Global Neurostimulatory Devices Market Size (2024 – 2030)

According to a recent research report, the global neurostimulatory devices market had a valuation of USD 5.74 billion, with projections indicating a growth to USD 13.18 billion by the conclusion of 2030. The market is expected to witness a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period spanning from 2024 to 2030. Key factors driving this growth include the increasing prevalence of neurological disorders worldwide, a rising demand for minimally invasive surgeries, advancements in technology, and extensive research and development endeavors.

Industry Overview:

Neurostimulation involves the use of implantable medical devices to modulate and modify neural activities for therapeutic purposes. Neurostimulators are integral to neuromodulation, a process referred to as neurostimulation. These devices find common application in the diagnosis and treatment of disorders related to the autonomic nervous system (ANS), central nervous system (CNS), and peripheral nervous system (PNS), for stimulating brain cells and administering medication. Diseases that do not respond to conventional drug therapies necessitate advanced stimulation devices for effective treatment. The electrodes within these neurostimulation devices generate mild electrical impulses to enhance neurological activities in patients.

There is a growing demand for neurostimulatory devices, especially in the management of chronic neurological conditions such as neuropathic pain, epilepsy, nociceptive pain, depression, and Parkinson's disease. According to the World Health Organization (WHO), there are nearly 50 million cases of dementia globally, with 60-70% being attributed to Alzheimer’s, and an additional 10 million cases emerging annually. Dementia stands as the fifth leading cause of death worldwide. Moreover, the annual incidence rate of Parkinson’s disease ranges from 4.5 to 19 cases per 100,000 population. Alzheimer’s, according to the American Academy of Neurology, ranks as the sixth-leading cause of death globally. Factors driving market growth include the increasing elderly population, a rise in chronic diseases such as migraine and epilepsy, a growing prevalence of neurological and lifestyle-related disorders, the introduction of technologically advanced products, external funding for research and development, and an increasing demand for minimally invasive surgeries. Manufacturers are increasingly investing in research and development efforts to create advanced products and technologies, notably implantable neurostimulation devices, which are expected to further drive market expansion. Additionally, the market is positively influenced by the increasing investments and strategic maneuvers by key market players.

COVID-19 Outbreak Impact on Neurostimulatory Devices Market

The COVID-19 pandemic had an adverse impact on the growth of the Neurostimulatory Devices Market, as healthcare priorities shifted towards treating affected patients and controlling the spread of the virus. Consequently, patients suffering from other diseases were significantly affected. The pandemic also disrupted the manufacturing of technologically advanced treatment products. Various companies' supply chains and distribution networks experienced disruptions due to COVID-19 restrictions. However, the growing prevalence of neurological diseases worldwide is expected to boost market growth in the future, with the market poised to regain its growth trajectory in the post-pandemic period.

Market Drivers:

The primary drivers of market growth include the increasing prevalence of neurological disorders globally and the rising demand for minimally invasive surgeries.

Factors such as the increasing prevalence of lifestyle diseases such as chronic pain, a rise in neurological disorders, and augmented investments in neurological research and development are contributing to the growth of the global neurostimulatory devices market. Furthermore, the surge in demand for minimally invasive surgeries, the expanding elderly population, and the adoption of technologically advanced products are fueling market growth, as these demographics are more susceptible to neurological disorders such as Parkinson’s disease, epilepsy, Alzheimer’s disease, and chronic pain. Additionally, a favorable regulatory landscape for medical technologies enhancing patient care and management is expected to drive market expansion.

Technological advancements and extensive research and development activities in neurostimulatory devices are key factors propelling market growth.

Ongoing advancements and innovations in neurostimulatory devices are expected to benefit a significant number of patients affected by severe neurological disorders. The availability of implantable neurostimulatory devices targeting specific cranial, spinal, and peripheral nerve structures to regulate neuronal activity and offer therapeutic effects for various neurological disorders is anticipated to favor market growth. Market players within the neurostimulation devices sector are focusing on developing technologically advanced devices to alleviate patient suffering. Factors such as substantial growth in the medical industry, extensive research and development activities, and an increase in healthcare expenditure are also driving the growth of the neurostimulatory device market.

