Neurostimulation Device Market: Information by Product (Spinal Cord Stimulator), Application (Pain Management, Urinary and Fecal Incontinence), and Region — Forecast till 2029

Neurostimulators are used for neuromodulation, a process where an implantable medical device is used to regulate and alter neurological activities, aiming to assist therapeutics and treatment. These neurostimulation devices are used to deliver electrical signals intended to stimulate the patient's brain, peripheral nervous system, and spinal cord that helps in treating neurologic disorders. These stimulation techniques are particularly used for treating movement disorders, epilepsy, Parkinson's disease, chronic pain, and depression.

The global neurostimulation device market was valued at USD 55,223 million in 2019 and is expected to grow at a 12.7% CAGR during the forecast period.
Growing Patient Awareness and Demands Coupled with Preference from Neurologists Boosts the Market.

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Neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, and cerebrovascular diseases are severe diseases that can affect the central nervous system (CNS) and peripheral nervous system (PNS) of the human body. However, these neurological disorders can be managed through the latest neurostimulation techniques. Thus, the growing awareness amongst patients regarding the same is fueling the global market.

Additionally, these techniques are minimally invasive that promotes greater adoption amongst patients and neurologists. Further, the word experiences a surge in the geriatric population who are more inclined to suffer from neurological disorders, such as epilepsy, Parkinson's disease, Alzheimer's disease, and chronic pain. Thus, factors cumulatively generate a greater demand in the market.

Thus, to meet the growing demand within the global neurostimulation market, there have been increasing investments in R&D coupled with external funding for the development of advanced products and technologies such as implantable neurostimulation devices, which is expected to boost the market growth. Moreover, the rising demand for such therapeutic procedures can also be attributed to shorter hospital stays and faster recovery, which promotes patients' bias, thus expected to offer new growth opportunities for the market.

Global Neurostimulation Device Market: Segmentation

Spinal Cord Stimulators Segment by Products Dominates the Market, in Terms of Revenue Share

Spinal cord stimulators segment dominates the market product segment in terms of revenue, owing to its wide applicability and high market penetration of products. For instance, these simulators are used extensively in treating neuropathic pain and acute spinal cord injuries. For instance, as per the 2019 SCI Data Sheet published by the National SCI Statistical Center (NSCISC):

Roughly 17,730 new spinal cord injuries are estimated each year in the U.S.
Among these, males account for around 78% of new SCI cases.
Further, on a detailed survey, approximately 2,49,000 to 3,63,000 Americans are estimated to be living with SCI.
Technological advancements and widening applications in this segment are expected to fuel the growth further. For instance, usage of Deep Brain Stimulations devices in various diseases such as Parkinson's disease, obsessive-compulsive disorders (OCD), idiopathic dystonia, and essential tremors, has been one such advancement is coupled with the growing number of product approvals.

Additionally, a surge in minimally invasive procedures and increased healthcare spending in the domain further drives the market growth for spinal cord stimulators across the globe.

Also, the Sacral nerve stimulators segment is expected to witness the fastest CAGR during the forecast period. These devices are used in the treatment of chronic diseases, including urinary incontinence and fecal incontinence. The segment is witnessing a high growth rate owing to increasing awareness regarding these devices and the rising prevalence of such chronic diseases that demands these market products.

By Application, Pain Management Segment Led the Global Market in Terms of Revenue Share

By application, the pain management segment is the highest contributor to the neurostimulation devices market in 2019, in terms of revenue generated. The large revenue share of the market segment can be attributed to the increased usage of neurostimulation devices for treating chronic and acute pain. For instance, the segment products are extensively utilized in pain management arising from chronic diabetic neuropathy. For instance, spinal cord stimulators can also be used in non-malignant chronic neuropathic pain management, as they help reduce and mask the pain by producing tiny nerve impulses without any invasive means to making any surgical change to the affected area.

Furthermore, the hearing loss segment is expected to grow at a considerably high CAGR during the forecast period. This is owing to the rise in incidences of hearing loss across the globe. For instance, approximately 48 million people are affected by hearing loss symptoms in America and nearly 360 million people globally, as reported by Hearing Health Foundation in 2020.
Asia-Pacific Regional Market Presents Lucrative Opportunity Pockets and Thus, Expected to Witness Growth

Asia-Pacific region offers lucrative opportunities to the major players in the global neurostimulation device market; therefore, it is anticipated to be the fastest-growing market across all regions. The high CAGR is owing to government assistance and private initiatives to increase awareness regarding these market products and their usage coupled with the increasing incidence of neurological disorders.

The region accounts for more than half of the world population thus, presents a massive consumer base for the market players. Further, factors such as improving healthcare infrastructure, rising healthcare reforms, and increasing healthcare expenditures in emerging markets, such as India and China to overcome the unmet medical needs in these regions boost the demand for market products.

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Key Players

Medtronic Plc (Ireland)
Boston Scientific Corporation (U.S.)
Abbott (U.S.)
LivaNova (U.K.)
Synapse Biomedical (U.S.)
Nevro Corporation (U.S.)
NeuroSigma (U.S.)
NeuroPace (U.S.)
BioControl Medical (Israel)
Integer Holdings Corporation (U.S.)
Bioinduction (U.K.)
GiMer Medical (Taiwan)
GTX Medical (The Netherlands)
BlueWind (Israel)
Recent Developments

In 2019, NeuroSigma signed a partnership agreement with Teijin Limited (Teijin) (Japan) that granted Teijin Pharmaexclusive rights to market NeuroSigma’s Monarch eTNS system in Japan.
Neurostimulation Device Market: Segmentation

By Product

Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Gastric Electric Stimulators
By Application

Pain Management
Epilepsy
Essential Tremor
Urinary and Fecal Incontinence
Hearing Loss
Depression
Dystonia
Parkinson's Disease
Others
By Region

America
Europe
Asia-Pacific
The Middle East and Africa
Central and South America and the Caribbean

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This release was published on openPR.