostimulation device is a minimally invasive procedure, and the market is anticipated to see new growth potential due to the growing demand for such procedures due to shorter hospital stays and quicker recovery. Furthermore, the advent of implantable neuro-stimulation devices for treating chronic pain, obesity treatment, Parkison’s Disease, movement disorders, etc., have significantly impacted market growth. Also, the prevalence of various neuro-stimulation device market trends like the devices used for Vagus nerve stimulation, Sacral Nerve Stimulation, etc., are propelling the overall market growth. In addition, The European Parkinson's Disease Association estimates that there are presently 1.2 million people living with Parkinson's disease in the European Union. Parkinson's disease affects over 260,000 netizens in Germany, 120,000 in the United Kingdom, and 150,000 in Italy. Another prominent driver of the market is the increase in the number of senior citizens.

• According to a research study, in 2019, 703 million people worldwide were 65 or older. By 2050, it is expected and projected that there will be 1.5 billion senior people. In the entire world, the percentage of people who are 65 and older rose from 6% in 1990 to 9% in 2019. The elderly population experiences more surgeries, pains, and chronic conditions, increasing the use of efficient pain relief technology. In the elderly population, chronic pain is extremely common. It is an element that will contribute to the market's enormous demand in the approaching year. Infusion pumps, electrical nerve stimulators, and spinal cord stimulators are used more frequently. For instance, the prevalence of chronic pain increased with age in 2020, with an estimated 25% of American adults (90.0 million) and 10.0% of American adults (30.6 million) reporting high-impact chronic pain.

Restraints:

• The market's expansion is poised to be restricted by side effects like allergic response and prickling or tingling of the skin due to the implantation of neurostimulation devices into the body.

• Apart from that, the higher costs of neurostimulation devices are also plummeting market growth.

Opportunities - Rise In Initiatives by Renowned Companies for Managing Parkinson’s Disease and The Rapid Technological Advancements.

• The desire for better production efficiency and outcomes has increased, thereby prompting the creation of cutting-edge products and technology to meet the unmet demands of patients and surgeons. Companies have created unique devices and technologies, such as neurostimulation devices, to enhance the overall condition of the patient affected by neurological illnesses and provide improved & innovative remedies to meet medical needs in this field.As per a research study, neurological disorders accounted for 300 million disability-adjusted life years(DALYs) in 2020, or 15.6% of all DALYs worldwide. The Primary Cell and Deep Brain Stimulation system for managing Parkinson's disease symptoms was introduced by Boston Scientific in January 2019. These systems are expected to cater to a plethora of opportunities in the future.

• In addition, the new Declare DRG neurostimulation system was introduced by Abbott Laboratories in Europe. For individuals with chronic neuropathic pain, the Proclaim DRG neurostimulation device is intended to offer dorsal root ganglion (DRG) stimulation. Abbott is the first and only business to provide DRG therapy and focused pain management for certain forms of chronic pain. Thus, the global market for neurostimulation devices is driven by the primary trend of creating and commercializing innovative electrical stimulation devices, which will provide extensive opportunities for market growth in the future.