Market Restraints:

Factors such as the high cost of neurostimulatory devices and associated side effects can impede market growth.

The market growth of neurostimulatory devices may face hindrances due to factors such as the high costs associated with these devices and their potential side effects. The elevated cost of neurostimulatory devices often leads patients to explore alternative treatments such as oral medications. Additionally, patients find alternative treatments more accessible and affordable, thereby restraining the demand for neurostimulation devices. Moreover, the adverse effects and risks linked with the use of neurostimulatory devices, such as allergic reactions or skin sensations, could limit their adoption.

The shortage of skilled healthcare professionals and inadequate advanced infrastructure may restrain the growth of the neurostimulatory devices market.

A shortage of skilled healthcare professionals is a key factor impeding the growth of the Neurostimulation Devices Market. Furthermore, the need for increased technological development processes alongside advanced infrastructure in various middle-income countries acts as a restraining factor. Additionally, stringent government regulations concerning the approval of neurostimulatory devices might pose barriers to market expansion.

Neurostimulatory Devices Market – By Product

• Deep Brain Stimulator
• Spinal Cord Stimulator
• Gastric Electric Stimulator
• Sacral Nerve Stimulator
• Vagus Nerve Stimulator
• Transcutaneous Electrical Nerve Stimulation (TENS)
• Transcranial Magnetic Stimulation (TMS)
• Others

The segmentation of the Neurostimulatory Devices Market by Product includes Deep Brain Stimulator, Spinal Cord Stimulator, Gastric Electric Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS), and Other devices. The Spinal Cord Stimulator category recorded the largest share of revenue, exceeding 51.5% in 2021. This dominance is attributed to the widespread availability and use of products within this segment. Factors such as the increased adoption of spinal cord stimulators for managing neuropathic pain and spinal injuries, a surge in minimally invasive procedures, technological advancements, and a rise in healthcare expenditure are propelling the market growth for spinal cord stimulators. These devices are employed in managing non-malignant chronic neuropathic pain by emitting small nerve impulses without altering the target area anatomically.

The Deep Brain Stimulator (DBS) segment is projected to experience a growth rate of 12.5% by 2030, driven by ongoing research and development efforts to enhance deep brain stimulators. Furthermore, the introduction of new products and innovations in this field is expected to accelerate industry growth. Deep brain stimulators are utilized in various neurological disorders, particularly Parkinson’s disease. As these devices are still in a nascent stage of development, they are currently undergoing experimental phases. Their application in conditions such as Tourette syndrome, Alzheimer’s disease, refractory epilepsy, trigeminal neuralgia, cluster headache, and movement disorders caused by multiple sclerosis awaits approval from the FDA.

The Sacral Nerve Stimulators segment is poised for rapid growth in the forecast period, owing to heightened awareness surrounding these devices, particularly for the treatment of chronic conditions such as urinary incontinence and fecal incontinence.

Neurostimulatory Devices Market – By Application

• Pain Management
• Epilepsy
• Essential Tremor
• Urinary and Fecal Incontinence
• Depression
• Dystonia
• Gastroparesis
• Parkinson's Disease
• Others

The segmentation based on Application in the Neurostimulatory Devices Market comprises Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson's Disease, and Other applications. The Pain Management segment held the largest revenue share, surpassing 68.0% in 2021. This dominance can be attributed to the increasing utilization of neurostimulation devices for managing both chronic and acute pain, alongside the growing adoption of advanced neurostimulation devices in neuropathic pain management.

The Epilepsy segment is expected to witness substantial growth during the forecast period, driven by the demonstrated efficacy of these devices in treating epilepsy, coupled with the limited treatment options available for the disease. The expanding geriatric population globally stands as one of the major drivers influencing the growth of this segment.

