Neurostimulation Devices Market
Neurostimulation Devices Market Forecasts to 2030 - Global Analysis By Product (Closed-Loop Stimulation Systems, Deep Brain Stimulation (DBS) and Other Products), By Device Type (Aneurysm Coiling & Embolization Devices, Cerebral balloon angioplasty & Stenting systems and Other Device Types), Disease Pathology, Application, End User and By Geography
Years Covered |
2021-2030 |
Estimated Year Value (2023) |
US $7.88 BN |
Projected Year Value (2030) |
US $18.89 BN |
CAGR (2023-2030) |
13.3% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
North America |
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Neurostimulation Devices Market is accounted for $7.88 billion in 2023 and is expected to reach $18.89 billion by 2030 growing at a CAGR of 13.3% during the forecast period. Neurostimulation devices are specialised instruments designed to modulate the nervous system's activity through electrical or chemical means. Implanted or applied externally, these devices target specific nerves or brain regions, managing neurological conditions like chronic pain, movement disorders, epilepsy, or depression by delivering controlled stimulation, aiding in symptom alleviation and enhancing the patient's quality of life.
According to the information distributed by the Epilepsy Center, by and by, around 50 million patients are living with epilepsy overall and around 2.4 million new cases are analyzed yearly.
Market Dynamics:
Driver:
Increasing prevalence of chronic disorders
The rising prevalence of chronic disorders, such as chronic pain syndromes and neurological conditions like Parkinson's disease, epilepsy and treatment-resistant depression, acts as a significant driver in the neurostimulation device market. Neurostimulation devices offer an innovative approach, providing effective symptom relief. With an increasing population affected by these chronic ailments globally, there's heightened demand for advanced, non-pharmacological treatments, propelling the growth and adoption of neurostimulation devices as viable therapeutic solutions.
Restraint:
High device costs and limited insurance coverage
The substantial initial investment required for these advanced devices often limits patient access, creating financial barriers. Additionally, inadequate insurance coverage or reimbursement policies in certain regions restrict patient affordability and healthcare provider adoption. This situation impacts market growth by reducing patient pool sizes and healthcare facility investments, slowing down the adoption rate of neurostimulation devices.
Opportunity:
Advancements in personalized treatment options
Tailoring therapies to individual patient needs through innovative technologies and precision medicine approaches allows for more targeted interventions. Personalised treatments, considering factors like patient anatomy, neural responses and condition severity, enhance efficacy while reducing adverse effects. This trend not only improves patient outcomes and satisfaction but also drives market growth by fostering the development of customisable neurostimulation devices, meeting the diverse needs of patients and expanding the market's potential reach.
Threat:
Intense competition among key players
Intense competition among key players poses a threat due to potential market saturation and pricing pressures. With multiple companies vying for market share, innovation becomes critical, potentially leading to the faster obsolescence of existing technologies. Moreover, aggressive pricing strategies to gain a competitive edge might impact profitability and hinder investment in research and development. This competition-driven environment may also elevate marketing costs and hinder smaller players' entry, consolidating market dominance and potentially stifling innovation.
Covid-19 Impact:
The COVID-19 pandemic disrupted the neurostimulation devices market by causing delays in elective surgeries, including device implantation procedures. Reduced hospital capacities and diverted healthcare resources towards managing the pandemic led to deferred treatments and slowed device adoption. Supply chain disruptions and logistical challenges further affected manufacturing and distribution, impacting the accessibility of neurostimulation devices and consequently affecting market growth during the pandemic period.
The neurothrombectomy devices segment is expected to be the largest during the forecast period
The neurothrombectomy devices segment is poised to dominate the market due to rising incidences of stroke and thrombotic conditions. Technological advancements in clot retrieval systems, suction devices and snares offer minimally invasive solutions for removing clots from cerebral arteries, vital in treating acute ischemic strokes. As awareness grows regarding the effectiveness of neurothrombectomy in improving patient outcomes, coupled with favorable reimbursement policies, this segment anticipates substantial growth, addressing an unmet need in stroke management and positioning itself as a pivotal player in the neurostimulation devices market.
The depression segment is expected to have the highest CAGR during the forecast period
The depression segment is projected to experience the highest growth rate in market due to increasing awareness, expanding patient populations and the demand for alternative treatments for medication-resistant depression. Continuous advancements in neuromodulation technologies, such as deep brain stimulation (DBS) and transcranial magnetic stimulation (TMS), offer promising outcomes in alleviating depressive symptoms. With a growing emphasis on mental health and a preference for non-pharmacological interventions, the depression segment is anticipated to witness rapid adoption and substantial market growth during the forecast period.
Region with largest share:
North America is set to secure the largest market share, due to its robust healthcare infrastructure, high investment in research and development and early adoption of innovative technologies. The region hosts prominent market players and enjoys favourable reimbursement policies, encouraging widespread adoption of neurostimulation therapies. Additionally, the increased prevalence of neurological disorders, coupled with a proactive approach towards addressing chronic conditions, positions North America at the forefront, driving substantial market growth and dominance in the neurostimulation devices industry.
