The global neurostimulation devices market size was valued at USD 6 billion in 2021 and is valued at USD 14 billion by 2030. The market is expected to grow at a CAGR of 13% during the forecast period (2022–2030). Neurostimulator devices provide neurostimulation to patients suffering from chronic pain to alleviate some symptoms arising from a wide range of disorders. Neurostimulation is the ability to provide relief by disrupting pain signals that travel between the spinal cord and the brain. In simple words, the disruption of pain signals is meant to outsmart pain. Unlike other therapies for pain, neurostimulation devices can be experienced to see if the patient is being suited before committing it for a longer time.
Additionally, unlike oral medications, which have to be circulated throughout the entire body, neurostimulation devices can be targeted to where the pain is being experienced precisely. The global neurostimulation devices market can be divided into product and application.
The global geriatric population is increasing at an exceptional rate, with the UN Department of Economic and Social Affairs noting a population change from 7.7 billion to 9.7 billion by 2050. The geriatric population in terms of Parkinson’s and Alzheimer’s disease is also growing at a steadfast pace. Rising geriatric populations in emerging economies such as China and India create expansive market opportunities for the global neurostimulation devices market during the forecast. A survey in Japan notes that over 20% of the population is over 65 years of age.
Extensive R&D activities for developing new products and advanced technologies will further drive the growth potential of the market. For instance, Neurowave Medical Technologies developed a minimally invasive transdermal neuromodulation device for treating patients suffering from nausea and vomiting. The device aims to improve the quality of life who are undergoing chemotherapy-radiation treatment annually. The recent developments such as deep brain stimulation, spinal cord stimulation, sacral nerve stimulation, and vagus nerve stimulation will further increase the chance of expanding market growth.
Neurostimulation help provides therapeutic solutions which have limited solutions such as epilepsy and migraine. According to WHO, in 2019, over 50 million people globally suffered from epilepsy. This provides the market with a high-value consumer base to flourish. Additionally, the American Headache Society, nearly 39 million Americans and a billion people worldwide suffered from migraines in 2019. Depression and work-related pressure often lead to obesity. According to the American Medical Association, in 2019, around 43% of adults suffering from depression are obese. These factors further will prove to be valuable breeding grounds for the market to flourish.
People suffering from depression are prone to cardiovascular disorders, which are expected to play into the market value. The prevalence of lifestyle-induced disorders is also increasing. External funding for a wide range of research and development activities has also increased. For instance, research conducted by the Nottingham Hearing Biomedical Research Unit which was funded by the National Institute for Health Research led to the development of a neurostimulation product. These devices are effective for treating hearing disorders.
The implementation of neurostimulation devices includes a wide range of surgical procedures, which cause many associated risks such as allergies and hoarseness of voice. While these adverse effects are often temporary, electrical impulses usually generated by these devices can cause damage to nearby blood vessels. For instance, VNS poses a risk of damaging nearby vagus nerve, carotid artery, and jugular veins. The possibility of adverse risks and effects with the use of these devices can even extend to limit the growth of the market.
Additionally, neurostimulation devices are often considered to be class III devices or high-risk devices. As such, any approval of neurostimulation devices requires stringent device approvals. Such stringent pre-device approval processes result in a loss of operational costs for manufacturing and producers. Additionally, in combination with the stringent policies, non-compliance with these guidelines can result in product recalls. The average number of days for completing a 510k FDA approval can range from 90 to 140 days. These factors will contribute to the negative growth of the market.
The ongoing pandemic negated the value of the global neurostimulation devices market during the forecast period. Factors such as the initial breakdown caused by the hindrance in the supply chain and the limited workforce during the pandemic's initial stage contributed to the market's downfall. Additionally, nationwide lockdowns and restrictions of movement on the general population further decreased the opportunity for the market to grow. Lowered in-patient visits and less preference for non-pressing health conditions will prove a less-than-optimal condition for the market.
The pandemic also posed a huge economic backlash on the emerging and developing economies, which further posed a challenge to several small and medium organizations. Sales were slowed due to delays in production and volatility in raw material pricing. Also, a decline in treating non-COVID-19 emergency procedures contributed to the overall demand for neurostimulation devices. The pandemic forced manufacturers to operate at a less-than-optimal capacity, decreasing production output to a considerable low. This created a huge gap in the demand supply, thereby draining the market value even as the demand began to hit pre-pandemic levels.
Based on product, the market can be divided into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and gastric electric stimulators. The segmental growth of spinal cord stimulators is expected to witness the largest market growth with a market value of USD 3,983 million in 2021 and will grow to an estimated market value of USD 8,1478 million by 2030. The segmental growth is further exhibited to grow at a CAGR of 12% during the forecast period. SCS’s are responsible for the management of non-malignant chronic neuropathic pain by producing tiny nerve impulses. They do not change the anatomy of the targeted area, which further contributes to the growth.
The segmental growth of deep brain stimulators will account for the second-largest growth during the forecast period, with an estimated market value of USD 3,845 million in 2030 at a CAGR of 14%. Factors such as treating neurological disorders such as Parkinson’s disease, dystonia, and obsessive-compulsion disorders will enable the market to grow at an accelerated pace. Sacral nerve stimulators will account for an estimated market value of USD 2,564 million by 2030.
Based on application, the market can be broken down into pain management, essential tremor, epilepsy, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson’s disease, and others. Pain management is expected to hold the largest market share during the forecast period and is estimated to have a market value of USD 10,142 million in 2030. The market was valued at USD 4,927 million in 2021 and will grow at a CAGR of 14% owing to the rising prevalence of chronic pain-causing disorders coupled with increasing demand from patients who prefer shorter hospital stays. The others segment is expected to grow with the fastest-growing segment at a CAGR of 14% during the forecast period.
Gastroparesis will account for an estimated market value of USD 1,568 million in 2030, at a CAGR growth of USD 12% during the forecast period.
North America is expected to witness the largest market share during the forecast period with a value of USD 4,858 million in 2021 and will grow an estimated value of USD 10,027 million in 2030. It is expected to grow at a CAGR of 12% during the forecast period. Factors such as rising incidences of depression and epilepsy and rising demand for minimally invasive procedures will increase the market’s footprint. The U.S. neurostimulation devices market was valued at USD 4,468 million in 2021 and is estimated to grow to an approximate value of USD 8,326 million in 2030 owing to rising insurance coverage for neurostimulation devices such as SCS to name a few.
Asia-Pacific is expected to grow at the fastest CAGR of 16% during the forecast period with USD 926 million in 2021 and will generate an estimated value of USD 4,327 million in 2030. Factors contributing to the regional growth can be attributed to growing opportunities in emerging economies such as China, India, and Japan coupled with rising mandatory healthcare insurance. Additionally, technological advancements and rising healthcare expenditure will add to the growing market value.
Europe accounted for a market value of USD 1,348 million in 2021 and will grow at an estimated market value of USD 3,143 million in 2030 at a CAGR growth of 13% during the forecast period. The U.K. is expected to contribute significantly to the regional growth during the forecast period with an estimated market value of USD 563 million in 2030 at a CAGR of 14%. Factors such as the rising number of epilepsy patients coupled with the rising acceptance of deep brain stimulation will increase the market value of neurostimulation devices. Additionally, the region is also home to a wide number of cases of Parkinson’s and depression which will drive the market growth.