Neurostimulatory Devices Market – By End User

• Rehabilitation Centers
• Hospitals
• Medical Clinics
• Others

The segmentation based on End User in the Neurostimulatory Devices Market includes Rehabilitation Centers, Hospitals, Medical Clinics, and Other facilities. The Hospitals segment dominates the global neurostimulatory devices market and is expected to maintain this trend throughout the forecast period. The substantial number of neurological disease patients requiring hospitalization globally has led to an increased demand for early disease diagnosis, thereby driving this market. Neurostimulation device implantation procedures are minimally invasive, and the rising demand for such surgeries, owing to shorter hospital stays and quicker recovery times, is expected to present new growth avenues for the market.

Neurostimulatory Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America, the Middle East, and Africa

Geographically, the North American Neurostimulatory Devices Market claimed the largest share of revenue, exceeding 60% in 2021, within the global market, and is poised for high compound annual growth rate (CAGR) during the forecast period. This growth is attributed to the rising prevalence of neurological diseases, favorable reimbursement rates, increased government spending on research and development for more advanced and effective neurostimulation devices, approvals from health authorities for novel neurostimulation techniques, and the presence of key market players in the region.

The European Neurostimulatory Devices Market is expected to hold the second-largest market share during the forecast period, driven by the increasing preference for advanced technologies and innovations, alongside various healthcare initiatives undertaken by public organizations to enhance the healthcare sector in the region.

The Asia Pacific Neurostimulatory Devices Market is forecasted to register the fastest growth rate during the forecast period. This growth is attributed to the burgeoning geriatric population, rising incidences of neurological disorders such as arthritis and osteoporosis, particularly in countries like Japan and China, improving healthcare infrastructure, and increasing healthcare expenditures in emerging markets to address unmet medical needs. Market players adopting the latest technologies to develop advanced products and enrich their product portfolios further propel market growth.

The Neurostimulatory Devices Market in Latin America, the Middle East, and Africa is expected to witness steady growth during the forecast period. The increasing awareness and adoption of new technologies are likely to drive market growth.

Key Players in the Market

Leading companies such as:

1. Abbott Laboratories
2. Medtronic plc
3. Aleva Neurotherapeutics SA
4. Boston Scientific Corporation
5. ElectroCore Inc
6. EndoStim Inc
7. NeuroPace Inc
8. Nevro Corporation
9. Neuronetics Inc
10. NeuroSigma Inc
11. Synapse Biomedical Inc

play a pivotal role in the Global Neurostimulatory Devices Market.

These prominent players are emphasizing research and development activities to introduce innovative products. Regional expansions, partnerships, collaborations, and acquisitions are key strategic initiatives undertaken by market players to strengthen their product portfolios.

Significant Developments in the Global Neurostimulatory Devices Market in Recent Times:

• Product Approval: In January 2022, Medtronic Plc received approval from the U.S. Food and Drug Administration for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for treating chronic pain resulting from diabetic peripheral neuropathy (DPN).
• Product Launch: In January 2021, Boston Scientific introduced the WaveWriter Alpha Spinal Cord Stimulator Systems in the United States. This unified portfolio includes four MRI conditional, Bluetooth-enabled rechargeable, and non-rechargeable implantable pulse generators (IPGs), offering personalized solutions. The Fast Acting Sub-perception Therapy (FAST) developed within this system aims to deliver rapid paresthesia-free pain relief.
• Product Launch: In March 2021, Abbott launched the NeuroSphere™ Virtual Clinic in the U.S., a pioneering technology enabling patients to communicate with physicians, receive remote treatment adjustments, and ensure optimal device settings and functionality. Approved by the U.S. FDA, the NeuroSphere Virtual Clinic enhances access to effective treatment for patients with chronic pain or movement disorders who face challenges in accessing traditional care.
• Product Launch: In August 2021, NeuroPace, Inc. announced the introduction of its nSight Platform, an online portal facilitating physicians to deliver personalized, data-driven epilepsy care. This platform allows remote review of patient progress, identifies actionable insights, and tracks overall patient outcomes within clinics.
• Product Approval: In September 2019, the U.S. Food and Drug Administration (FDA) approved Abbott’s Proclaim XR™ recharge-free neurostimulation platform for chronic pain management. This approval fortified Abbott's market share portfolio in the neurostimulation devices segment.