North America Neurostimulation Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The North America neurostimulation devices market is expected to register a CAGR of 9.8% over the forecast period.

The outbreak of the pandemic impacted the market. The market has witnessed growth due to the increased utilization of neuromodulation devices during the pandemic. For instance, according to an NCBI study published in November 2021, non-invasive neuromodulation is a set of approaches that can be examined in the therapy of COVID-19 patients based on targeted pathways and empirical evidence. Thus, owing to such instances, the demand for neurostimulation devices increased, and thus the market witnessed positive growth during the pandemic. The market is also expected to continue the upward trend over the forecast period owing to the high burden of neurological disorders in the North American region.

The growing burden of neurological diseases and rising demand for minimally invasive technologies are the major drivers for the market. There has been a consistent increase in the overall number of neurological disorder patients from various states of the United States and Canada, resulting in an increasing demand for neurostimulation devices. The various types of neurological disorders include cerebrovascular diseases such as epilepsy, Parkinson's disease, multiple sclerosis, and poliomyelitis, among other major diseases. For instance, as per the study published in September 2021 in PLOS, the prevalence of epilepsy is considerably high in Mexico. The prevalence of epilepsy in Mexico was reported at rates of 3.9 to 42.2 per 1,000 inhabitants. Therefore, an increase in the prevalence of epilepsy cases in Mexico is expected to boost market growth over the forecast period.

Furthermore, with a growing population, the risk of neurological diseases also increases. For instance, as per Statistics Canada's 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males, and 3,796,750 were females. Such a high number of the elderly population is also boosting the growth of the market. Moreover, increasing product launches by the key market players may propel the market growth. For instance, in March 2021, the United States Food and Drug Administration granted marketing authorization for the Portable Neuromodulation Stimulator (PoNS) to Helius Medical, Inc. It is a neuromuscular tongue stimulator that consists of a non-implantable apparatus to generate electrical pulses for stimulation of the trigeminal and facial nerves via the tongue to provide treatment of motor deficits. Therefore, the rising prevalence of different types of neurological disorders and product launches by the key players are expected to contribute to the market growth in North America.

However, the high cost of neurological disease treatment may hinder the market growth over the forecast period.

North America Neurostimulation Devices Market Trends

Pain Management Segment is Expected to Witness Considerable Growth Over the Forecast Period

Pain is an unpleasant sensation in the body due to ongoing or impending tissue damage. Pain management includes therapies, drugs, and devices that help alleviate the pain. The approval of products by the regulatory authorities is propelling the growth of the segment. For instance, according to the PLOS research study published in February 2021, the ReActiv8 implantable neurostimulation system from Mainstay Medical is designed to treat chronic low back pain and was approved by the Food and Drug Administration in June 2020. Furthermore, according to the CDC update published in October 2021, in the United States, about 58.5 million people have doctor-diagnosed arthritis, and arthritis is more common in women (23.5%) compared with men (18.1%). The same source also stated that the prevalence of arthritis increases with age, and with the growing population of geriatric population in the country, the burden of arthritis is further expected to increase, which is expected to drive the growth of the segment.

Moreover, technological advancements in the pain management sector, increasing investment in neuroscience sectors, and various strategies adopted by the key market players are also expected to drive segment growth. For instance, in January 2021, Abbott launched NeuroSphere myPath, a digital health app designed to track and report on patient-perceived pain relief and general well-being associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy. The device trial period is required before the permanent implant, and the app allows patients to record their outcomes on pain and well-being while trialing their neurostimulation therapy. Similarly, in November 2022, Brandon Capital announced its investment into neuroscience company NRG Therapeutics as part of its USD 20.17 million series A financing. Thus, owing to product launches, increasing investment in the neuroscience sector, and increasing cases of pain-related diseases, considerable segment growth is anticipated over the forecast period.

United States is Expected to Witness Considerable Growth Over the Forecast Period

The United States is expected to hold a significant share over the forecast period in the North America neurostimulation devices market due to the high prevalence of neurological diseases, new product launches, growing geriatric population, and the presence of robust healthcare infrastructure for neurological diagnostics and treatment. The growing burden of the geriatric population is one of the major factors propelling the growth of the market, as with increasing age, the risk of neurological diseases and conditions increases. For instance, as per the United States Census Bureau, 2021 Statistics, in the United States, the proportion of males aged 65 years or above was 7.61%, and that of females was 9.21%. Thus, a high proportion of the geriatric population is expected to positively impact the market growth over the forecast period.

Furthermore, product launches and approval by regulatory authorities are anticipated to drive market growth in the country. For instance, in March 2021, Abbott launched the NeuroSphere Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed. Similarly, in June 2021, Medtronic received United States Food and Drug Administration (FDA) approval for its Percept PC Deep Brain Stimulation (DBS) system. Thus, owing to the above-mentioned factors, considerable market growth is anticipated over the forecast period.

North America Neurostimulation Devices Industry Overview

The North America neurostimulation devices market is fragmented in nature. The major companies in the market are focusing on product innovations, expansions, finding new markets, or innovating their core competency to expand their market share. Some of the major players in the neurostimulation devices market are Medtronic, Cyberonics, Boston Scientific Corporation, and Abbott Laboratories, among others.

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