Neurostimulation Devices Global Market Report 2024

The neurostimulation devices market size has grown rapidly in recent years. It will grow from $6.34 billion in 2023 to $6.98 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth observed during the historic period in the field of neurostimulation devices can be attributed to several key factors, including the increasing need for chronic pain management, the aging population, greater awareness and acceptance of these devices as treatment options, and the adoption of a multidisciplinary approach to managing various medical conditions.

The neurostimulation devices market size is expected to see strong growth in the next few years. It will grow to $10.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The expected growth in the forecast period in the field of neurostimulation devices can be attributed to various factors, including the adoption of minimally invasive techniques, the expansion of emerging markets, regulatory support and reimbursement initiatives, and the integration of telehealth and remote monitoring in patient care. Noteworthy trends anticipated during the forecast period encompass the development of personalized therapy approaches, the emergence of wearable neurostimulation devices, advancements in programming and connectivity features, and the exploration of combination therapies to enhance treatment outcomes.

The increasing global geriatric population is a significant driver behind the growth of the neurostimulation device market. As the number of elderly individuals continues to rise, so does the prevalence of various neurobiological disorders affecting this demographic. According to a report by the World Health Organization (WHO) in October 2022, it is projected that by 2050, 80% of older people will reside in low- and middle-income countries. Furthermore, the proportion of the world's population over the age of 60 is expected to nearly double from 12% in 2015 to 22% in 2050.

The primary products in the neurostimulation devices market can be categorized into implantable devices and external devices. Implantable devices include cochlear implants, deep brain stimulation devices, spinal cord stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices, and gastric electric stimulation devices. External devices encompass transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS). These devices are used in a variety of applications, including pain management, epilepsy, essential tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, and Parkinson's disease. They are employed by different healthcare facilities, such as hospitals, rehabilitation centers, and medical clinics.

The neurostimulation device market research report is one of a series of new reports that provides neurostimulation device market statistics, including neurostimulation device industry global market size, regional shares, competitors with a neurostimulation device market share, detailed neurostimulation device market segments, market trends and opportunities, and any further data you may need to thrive in the neurostimulation device industry. This neurostimulation device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Anticipated growth in the healthcare sector is set to propel the neurostimulation devices market. The healthcare industry is a vast and diverse sector encompassing various organizations, professionals, and institutions dedicated to providing medical services, healthcare products, and overall health maintenance and improvement. Neurostimulation devices play a crucial role in the healthcare industry, particularly in the treatment and management of various neurological conditions and chronic pain. For example, in May 2023, the Office for National Statistics reported that healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021. The total healthcare expenditure in the UK in 2021 amounted to $367.25 billion (£280.7 billion), with pharmaceutical expenditure reaching $51.84 billion (£39.6 billion). Spending on preventive care also doubled from 2020, reaching $45.93 billion (£35.1 billion). Thus, the burgeoning healthcare industry is a driving force behind the growth of the neurostimulation devices market.

The high costs associated with neurostimulation devices may hinder market growth. For instance, neuromodulation devices for chronic pain management have an average price range of $13,920 to $17,940, while those for epilepsy range from $25,420 to $25,970. Although the construction of neurostimulation devices is similar to cardiac rhythm management devices, they are notably 67% more expensive than the latter.

Innovations in minimally invasive treatments for various neurological disorders are emerging, leading to the development of neurostimulation devices that cause minimal invasion during procedures. For example, Deep Brain Stimulation (DBS) is a minimally invasive surgical procedure used to treat neurological symptoms of Parkinson's disease. DBS involves the use of a neurostimulation device, similar to a heart pacemaker, to deliver precise electrical pulses to specific brain circuits that influence Parkinson's disease symptoms. These electrical pulses block the activity of these circuits, allowing the rest of the brain to function more normally.

Major companies in the neurostimulation devices market are focused on developing advanced technological products like the Eterna Spinal Cord Stimulation (SCS) system for chronic pain treatment. The Eterna SCS system, launched by Abbott Laboratories in December 2022, is the smallest implantable, rechargeable spinal cord stimulator. It features Abbott's proprietary BurstDR stimulation, which replicates natural firing patterns in the brain, providing superior pain relief preferred by 87% of patients over traditional 'tingling' tonic stimulation.

In June 2022, Medtronic plc., an Ireland-based medical device company, acquired Intersect ENT to expand its comprehensive ear, nose, and throat (ENT) portfolio. This acquisition enhances Medtronic's offerings for sinus procedures to improve post-operative outcomes and treat nasal polyps. Intersect ENT is a US-based company specializing in healthcare equipment.

Major companies operating in the neurostimulation devices market include Medtronic PLC, Cyberonics Inc., Boston Scientific Corporation, Abbott Laboratories, Nevro Corporation, Neuronetics Inc., NeuroPace Inc., NeuroSigma Inc., Cochlear Ltd., NDI Medical LLC, Synapse Biomedical Inc., MED-EL, LivaNova PLC, DePuy Synthes Inc., Aleva Neurotherapeutics, BrainsWay, Cortec Corporation, Endonovo Therapeutics Inc., Inspire Medical Systems Inc., The Magstim Company Limited, Mainstay Medical Limited, MicroTransponder Inc., MindMaze, NeuroMetrix, Nexeon MedSystems, Nuvectra, Saluda Medical, SPR Therapeutics Inc., Uro Medical Corporation

North America was the largest region in the global neurostimulation devices market in 2023. Asia-Pacific was the second-largest region in the neurostimulation devices market. The regions covered in the neurostimulation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the neurostimulation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The neurostimulation devices market consists of sales of spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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