Region with highest CAGR:
Europe is set to experience the highest CAGR in the neurostimulation devices market, owing to the increased healthcare expenditure, expanding R&D activities, and a growing geriatric population susceptible to neurological disorders. Favourable reimbursement policies and a proactive approach to adopting innovative medical technologies further contribute to this growth. Additionally, rising awareness among both healthcare providers and patients about the benefits of neurostimulation devices propels market expansion in the region.
Key players in the market
Some of the key players in Neurostimulation Devices Market include Abbott Laboratories, Axonics Modulation Technologies, BioControl Medical, Boston Scientific Corporation, LivaNova, Mainstay Medical, Medtronic, Merck & Co., Inc, MicroTransponder, Neuronetics, NeuroPace, Nevro Corp, Nexeon MedSystems, Saluda Medical, Soterix Medical, SPR Therapeutics, Stimwave Technologies, Synapse Biomedical and Zynex Medical.
Key Developments:
In May 2023, Abbott received FDA approval for its spinal cord stimulation (SCS) systems for treating chronic back pain in people who have not had or are not eligible to receive back surgery, known as non-surgical back pain. This new indication applies to all Abbott's SCS products in the United States, including the Eterna SCS platform and the Proclaim SCS family.
In August 2022, Merck announced a collaboration in its new Bioelectronics innovation field with neuroloop GmbH, a B. Braun subsidiary, to develop a neurostimulator device that can complement the existing drug therapies of patients with chronic inflammatory diseases.
Products Covered:
• Closed-Loop Stimulation Systems
• Deep Brain Stimulation (DBS)
• Motor Cortex Stimulation (MCS)
• Sacral Nerve Stimulation (SNS)
• Spinal Cord Stimulation (SCS)
• Trigeminal Nerve Stimulation (TNS)
• Vagus Nerve Stimulation (VNS)
• Other Products
Device Types Covered:
• Aneurysm Coiling & Embolization Devices
• Cerebral balloon angioplasty & Stenting systems
• Neurothrombectomy Devices
Disease Pathologies Covered:
• Arteriovenous Malformations and Fistulas
• Carotid Artery Stenosis
• Cerebral Aneuryms
• Ischemic Strokes
• Other Diseases
Applications Covered:
• Depression
• Dystonia
• Epilepsy
• Gastroparesis
• Pain Management
• Parkinson's Disease
• Tremors
• Urinary and Fecal Incontinence
• Other Applications
End Users Covered:
• Hospitals
• Cognitive Care Centers
• Specialty Clinics
• Research Institutes
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Neurostimulation Devices Market, By Product
5.1 Introduction
5.2 Closed-Loop Stimulation Systems
5.3 Deep Brain Stimulation (DBS)
5.4 Motor Cortex Stimulation (MCS)
5.5 Sacral Nerve Stimulation (SNS)
5.6 Spinal Cord Stimulation (SCS)
5.7 Trigeminal Nerve Stimulation (TNS)
5.8 Vagus Nerve Stimulation (VNS)
5.9 Other Products
6 Global Neurostimulation Devices Market, By Device Type
6.1 Introduction
6.2 Aneurysm Coiling & Embolization Devices
6.2.1 Embolic Coils
6.2.1.1 Bare Detachable Coils
6.2.1.2 Coated Detachable Coils
6.2.2 Flow Diversion Devices
6.2.3 Liquid Embolic Agents
6.3 Cerebral balloon angioplasty & Stenting systems
6.3.1 Balloon Catheters
6.3.2 Carotid Artery Stents
6.4 Neurothrombectomy Devices
6.4.1 Clot Retrievals
6.4.2 Suction & Aspiration Devices
6.4.3 Snares
6.5 Other Device Types
7 Global Neurostimulation Devices Market, By Disease Pathology
7.1 Introduction
7.2 Arteriovenous Malformations and Fistulas
7.3 Carotid Artery Stenosis
7.4 Cerebral Aneuryms
7.5 Ischemic Strokes
7.6 Other Diseases
8 Global Neurostimulation Devices Market, By Application
8.1 Introduction
8.2 Depression
8.3 Dystonia
8.4 Epilepsy
8.5 Gastroparesis
8.6 Pain Management
8.7 Parkinson's Disease
8.8 Tremors
8.9 Urinary and Fecal Incontinence
8.10 Other Applications
9 Global Neurostimulation Devices Market, By End User
9.1 Introduction
9.2 Hospitals
9.3 Cognitive Care Centers
9.4 Specialty Clinics
9.5 Research Institutes
9.6 Other End Users
10 Global Neurostimulation Devices Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Abbott Laboratories
12.2 Axonics Modulation Technologies
12.3 BioControl Medical
12.4 Boston Scientific Corporation
12.5 LivaNova
12.6 Mainstay Medical
12.7 Medtronic
12.8 Merck & Co., Inc
12.9 MicroTransponder
12.10 Neuronetics
12.11 NeuroPace
12.12 Nevro Corp
12.13 Nexeon MedSystems
12.14 Saluda Medical
12.15 Soterix Medical
