A programmable medical transmitter that can send electrical signals to particular regions of the human brain is known as a neurostimulation device. Additionally, the autonomous, central, and peripheral nervous systems of the patient’s body are stimulated, inhibited, modified, regulated, and altered by this treatment. This primarily helps with the treatment of various medical conditions, including epilepsy, chronic pain, and movement disorders. The market for neurostimulation devices will grow rapidly, with a CAGR of 12.8%, from $4.796 billion in 2021 to $50.7 billion by 2030.
Key Industry Drivers
main factors stimulating the market‘s expansion are the rise in neurological and lifestyle-related disorders and the world’s rapidly expanding geriatric population. Additionally, patients’ growing predilection for minimally invasive (MI) processes is boosting the market’s expansion. For instance, deep brain stimulation (DBS) is a MI technique that sends electrical signals to a particular location in the brain circuits using neurostimulation devices. This helps in the treatment of a number of degenerative diseases, including Parkinson’s and Alzheimer’s. A positive outlook for the market is also being created by technological developments, such as the creation of tools that can electronically enhance the nervous system to restore vision and regain post-paralysis motor movements. In the coming years, the market will be driven by several other factors, such as the medical industry’s rapid expansion, rising healthcare costs, and significant research and development (R&D) activities.
Market Restraints
Installing neurostimulation devices into the body can cause side effects like allergic reactions and prickling or tingling of the skin, which are likely to limit the market’s growth. Additionally, the market growth for neurostimulation devices is declining due to their higher prices.
Key Opportunity
Modern products and technology have been developed in response to the unmet needs of patients and surgeons in order to improve production efficiency and outcomes. To improve the overall condition of patients suffering from neurological illnesses and provide improved & innovative treatments to meet medical needs in this area, businesses have developed novel technologies and devices such as neurostimulation devices.
Product Insights
The spinal cord, sacral nerve, vagus nerve, deep brain, and gastric electric stimulator segments of the global market have been established based on products. Due to the wide range of product applications and high market penetration of commercially available products in this segment, in 2021 the spinal cord stimulator segment ruled the market with the largest revenue share of 51.5%. Spinal cord stimulators are used to treat non-malignant chronic neuropathic pain because they help numb the discomfort by generating minute nerve impulses without altering the target area’s anatomy.
Application Insights
The global market has been divided into categories for pain management, epilepsy, and essential tremors. Incontinence (urinary and fecal), depression, dystonia, gastroparesis, Parkinson’s disease, and others are based on application. In 2021, the market’s largest revenue share of 68.0% belong to the pain management segment. Factors accelerating the growth of. This market is a higher incidence of chronic pain disorders. The rising product utilization for pain management is due to its high therapeutic value. Over the forecast period, the segment will continue to grow at the fastest CAGR. Disk surgery pain, Chronic pain, and leg pain are just a few of the illnesses covered in this section.
Major difficulties accompanying neurostimulation devices may hinder industry development
Regardless of the rising application extent of neurostimulation gadgets. There are a few complexities related to profound mind feeling and other neurosurgical strategies. These incorporate stroke, seizure, heart issues, draining in the mind, breathing issues, and scattering of leads. Different entanglements of neurostimulators are likewise sorted into natural, equipment, and treatment programming-relate. Which might make an obstacle to consistent industry improvement in years to come.
Regional Insights
In 2021, North America had the highest revenue share of more than 60.0%.
The region’s development. Can be restricted by stringent government regulations and an increase in the typical number of days need for FDA approval. After North America, Europe led the market in terms of revenue share. This growth is anticipated to increase significantly due to the swift economic development of Eastern European nations. Additionally, since obtaining CE approval is simpler than obtaining FDA approval, this region has a higher production penetration rate.
Key Players
- Cyberonics
- Boston Scientific Corp.
- Medtronic PLC
- Neutronics Inc.
- Jude Medical, Inc.
- Nevro Corp.
- ElectroCore Inc.
- NeuroSigma, Inc.
- NeuroPace Inc
- Aleva Therapeutics SA
- EndoStim Inc.
- Synapse Biomedical Inc