Market Analysis Of Different Segments Covered in the Report

Based on Technology

• Internal Neuromodulation

  • Spinal-Cord Stimulation

  • Gastric-Electrical Stimulation

  • Vagus-Nerve Stimulation

  • Sacral-Nerve Stimulation

  • Deep-Brain Stimulation

• External-Neuromodulation

  • TENS/Transcutaneous-ElectricNerve Stimulation

  • TMS/Transcranial-Magnetic Stimulation

  • RES/Respiratory-Electrical Stimulation

Based on Application

• Spinal Cord-Stimulation

  • Chronic Pain

  • Failed-Back Syndrome

  • Ischemia

• Deep-Brain Stimulation

  • Parkinson's Disease

  • Tremor

  • Depression

  • Other sorts of DBS Applications

• Sacral-Nerve Stimulation

  • Urine In-continence

  • Faecal In-continence

• Vagus-Nerve Stimulation

  • Epilepsy

  • Other sorts of VNS Applications

• Gastric-Electrical Stimulation

  • Obesityoccurrence

  • Gastroparesis

• Transcutaneous-Electric Nerve Stimulation

  • Treatment-resistant Depression

  • Other sorts of TENS Applications

• Transcranial-Magnetic Stimulation

  • Depression

  • Headache due to Migraine

• Respiratory ElectricStimulation

  • Spinal Cord Injury

Regional Coverage Analysis

Based on Region Analysis

• The region of NorthAmerica

  • US

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • RoE

• Asia Pacific

  • Japan

  • China

  • India

  • Rest of the Asia-Pacific

• Rest of the World

  • Latin America

  • The African region &Middle East

Technology Analysis & Insights

The market is ramified into the spinal cord, Vagus nerve, sacral nerve, deep brain, and gastric electric stimulator. The extensive range of product applications and high market penetration of commercially available products in this category, for instance, the spinal-cord stimulator, dominated the market for the year 2021, resulting in the biggest revenue share of nearly 51.5 %. This market's technological development is anticipated to fuel its growth. Spinal-cord stimulators treat a non-malignant chronic type of neuropathic pain because they assist in numbing the discomfort by generating minute nerve impulses irrespective of the alternation of the target area's anatomy. The usage of deep- brain stimulators is utilized to treat a variety of neurological conditions, particularly Parkinson's disease. These gadgets are now experimental because they are entirely based on young technology. The FDA has not yet approved using these devices for treating conditions like Alzheimer's, refractory epilepsy, Tourette syndrome, trigeminal neuralgia, cluster headaches, and multiple sclerosis-related movement disorders. From 2022 to 2030, the market for sacral nerve stimulators that are used to treat chronic disorders such as fecal and urine incontinence is anticipated to grow quickly. The main driver for this market segment is growing public awareness of these gadgets. The segment growth, however, could be hampered by several dangers related to the installation of these sorts of devices, including mechanical inabilities & post-operative aches and infections.

Application Analysis & Insights

The market has been broadly categorized into tremors, epilepsy, urination, fecal incontinence, depression, gastroparesis, dystonia, Parkinson's disease, and other conditions. The pain-management category held the market's largest revenue share of almost 67.73% in 2021. The main factors influencing the growth of this segment are the high prevalence of NCD/chronic pain diseases and the rising product usage for pain management due to its higher therapeutic value. Furthermore, throughout the projection period, the Epilepsysegment is anticipated to continue to grow at the quickest CAGR. The WHO has declared that 50 million people worldwide are suffering from epilepsy, and it is likely to increase steadily over the upcoming years. 

Regional Analysis & Insights

Around 60.0 % of global revenue was generated in North America for 2021, and this region is expected to continue its dominance during the projection period. The region's development could be hampered by stringent government rules and an increased need for FDA approval. Regarding revenue share, Europe came second to North America. This rise is anticipated to proliferate significantly due to the swift economic development of Eastern European nations. Additionally, obtaining a C.E. approval is simpler than getting an FDA clearance; hence, this region has a greater production penetration rate. Additionally, the region's growing senior population will probably assist industry expansion. Conversely, from 2022 to 2030, the Asia-Pacific territory is anticipated to experience the fastest growth rate. Due to the availability of unmet medical necessities & untapped development potential, various foreign manufacturers are moving their manufacturing bases to this region, which might contribute to this growth. Furthermore, it is predicted that the market expansion in the APAC territory will be aided by the swift economic development of emerging nations like China and India, as well as rising healthcare costs. 

Neurostimulation Devices Market Competitive Landscape Analysis

To create innovative products and technology, manufacturers are placing more emphasis on R&D efforts. Strategic initiatives of the companies is to obtain a competitive advantage are regional expansions and M&As. The following are a few of the well-known businesses present in the global market for neurostimulation devices:

• St. Jude Medical, Inc.

• Nevro Corp.

• Cyberonics

• Boston Scientific Corp.

• Medtronic PLC

• Neutronics Inc.

• Aleva Therapeutics SA

• ElectroCore Inc.

• NeuroSigma, Inc.

• EndoStim Inc.

• Synapse Biomedical Inc.

• NeuroPace Inc.

Recent Developments:

• On 14th July 2022, First Relief, percutaneous electrical neurostimulation (PENS) device, was approved by the US FDA for multiple treatments up to fifty-six days for symptomatic relief of chronic and intractable pain caused by diabetic peripheral neuropathy announced by Dyansys Inc. The wearable device is placed on the ear that administers persistent pulses of low-level electrical current over a period of several days.

• On July 12, 2022, Deep brain stimulation developed by Abbott was approved for the treatment of severe depression. Its deep brain stimulation (DBS) technology has given FDA breakthrough device classification. With the ground-breaking approval, Abbott can now examine the application of its DBS system in cases of treatment-resistant depression (TRD), a type of major depressive illness (MDD).

• On 11th July 2022, The US Food and Drug Administration (FDA) granted the medical technology company Nyxoah an investigational device exemption (IDE) approval to conduct the access clinical study of their Genio system. An adult patient's moderate to severe Obstructive Sleep Apnoea (OSA) can be treated with the Genio system, a next-generation neurostimulation device. It is the first single-incision, leadless, and battery-free neurostimulator worldwide. By stimulating the hypoglossal nerve bilaterally, the gadget maintains the upper airway while the user sleeps, enabling them to get hold of a good night's sleep.

• On June 22, 2022, the first patient was enrolled in a SpineX trial using spinal neuromodulation technology. SpaceX revealed that the first patient had been recruited in their key trial examining the Scone neuromodulation device. SpaceX, a Los Angeles-based company, will assess the efficacy and safety of using non-invasive spinal neuromodulation technology to treat neurogenic bladder.