Neurostimulation Market
Neurostimulation Market Forecasts to 2030 - Global Analysis By Type (Sacral Nerve Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators and Other Types), Application (Hearing Loss, Urinary Incontinence, Pain Management, Epilepsy, Parkinson's disease and Other Applications) and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $6,221.2 MN |
|
Projected Year Value (2030) |
US $13,329.0 MN |
|
CAGR (2023 - 2030) |
11.5% |
|
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 |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Neurostimulation Market is accounted for $6,221.2 million in 2023 and is expected to reach $13,329.0 million by 2030 growing at a CAGR of 11.5% during the forecast period. The use of regulated electrical or magnetic impulses to alter the nervous system's activity is known as neurostimulation. It is used to treat various neurological disorders such as psychiatric disorders, movement disorders, and chronic pain. Furthermore, neurostimulation is a potentially reversible and customizable method of modulating neural circuitry and relieving symptoms associated, with ongoing research exploring new applications and optimizing existing technologies.
According to Centers for Disease Control and Prevention (CDC), an estimated USD 50 billion are spent each year for treatment of chronic lower back pain in North America.
Market Dynamics:
Driver:
Increase in non-invasive alternatives
The development of non-invasive neurostimulation methods and their increasing acceptance as a result of technological advancements like transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS) which offer non-surgical approaches, reducing patient reluctance and expanding the market reach. This shift not only improve patient comfort and safety but also provide efficient, affordable, and minimally invasive solutions which place them in a position to play a significant role in influencing the direction of neurostimulation therapy, which are driving the market size.
Restraint:
High cost
Neurostimulation device development, manufacture, and distribution are expensive processes that require sophisticated technology, a great deal of research, and adherence to regulations. Specialized parts, cutting-edge materials, and complex manufacturing techniques all contribute to the higher expenses. In terms of affordability and reimbursement, these exorbitant cost present difficulties for patients and healthcare providers. Therefore, high out-of-pocket costs and a lack of insurance coverage may impede neurostimulation market.
Opportunity:
Technological advancements
Technological innovations have facilitated the development of closed-loop or adaptive neurostimulation systems with constant innovations including electrode technologies, programming capabilities, and device design which improves the accuracy, effectiveness, and safety of neurostimulation treatments. In addition, integration of wireless communication technologies enables better patient monitoring and real-time adjustments to neurostimulation parameters. By improving patient outcomes and addressing unmet medical needs overall propels the neurostimulation market.
Threat:
Side effects
Neurostimulation may not be equally effective for all neurological conditions which effects patient safety and confidence by the inherent risks associated with invasive procedures and implantable devices, which include infection, malfunctioning of the device, and unintended side effects. Moreover, adverse events can damage a product's reputation in the market and prevent its widespread adoption by giving rise to regulatory worries and legal issues. Thus, consequently hinder the neurostimulation market.
Covid-19 Impact
The COVID-19 pandemic has negatively impacted the neurostimulation market, causing disruptions in manufacturing, supply chains, and elective medical procedures. Restrictions on non-essential healthcare services, reduced patient visits, and diverted healthcare resources have led to delays in neurostimulation device implantations and decreased patient access. Economic uncertainties have also affected investment and research funding. Therefore, these factors significantly impede market expansion.
The vagus nerve stimulators segment is expected to be the largest during the forecast period
The vagus nerve stimulators segment is estimated to hold the largest share. These implantable devices stimulate the vagus nerve, which operates by sending electrical impulses to the brain. Technological advancements, miniaturization of devices, and improved understanding of neurophysiology are some of the innovations contributing awareness. The demand for non-pharmacological treatment options and the increasing prevalence of neurological disorders contribute to the expansion of the VNS segment in the Neurostimulation market.
