Neurostimulation Devices Market Highlights
Neurostimulation is a modulation of the nervous system’s activity. It is deliberately carried out by using invasive and non-invasive techniques. Implantable stimulation devices are most used in the treatment of the neurological conditions such as epilepsy, Parkinson’s disease, dystonia, tremors, depression, obsessive compulsive disorder, diabetic neuropathy, and few other conditions. Increasing cases of the neurological disorders such as chronic pain and depression high adoption of the neurostimulation therapy are likely to improve the market of neurostimulation devices.
The neurostimulation devices market size is expected to reach USD 17.36 Billion by 2030 at 10.7% CAGR during the forecast period 2022-2030.
According to the World Health Organisation (WHO) neurological disorders are responsible for 4.5%-11% of all illnesses including in low- or high-income economies. This is far higher as compared to the number of respiratory ailments, gastrointestinal disorders, or cancers, and the burden is expected to rise further over the coming years.
The market for neurostimulation devices market is growing rapidly due to an increase in the number of cases of neurological diseases which is the result of changing lifestyle along with it increase in patient’s awareness about neurological disease, related surgeries, and therapies. Increasing obese population, strong encouragement from government, steady increasing medical expenditure, and continuous increasing demand for the neurostimulation devices has also contributed to the growth of the market.
Global Neurostimulation Devices Market - Regional Analysis
Additionally, invention of new technology, increasing awareness, and investments in research and development have boosted the neurostimulation market. However, high cost associated with monitoring and diagnosis of disease may restrain the market growth.
America account for the largest market share in neurostimulation systems devices market. The growth is attributed to an increasing demand for cardiovascular devices for the treatment of cardiovascular diseases and increasing prevalence of neurological diseases in the market. Additionally, the market growth is also boosted by increasing expenditure on neurostimulation devices in North America.
According to Centre for Disease Control and Prevention (CDC), in 2015, 1.2% of the total U.S. population had active epilepsy accounting for about 3.4 million people with epilepsy nationwide which includes 3 million adults and 470,000 children. The total indirect and direct cost of epilepsy in the U.S. is estimated to be USD 15.5 billion yearly. Huge number of patients suffer with other neurological disorders.
Additionally, rising geriatric population across the globe also fuels the growth of the market. According to World Population Ageing Report, in 2017, there are an estimated 962 million people aged 60 or over globally, which is 13% of the total global population. According to the population reference bureau, the number of Americans ageing 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060. According to the StatsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of Canadian population.
The global neurostimulation devices market outlook is segmented by type, application, and end user.
Based on type, it is divided into implantable devices and external devices. Implantable devices include gastric electric stimulators, sacral nerve stimulators, deep brain stimulators, sacral nerve stimulators, spinal cord stimulators, and cochlear implants, whereas external devices include transcranial magnetic stimulator and transcutaneous electrical nerve stimulator.
Based on application, the market is segmented into urinary and faecal incontinence, Parkinson's disease, dystonia, epilepsy, depression, tremors, gastroparesis, pain management, and others.
Based on end user, market is segmented into research institutes, hospitals/clinics, cognitive care centres, and others.
Neurostimulation Devices Market Players
The global neurostimulation devices market players are, Autonomic Technologies, Boston Scientific Corporation, ElectroCore, ImThera Medical, Inspire Medical Systems, LivaNova (Cyberonics), Medtronic, NeuroMetrix, NeuroPace, Neuros Medical, NeuroSigma, Nevro Corporation, SPR Therapeutics, St.Jude Medical, Synapse Biomedical, and others.
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