12.16 SPR Therapeutics
12.17 Stimwave Technologies
12.18 Synapse Biomedical
12.19 Zynex Medical
List of Tables
1 Global Neurostimulation Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global Neurostimulation Devices Market Outlook, By Product (2021-2030) ($MN)
3 Global Neurostimulation Devices Market Outlook, By Closed-Loop Stimulation Systems (2021-2030) ($MN)
4 Global Neurostimulation Devices Market Outlook, By Deep Brain Stimulation (DBS) (2021-2030) ($MN)
5 Global Neurostimulation Devices Market Outlook, By Motor Cortex Stimulation (MCS) (2021-2030) ($MN)
6 Global Neurostimulation Devices Market Outlook, By Sacral Nerve Stimulation (SNS) (2021-2030) ($MN)
7 Global Neurostimulation Devices Market Outlook, By Spinal Cord Stimulation (SCS) (2021-2030) ($MN)
8 Global Neurostimulation Devices Market Outlook, By Trigeminal Nerve Stimulation (TNS) (2021-2030) ($MN)
9 Global Neurostimulation Devices Market Outlook, By Vagus Nerve Stimulation (VNS) (2021-2030) ($MN)
10 Global Neurostimulation Devices Market Outlook, By Other Products (2021-2030) ($MN)
11 Global Neurostimulation Devices Market Outlook, By Device Type (2021-2030) ($MN)
12 Global Neurostimulation Devices Market Outlook, By Aneurysm Coiling & Embolization Devices (2021-2030) ($MN)
13 Global Neurostimulation Devices Market Outlook, By Embolic Coils (2021-2030) ($MN)
14 Global Neurostimulation Devices Market Outlook, By Bare Detachable Coils (2021-2030) ($MN)
15 Global Neurostimulation Devices Market Outlook, By Coated Detachable Coils (2021-2030) ($MN)
16 Global Neurostimulation Devices Market Outlook, By Flow Diversion Devices (2021-2030) ($MN)
17 Global Neurostimulation Devices Market Outlook, By Liquid Embolic Agents (2021-2030) ($MN)
18 Global Neurostimulation Devices Market Outlook, By Cerebral balloon angioplasty & Stenting systems (2021-2030) ($MN)
19 Global Neurostimulation Devices Market Outlook, By Balloon Catheters (2021-2030) ($MN)
20 Global Neurostimulation Devices Market Outlook, By Carotid Artery Stents (2021-2030) ($MN)
21 Global Neurostimulation Devices Market Outlook, By Neurothrombectomy Devices (2021-2030) ($MN)
22 Global Neurostimulation Devices Market Outlook, By Clot Retrievals (2021-2030) ($MN)
23 Global Neurostimulation Devices Market Outlook, By Suction & Aspiration Devices (2021-2030) ($MN)
24 Global Neurostimulation Devices Market Outlook, By Snares (2021-2030) ($MN)
25 Global Neurostimulation Devices Market Outlook, By Disease Pathology (2021-2030) ($MN)
26 Global Neurostimulation Devices Market Outlook, By Arteriovenous Malformations and Fistulas (2021-2030) ($MN)
27 Global Neurostimulation Devices Market Outlook, By Carotid Artery Stenosis (2021-2030) ($MN)
28 Global Neurostimulation Devices Market Outlook, By Cerebral Aneuryms (2021-2030) ($MN)
29 Global Neurostimulation Devices Market Outlook, By Ischemic Strokes (2021-2030) ($MN)
30 Global Neurostimulation Devices Market Outlook, By Other Diseases (2021-2030) ($MN)
31 Global Neurostimulation Devices Market Outlook, By Application (2021-2030) ($MN)
32 Global Neurostimulation Devices Market Outlook, By Depression (2021-2030) ($MN)
33 Global Neurostimulation Devices Market Outlook, By Dystonia (2021-2030) ($MN)
34 Global Neurostimulation Devices Market Outlook, By Epilepsy (2021-2030) ($MN)
35 Global Neurostimulation Devices Market Outlook, By Gastroparesis (2021-2030) ($MN)
36 Global Neurostimulation Devices Market Outlook, By Pain Management (2021-2030) ($MN)
37 Global Neurostimulation Devices Market Outlook, By Parkinson's Disease (2021-2030) ($MN)
38 Global Neurostimulation Devices Market Outlook, By Tremors (2021-2030) ($MN)
39 Global Neurostimulation Devices Market Outlook, By Urinary and Fecal Incontinence (2021-2030) ($MN)
40 Global Neurostimulation Devices Market Outlook, By Other Applications (2021-2030) ($MN)
41 Global Neurostimulation Devices Market Outlook, By End User (2021-2030) ($MN)
42 Global Neurostimulation Devices Market Outlook, By Hospitals (2021-2030) ($MN)
43 Global Neurostimulation Devices Market Outlook, By Cognitive Care Centers (2021-2030) ($MN)
44 Global Neurostimulation Devices Market Outlook, By Specialty Clinics (2021-2030) ($MN)
45 Global Neurostimulation Devices Market Outlook, By Research Institutes (2021-2030) ($MN)
46 Global Neurostimulation Devices Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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