Global Neurostimulation Devices Market to Reach $16.97 Billion by 2032, Driven by Increasing Prevalence of Neurological Disorders and Minimally Invasive Surgeries

The global Neurostimulation Devices Market was USD 5.65 billion in 2022 and is expected to rise to USD 16.97 billion in 2032, with a revenue CAGR of 13% during the forecast period. The growth in market revenue is primarily driven by factors such as the rising incidence of neurological diseases, an aging population, and the increasing demand for minimally invasive surgeries. Neurological conditions such as chronic pain, depression, Parkinson's disease, and epilepsy are commonly treated with neurostimulation devices, contributing to the expansion of the neurostimulation devices market.

The demand for neurostimulation devices is anticipated to grow owing to the rising incidence of neurological illnesses like Alzheimer's disease, migraines, and chronic pain, which is a significant aspect of market revenue growth. According to the World Health Organization, about one billion people worldwide are affected by neurological illnesses such as multiple sclerosis, epilepsy, Alzheimer's disease, and Parkinson's disease.

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Some of the major companies in the Neurostimulation Devices Market:

• Abbott Laboratories
• Medtronic, Inc.
• Boston Scientific Corporation
• LivaNova PLC
• Nevro Corporation
• Neuronetics, Inc.
• St. Jude Medical, Inc.
• Synapse Biomedical Inc.
• Cyberonics, Inc.
• NeuroMetrix, Inc.

The aging population is another significant factor contributing to the market revenue growth, as the prevalence of neurological conditions such as Alzheimer's disease and Parkinson's disease is projected to increase with the aging population. Moreover, the market revenue growth is also driven by the increasing trend towards minimally invasive procedures, which provide several advantages over conventional open operations, such as less discomfort, fewer scars, and faster recovery times. Neurostimulation devices are frequently utilized in minimally invasive procedures to treat chronic pain and neurological diseases.

The market revenue growth is also being driven by technological advancements in neurostimulation devices, such as rechargeable battery technology, which has increased battery life and made neurostimulation devices more practical and affordable. Furthermore, the incorporation of wireless technology in neurostimulation devices has increased patient convenience and compliance.

Despite the market revenue growth factors, the high cost of neurostimulation devices and the absence of reimbursement regulations for these devices in some countries are expected to hamper market growth. Additionally, the potential for adverse effects from neurostimulation devices, such as infection and equipment failure, is expected to restrain market revenue growth.

Segments Covered in the Report:

The global neuromodulation market is categorized based on product type and application. By product type, the market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and others. Spinal cord stimulation is used for chronic pain management and is among the most widely used neuromodulation therapies. Deep brain stimulation is used for Parkinson's disease and other movement disorders, such as essential tremors and dystonia. Vagus nerve stimulation is used to treat epilepsy and depression, and sacral nerve stimulation is used for bladder and bowel control.

By application, the market is segmented into chronic pain management, Parkinson's disease, epilepsy, depression, and others. Chronic pain management is the most common application of neuromodulation therapies. It is used to treat back and leg pain, complex regional pain syndrome, and other types of chronic pain. Parkinson's disease is another significant application of neuromodulation therapies. Deep brain stimulation is used to reduce tremors and stiffness in Parkinson's disease patients. Epilepsy and depression are also significant applications of neuromodulation therapies. Vagus nerve stimulation is used to treat both epilepsy and depression.

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The neuromodulation market is driven by various factors, such as increasing prevalence of chronic pain and neurological disorders, advancements in technology, and the rising geriatric population. The prevalence of neurological disorders such as Parkinson's disease, epilepsy, and chronic pain is increasing, which is expected to drive the demand for neuromodulation therapies. Technological advancements such as the development of MRI-compatible neuromodulation systems and the use of smartphone apps to control neuromodulation devices are also driving the market growth. The rising geriatric population is also a significant factor contributing to the growth of the neuromodulation market, as they are more prone to neurological disorders and chronic pain.

However, the high cost of neuromodulation therapies, lack of reimbursement policies, and the availability of alternative treatments such as drugs and surgeries are some of the major challenges faced by the market. The high cost of neuromodulation therapies is a significant barrier to adoption, as many patients cannot afford the treatment. The lack of reimbursement policies also makes it difficult for patients to access these therapies. Moreover, alternative treatments such as drugs and surgeries are readily available, which further reduces the demand for neuromodulation therapies.

In conclusion, the global neuromodulation market is segmented based on product type and application. Spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, and sacral nerve stimulation are some of the significant product types, while chronic pain management, Parkinson's disease, epilepsy, and depression are the significant applications of neuromodulation therapies. The market is driven by factors such as the increasing prevalence of chronic pain and neurological disorders, advancements in technology, and the rising geriatric population. However, the high cost of neuromodulation therapies, lack of reimbursement policies, and the availability of alternative treatments are some of the significant challenges faced by the market.

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Strategic development:

• Medtronic, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, and Nevro Corporation are some of the leading companies in the neuromodulation industry. They are involved in various strategic developments, such as product launches and acquisitions, to strengthen their positions in the market. In February 2022, Medtronic announced the acquisition of Nalu Medical, a company specializing in developing neuromodulation therapies for chronic pain. This acquisition will expand Medtronic's neurostimulation portfolio and enable the company to provide a more comprehensive range of therapies to patients with chronic pain.

• Similarly, Abbott Laboratories launched its new Infinity™ Deep Brain Stimulation (DBS) system in December 2021. The system provides precise targeting and personalized therapy to patients with Parkinson's disease and essential tremor, among other neurological disorders. Boston Scientific Corporation also acquired Vertiflex, a medical device company that developed the Superion® Indirect Decompression System for patients suffering from lumbar spinal stenosis. This acquisition aimed to strengthen Boston Scientific's portfolio of pain management solutions.

• LivaNova PLC received FDA approval for its VNS Therapy® System for the treatment of patients with refractory epilepsy in 2020. The approval was based on the results of a clinical trial that demonstrated the efficacy and safety of the device in reducing seizure frequency in patients with epilepsy. Nevro Corporation launched its Senza® Omnia™ Spinal Cord Stimulation (SCS) system in 2020. This system provides a personalized and flexible therapy option for chronic pain management by offering various waveform options and programming capabilities that can be tailored to each patient's individual needs.

• In addition, Abbott Laboratories launched the Proclaim™ XR recharge-free neurostimulation system in 2021, providing long-lasting pain relief to patients with chronic pain. Medtronic launched the AdaptiveStim™ with RestoreSensor™ neurostimulation system in the same year, which automatically adjusts stimulation settings based on a patient's activity levels. This system is designed to provide more effective pain relief and longer battery life for patients with chronic pain. Lastly, LivaNova PLC launched the Pure-Vu® System in 2020, which uses water and suction to clean the colon and remove debris, making it easier for physicians to see the colon during a colonoscopy.

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