The parkinson's disease segment is expected to have the highest CAGR during the forecast period
The parkinson's disease segment is anticipated to have the highest CAGR during the forecast period due to reducing symptoms by using implantable devices. Neurostimulation for Parkinson's disease is called deep brain stimulation (DBS), which involves implanting electrodes in particular brain areas to modify aberrant neural activity. The patients' quality of life is improved, medication dependence is decreased, and motor symptoms are reduced with DBS. Hence, it also makes a substantial contribution to the development and advancement of neurostimulation technologies which are propelling this segment expansion.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to evaluations of the healthcare infrastructure, reimbursement policies, and regulatory frameworks. The aging population and the subsequent increase in neurodegenerative diseases contribute to the expanding demand for neurostimulation therapies. The region is home to major key players such as Boston Scientific Corporation, Abbott Laboratories, Medtronic plc and Neuronetics, Inc. The region’s financing and reimbursement policies and new technologies is driving the market size.
Region with highest CAGR:
Europe is expected to witness highest CAGR over the projection period. Regulatory bodies and national health authorities play a crucial role in approving and regulating neurostimulation devices. Advancements in treatment efficacy and patient outcomes include enhanced electrode designs, precise targeting, and advanced programming capabilities. Countries within Europe, including Germany, the United Kingdom, France, and others, also contribute significantly to the adoption of cutting-edge technologies for neurological disorders which thereby driving region growth.
Key players in the market
Some of the key players in the Neurostimulation Market include Medtronic, LivaNa PLC, Abbott, Neuronetics, Boston Scientific Corporation, Nevro Corp, Laborie, Johnson & Johnson Services, NeuroPace, Inc., Synapse Biomedical Inc, NeuroSigma, Inc, Modulus, Inc and Biegler GmbH.
Key Developments:
In October 2023, Boston Scientific Corporation announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication of the WaveWriter Alpha™ Spinal Cord Stimulator (SCS) Systems for the treatment of painful diabetic peripheral neuropathy (DPN), a complication of diabetes that can affect the lower extremities of the body.
In September 2023, Abbott announced it has completed the acquisition of Bigfoot Biomedical, a leader in developing smart insulin management systems for people with diabetes.
In August 2023, Medtronic announced the outcome of the U.S. Food & Drug Administration (FDA) Circulatory System Devices Panel (CSDP) meeting to review data presented in support of the Medtronic Symplicity Spyral™ Renal Denervation (RDN) System.
In June 2023, the American Diabetes Association® (ADA) and Abbott announced a collaboration aimed at better understanding how diabetes technology like continuous glucose monitoring (CGM) systems can help people living with diabetes make informed decisions about their food and activity.
Types Covered:
• Sacral Nerve Stimulators
• Spinal Cord Stimulators
• Vagus Nerve Stimulators
• Deep Brain Stimulators
• Other Types
Applications Covered:
• Hearing Loss
• Urinary Incontinence
• Pain Management
• Epilepsy
• Parkinson's disease
• Other Applications
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 Application Analysis
3.7 Emerging Markets
3.8 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 Market, By Type
5.1 Introduction
5.2 Sacral Nerve Stimulators
5.3 Spinal Cord Stimulators
5.4 Vagus Nerve Stimulators
5.5 Deep Brain Stimulators
5.6 Other Types
6 Global Neurostimulation Market, By Application
6.1 Introduction
6.2 Hearing Loss
6.3 Urinary Incontinence
6.4 Pain Management
6.5 Epilepsy
6.6 Parkinson's disease
6.7 Other Applications
7 Global Neurostimulation Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Medtronic
9.2 LivaNova PLC
9.3 Abbott
9.4 Neuronetics
9.5 Boston Scientific Corporation
9.6 Nevro Corp
9.7 LABORIE
9.8 Johnson & Johnson Services
9.9 NeuroPace, Inc.
9.10 Synapse Biomedical Inc
9.11 NeuroSigma, Inc
9.12 Modulus, Inc
9.13 Biegler GmbH
List of Tables
1 Global Neurostimulation Market Outlook, By Region (2021-2030) ($MN)
2 Global Neurostimulation Market Outlook, By Type (2021-2030) ($MN)
3 Global Neurostimulation Market Outlook, By Sacral Nerve Stimulators (2021-2030) ($MN)
4 Global Neurostimulation Market Outlook, By Spinal Cord Stimulators (2021-2030) ($MN)
5 Global Neurostimulation Market Outlook, By Vagus Nerve Stimulators (2021-2030) ($MN)
6 Global Neurostimulation Market Outlook, By Deep Brain Stimulators (2021-2030) ($MN)
7 Global Neurostimulation Market Outlook, By Other Types (2021-2030) ($MN)
8 Global Neurostimulation Market Outlook, By Application (2021-2030) ($MN)
9 Global Neurostimulation Market Outlook, By Hearing Loss (2021-2030) ($MN)
10 Global Neurostimulation Market Outlook, By Urinary Incontinence (2021-2030) ($MN)
11 Global Neurostimulation Market Outlook, By Pain Management (2021-2030) ($MN)
12 Global Neurostimulation Market Outlook, By Epilepsy (2021-2030) ($MN)
13 Global Neurostimulation Market Outlook, By Parkinson's disease (2021-2030) ($MN)
14 Global Neurostimulation Market Outlook, By Other Applications (2021-2030) ($MN)
15 North America Neurostimulation Market Outlook, By Country (2021-2030) ($MN)
16 North America Neurostimulation Market Outlook, By Type (2021-2030) ($MN)
17 North America Neurostimulation Market Outlook, By Sacral Nerve Stimulators (2021-2030) ($MN)
18 North America Neurostimulation Market Outlook, By Spinal Cord Stimulators (2021-2030) ($MN)
19 North America Neurostimulation Market Outlook, By Vagus Nerve Stimulators (2021-2030) ($MN)
20 North America Neurostimulation Market Outlook, By Deep Brain Stimulators (2021-2030) ($MN)
21 North America Neurostimulation Market Outlook, By Other Types (2021-2030) ($MN)
22 North America Neurostimulation Market Outlook, By Application (2021-2030) ($MN)
23 North America Neurostimulation Market Outlook, By Hearing Loss (2021-2030) ($MN)
24 North America Neurostimulation Market Outlook, By Urinary Incontinence (2021-2030) ($MN)
25 North America Neurostimulation Market Outlook, By Pain Management (2021-2030) ($MN)
26 North America Neurostimulation Market Outlook, By Epilepsy (2021-2030) ($MN)
27 North America Neurostimulation Market Outlook, By Parkinson's disease (2021-2030) ($MN)
28 North America Neurostimulation Market Outlook, By Other Applications (2021-2030) ($MN)
29 Europe Neurostimulation Market Outlook, By Country (2021-2030) ($MN)
30 Europe Neurostimulation Market Outlook, By Type (2021-2030) ($MN)
31 Europe Neurostimulation Market Outlook, By Sacral Nerve Stimulators (2021-2030) ($MN)
32 Europe Neurostimulation Market Outlook, By Spinal Cord Stimulators (2021-2030) ($MN)
33 Europe Neurostimulation Market Outlook, By Vagus Nerve Stimulators (2021-2030) ($MN)
34 Europe Neurostimulation Market Outlook, By Deep Brain Stimulators (2021-2030) ($MN)
35 Europe Neurostimulation Market Outlook, By Other Types (2021-2030) ($MN)
36 Europe Neurostimulation Market Outlook, By Application (2021-2030) ($MN)
37 Europe Neurostimulation Market Outlook, By Hearing Loss (2021-2030) ($MN)
38 Europe Neurostimulation Market Outlook, By Urinary Incontinence (2021-2030) ($MN)
39 Europe Neurostimulation Market Outlook, By Pain Management (2021-2030) ($MN)
40 Europe Neurostimulation Market Outlook, By Epilepsy (2021-2030) ($MN)
41 Europe Neurostimulation Market Outlook, By Parkinson's disease (2021-2030) ($MN)
42 Europe Neurostimulation Market Outlook, By Other Applications (2021-2030) ($MN)
43 Asia Pacific Neurostimulation Market Outlook, By Country (2021-2030) ($MN)
44 Asia Pacific Neurostimulation Market Outlook, By Type (2021-2030) ($MN)
45 Asia Pacific Neurostimulation Market Outlook, By Sacral Nerve Stimulators (2021-2030) ($MN)
46 Asia Pacific Neurostimulation Market Outlook, By Spinal Cord Stimulators (2021-2030) ($MN)
47 Asia Pacific Neurostimulation Market Outlook, By Vagus Nerve Stimulators (2021-2030) ($MN)
48 Asia Pacific Neurostimulation Market Outlook, By Deep Brain Stimulators (2021-2030) ($MN)
49 Asia Pacific Neurostimulation Market Outlook, By Other Types (2021-2030) ($MN)
50 Asia Pacific Neurostimulation Market Outlook, By Application (2021-2030) ($MN)
51 Asia Pacific Neurostimulation Market Outlook, By Hearing Loss (2021-2030) ($MN)
52 Asia Pacific Neurostimulation Market Outlook, By Urinary Incontinence (2021-2030) ($MN)
53 Asia Pacific Neurostimulation Market Outlook, By Pain Management (2021-2030) ($MN)
54 Asia Pacific Neurostimulation Market Outlook, By Epilepsy (2021-2030) ($MN)
55 Asia Pacific Neurostimulation Market Outlook, By Parkinson's disease (2021-2030) ($MN)
56 Asia Pacific Neurostimulation Market Outlook, By Other Applications (2021-2030) ($MN)
57 South America Neurostimulation Market Outlook, By Country (2021-2030) ($MN)
58 South America Neurostimulation Market Outlook, By Type (2021-2030) ($MN)
59 South America Neurostimulation Market Outlook, By Sacral Nerve Stimulators (2021-2030) ($MN)
60 South America Neurostimulation Market Outlook, By Spinal Cord Stimulators (2021-2030) ($MN)
61 South America Neurostimulation Market Outlook, By Vagus Nerve Stimulators (2021-2030) ($MN)
62 South America Neurostimulation Market Outlook, By Deep Brain Stimulators (2021-2030) ($MN)
63 South America Neurostimulation Market Outlook, By Other Types (2021-2030) ($MN)
64 South America Neurostimulation Market Outlook, By Application (2021-2030) ($MN)
65 South America Neurostimulation Market Outlook, By Hearing Loss (2021-2030) ($MN)
66 South America Neurostimulation Market Outlook, By Urinary Incontinence (2021-2030) ($MN)
67 South America Neurostimulation Market Outlook, By Pain Management (2021-2030) ($MN)
68 South America Neurostimulation Market Outlook, By Epilepsy (2021-2030) ($MN)
69 South America Neurostimulation Market Outlook, By Parkinson's disease (2021-2030) ($MN)
70 South America Neurostimulation Market Outlook, By Other Applications (2021-2030) ($MN)
71 Middle East & Africa Neurostimulation Market Outlook, By Country (2021-2030) ($MN)
72 Middle East & Africa Neurostimulation Market Outlook, By Type (2021-2030) ($MN)
73 Middle East & Africa Neurostimulation Market Outlook, By Sacral Nerve Stimulators (2021-2030) ($MN)
74 Middle East & Africa Neurostimulation Market Outlook, By Spinal Cord Stimulators (2021-2030) ($MN)
75 Middle East & Africa Neurostimulation Market Outlook, By Vagus Nerve Stimulators (2021-2030) ($MN)
76 Middle East & Africa Neurostimulation Market Outlook, By Deep Brain Stimulators (2021-2030) ($MN)
77 Middle East & Africa Neurostimulation Market Outlook, By Other Types (2021-2030) ($MN)
78 Middle East & Africa Neurostimulation Market Outlook, By Application (2021-2030) ($MN)
79 Middle East & Africa Neurostimulation Market Outlook, By Hearing Loss (2021-2030) ($MN)
80 Middle East & Africa Neurostimulation Market Outlook, By Urinary Incontinence (2021-2030) ($MN)
81 Middle East & Africa Neurostimulation Market Outlook, By Pain Management (2021-2030) ($MN)
82 Middle East & Africa Neurostimulation Market Outlook, By Epilepsy (2021-2030) ($MN)
83 Middle East & Africa Neurostimulation Market Outlook, By Parkinson's disease (2021-2030) ($MN)
84 Middle East & Africa Neurostimulation Market Outlook, By Other Applications (2021-2030) ($MN)
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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