Neurostimulation Devices Market to Reach More than US$ 22 Bn by the end of 2031

Neurostimulation Devices Market Outlook 2031

• The global neurostimulation devices market was valued at US$ 8.1 Bn in 2021

• The global market is projected to grow at a CAGR of 10.8% from 2022 to 2031

• The global neurostimulation devices market is anticipated to reach more than US$ 22 Bn by the end of 2031

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Overview of Neurostimulation Devices Market
Neurostimulation devices are generally used to diagnose and treat disorders of autonomic nervous system (ANS), central nervous system (CNS), and peripheral nervous system (PNS). Demand for neurostimulators is rising, as these devices help in nociceptive pain management and neuropathic pain management. They also help in the management of epilepsy, depression, and Parkinson's disease.

Demand for neurostimulation devices declined during the COVID-19 pandemic, which has hampered market revenue. The market in Asia Pacific is likely to expand at the fastest growth rate during the forecast period, primarily due to the increase in incidence of neurological disorders such as arthritis and osteoporosis in countries such as Japan and China.

Rise in Prevalence of Parkinson's Disease to Drive Global Market

Parkinson's disease is an age-related neurodegenerative disorder that affects large number of people across the world. It is characterized by muscle contraction, which leads to weakening of physical movement, tremors, muscle rigidity, and gait. It can affect multiple systems of the body.

According to the Parkinson's Foundation, more than 10 million people live with Parkinson's disease across the globe. Around one million people in the U.S. suffer from Parkinson's disease. Nearly 60,000 people in the U.S. are estimated to be diagnosed with Parkinson's disease each year. The exact number of patients is not known primarily due to the incompleteness and inconsistencies of prevalence studies and underdiagnosed cases.

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According to the Global Burden of Disease Study, about 13 million people across the globe are likely to be affected by Parkinson's disease by 2040. China accounts for the largest number of patients with Parkinson's disease in the world. Currently, around 2.5 million people in the country are afflicted with Parkinson's disease. This number is expected to double by the end of 2030. Currently, 1.7% of population of China above the age of 65 is affected by Parkinson's disease.

According to VIARTIS, Albania has the highest prevalence rate of Parkinson's disease of 800 per 100,000 persons in the world. The highest incidence rate of Parkinson's disease is observed in France, with around 36 to 49 cases per 100,000. According to the European Parkinson's Disease Association, currently, around 1.2 million people in the European Union are afflicted with Parkinson's disease. About 260,000 people in Germany, 150,000 in Italy, and 120,000 people in the U.K. suffer from Parkinson's disease.

Technological Advancements and New Product Development to Boost Market

Increase in demand for improved product outcomes & efficiency have led to development of innovative products and technologies to address the unmet needs of patients as well as surgeons. In order to provide improved and alternative solutions to unmet medical needs in neurological disorders, companies have developed novel technologies and devices, such as neurostimulation equipment, to improve the overall quality of life of the affected patient population. In January 2019, Boston Scientific Corporation launched the Vercise Primary Cell and Vercise Gevia Deep Brain Stimulation system for the treatment of symptoms of Parkinson's disease. In December 2018, Axonics Modulation Technological, Inc. filed the Premarket Approval Application (PMA) with the U.S. FDA for the rechargeable implantable sacral neurostimulation system. In January 2017, Abbott Laboratories launched the new Proclaim DRG neurostimulation system in Europe.

The Proclaim DRG neurostimulation system is designed to deliver dorsal root ganglion (DRG) stimulation for patients suffering from chronic neuropathic pain. Abbott is the first and only company that offers DRG therapy and targeted relief for certain types of chronic pain. Thus, the key trend of development and commercialization of novel electrical stimulation devices is driving the global neurostimulation devices market.

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Launch of New Products with Updated Technologies to Propel Spinal Cord Stimulators Segment

The spinal cord stimulators segment accounted for dominant share of the global market in 2021. The segment is projected to grow at a high CAGR from 2022 to 2031.

High prevalence of chronic pain caused due to various reasons such as failed back surgery syndrome, cancer, traumatic pain, and nerve injuries; launch of new products with updated technologies in spinal cord stimulation; and favorable medical reimbursement policies in developed countries are projected to drive the segment during the forecast period.

Rise in Prevalence of Chronic Pain due to Various Medical Conditions to Augment Chronic Pain Segment

In terms of application, the global market has been divided into chronic pain, movement disorders, hearing impairments, epilepsy, urinary incontinence, and others. The chronic pain segment held significant market share in 2021 due to the rise in prevalence of chronic pain owing to various medical conditions such as cancer, trauma injuries, surgical trauma, and nerve injuries.

According to the Centers for Disease Control and Prevention (CDC), more than 50 million people were suffering from chronic pain in the U.S. in 2020. Chronic pain is the major cause of long term disability in the U.S. According to the European Pain Federation, around 80 million adults in Europe are living with chronic pain.

Well-established Health Care Infrastructure and Favorable Reimbursement Policies to Drive Hospitals Segment

Hospitals is projected to be a highly lucrative segment of the global neurostimulation market during the forecast period. Well-established health care infrastructure, favorable medical reimbursement facilities for neurostimulation devices in developed countries, and high cost of implantable devices contributed to the prominent share of the hospitals segment in 2021.

Rise in the number of hospitals in developing countries and increase in implantable neurostimulation surgeries are likely to drive the segment during the forecast period.

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Regional Outlook of Neurostimulation Devices Market

North America accounted for the largest market share of around 60% in terms of revenue in 2021. The region is projected to dominate the global market during the forecast period.

The market in North America is anticipated to expand at a CAGR of 10.5% from 2022 to 2031.

Early adoption of technologically advanced products, new product launches, and increase in installation of transcranial magnetic stimulation systems in specialty clinics in the U.S. and Canada contributed to the region's dominant share in 2021.
In May 2019, Nevro Corp. launched the Senza Omnia Spinal Cord Stimulation (SCS) System in the U.S.

Omnia is the first and the only spinal cord stimulation system designed to deliver its proprietary HF10 therapy along with all other available spinal cord stimulator frequencies.

Increase in geriatric population in the U.S., high prevalence of neurological disorders & chronic pain, and high per capita healthcare expenditure in North America are likely to drive the market in the region during the forecast period.

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Europe is projected to be the second most lucrative market for neurostimulation devices.

The region held 20.8% share of the global market in 2021. Europe's market share is likely to rise marginally to reach 21.7% by the end of 2031. The market in the region is expected to grow at a CAGR of 11.3% during the forecast period.
Asia Pacific is projected to be the fastest growing market from 2022 to 2031. This can be ascribed to the shift in production bases of several global manufacturers to the region due to high unmet medical needs and untapped growth opportunities. Additionally, rapid economic development in emerging countries such as India and China; and increase in healthcare expenditure are projected to augment the market in Asia Pacific.

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