Neurostimulation Devices Market Size, Share & Trends Analysis Report By Application (Pain Management, Parkinson’s Disease), By Product (Spinal Cord Stimulator, Gastric Electric Stimulator), And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global neurostimulation devices market size was valued at USD 5.6 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 12.8% from 2023 to 2030. Neurostimulation is a process that makes use of an implantable medical device to modulate and alter neural activities for therapeutic purposes. Equipment used for neuromodulation are called neurostimulators and the process is termed neurostimulation. During the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) pandemic, containment measures by different governments led outpatient clinics’ neurological activities to be disrupted.

Vulnerable patients, such as those with Parkinson’s disease (PD) or dystonic patients with Deep Brain Stimulation (DBS), were at a higher risk of chronic stress because of social restriction measures and their motor & psychiatric symptoms were reported to deteriorate. Neurostimulators help in the treatment of neurologic disorders that aid in the delivery of electrical stimulation to the intended parts of the patient’s brain, peripheral nervous system, and spinal cord. These are particularly used for the treatment of various diseases, such as movement disorders, epilepsy, Parkinson’s disease, chronic pain, and depression.

Companies are involved in introducing such products in the market. For instance, in April 2023, Neuspera Medical announced that the U.S. FDA has approved its next-generation Neuspera ultra-miniaturised system, which delivers neurostimulation therapy via wireless platform. It also offers an ultra-small version, which helps physicians diagnose deeper anatomy and offers patients a better experience.

Some of the key factors driving the market include the growing geriatric population, the introduction of technologically advanced products, escalating product demand as add-on therapy, an increasing incidence of chronic diseases, such as migraine and epilepsy, and the presence of highly unmet medical needs in these disease segments. Also, the rising prevalence of neurological disorders and lifestyle-related disorders, external funding for R&D, and demand for minimally invasive surgeries are other factors propelling the market growth. According to the American Academy of Neurology, stroke is ranked as the third-leading cause of death in the U.S., with Alzheimer’s being ranked as the sixth-leading cause of death.

Statistics from the same source indicate that Parkinson’s affects nearly 1 million Americans with at least 60,000 new cases that are reported annually. Thus, with the increasing cases of neurological diseases, the demand for neurostimulation devices is expected to grow shortly. Moreover, manufacturers are investing more in R&D for the development of advanced products and technologies, such as implantable neurostimulation devices, which is expected to boost market growth. Neurostimulation device implantation is a minimally invasive process and the rising demand for such surgeries, due to shorter hospital stays & faster recovery, is expected to offer new growth opportunities for the market.

Application Insights

Based on application, the global market has been categorized into pain management, epilepsy, essential tremors, urinary & fecal incontinence, depression, dystonia, gastroparesis, Parkinson’s disease, and others. The pain management segment led the market in 2022 and accounted for the maximum revenue share of more than 68.6%. The high prevalence of chronic pain disorders and growing product usage for pain management on account of its high therapeutic value are the key factors driving the growth of this segment. The segment is expected to register the fastest CAGR as well over the forecast period. Some of the diseases encompassed under this segment include chronic pain, disk surgery pain, and leg pain.

Epilepsy is a seizure-causing neurological disorder and affects approximately 50 million people across the globe, according to the World Health Organization (WHO). The high product efficacy exhibited in treating epilepsy coupled with the availability of limited treatment options for the disease is expected to impel the segment growth during the forecast period. Essential tremors are characterized by severe involuntary limb movement. The disease also affects the neck, jaw, and other body parts. The growing geriatric population across the globe is one of the highest impact-rendering drivers for the growth of this segment. The rising cases of depression are also likely to contribute to the market development as neurostimulation equipment provides easy treatment by activating or inhibiting electrical brain signals.

Product Insights

On the basis of products, the global market has been analyzed for spinal cord, deep brain, sacral nerve, vagus nerve, and gastric electric stimulators. The spinal cord stimulator segment led the market in 2022 and accounted for the largest revenue share of more than 51.5% owing to the wide scope of product application and high market penetration of commercially available products in this segment. Technological advancements in this segment are expected to drive the segment further. Spinal cord stimulators are used in non-malignant chronic neuropathic pain management as they help mask the pain by producing tiny nerve impulses without making any anatomical changes to the target area.

Deep brain stimulators are used in the treatment of several neurological disorders, especially Parkinson’s disease. These devices are based on a nascent technology and thus are currently undergoing an experimental phase. The use of these devices for diseases, such as Alzheimer’s, Tourette syndrome, refractory epilepsy, cluster headache, trigeminal neuralgia, and movement disorders by multiple sclerosis, is awaiting FDA approval. Sacral nerve stimulators, used in the treatment of chronic diseases including urinary incontinence and fecal incontinence, are expected to witness the fastest CAGR from 2023 to 2030. Increasing awareness regarding these devices is expected to be the major driving factor for this segment. However, various risks associated with the implantation of these devices, such as mechanical failures and post-surgery pains & infections, may hinder the segment growth to some extent.

Regional Insights

North America accounted for the largest revenue share with around 60.0% in 2022 and is projected to maintain its dominance during the forecast years. However, strict government regulations and a rise in the average number of days required in the FDA approval process may hamper the region’s growth. Europe followed North America, in terms of revenue share. Rapid economic development in Eastern European countries is expected to accelerate this growth further. Moreover, since obtaining a CE approval is easier than obtaining an FDA approval, the production penetration is relatively higher in this region.

In addition, the growing geriatric population in the region is likely to support the market growth. On the other hand, Asia Pacific is expected to be the fastest-growing regional market from 2023 to 2030. This growth can be attributed to the fact that several international manufacturers are shifting their production bases in this region due to the presence of unmet medical needs and untapped growth opportunities. Furthermore, the rapid economic development in emerging countries, such as India and China, and rising healthcare expenditures are estimated to support the market development in the APAC region.

Key Companies & Market Share Insights

Manufacturers are focusing more on R&D activities to develop novel products and technologies. Regional expansions and M&As are the key strategic initiatives followed by most market players to gain a competitive advantage. For instance, in January 2023, Axonics, Inc. announced that the U.S. FDA has approved the Axonics R20 neurostimulator, an upgraded version of Axonicss R15, designed to treat chronic conditions like overactive bladder with an operational life of at least 20 years. Some of the prominent companies operating in the global neurostimulation devices market include:

• Medtronic PLC

• Cyberonics

• Boston Scientific Corp.

• St. Jude Medical, Inc.

• Nevro Corp.

Neurostimulation Devices Market Report Scope

Global Neurostimulation Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global neurostimulation devices market report on the basis of product, application, and region:

• Product Outlook (USD Million, 2018 - 2030)

  • Spinal Cord Stimulator

  • Deep Brain Stimulator

  • Sacral Nerve Stimulator

  • Vagus Nerve Stimulator

  • Gastric Electric Stimulator

• Application Outlook (USD Million, 2018 - 2030)

  • Pain Management

  • Epilepsy

  • Essential Tremor

  • Urinary & Fecal Incontinence

  • Depression

  • Dystonia

  • Gastroparesis

  • Parkinson’s Disease

  • Others

• Regional Outlook (USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Italy

    • France

    • Spain

    • Germany

    • Denmark

    • Norway

    • Sweden

  • Asia Pacific

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

    • China

  • Latin America

    • Brazil

    • Argentina

    • Mexico

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait