Neurostimulation Devices Market Analysis By Product (Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator), By Application (Pain Management, Epilepsy, Essential Tremor, Urinary & Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson's Disease) And Segment Forecasts To 2020

Published: September 2015 | Report Code: 978-1-68038-066-8 | Report Format: PDF

Industry Insights 

The global neurostimulation devices market size was valued at USD 3,443.2 million in 2013. The introduction of technologically advanced products such as transdermal neuromodulation technology and MRI safety-enabled neurostimulators by Medtronic is expected to serve as high impact rendering growth drivers. 

Rising geriatric population base triggering the incidence rates of diseases such as Parkinson’s disease and demand for alternative therapies for disorders having limited options such as migraine and epilepsy are expected to boost demand over the forecast period. 

neurostimulation devices hold immense future growth opportunities and, thus, manufacturers participate in rigorous R&D exercises to develop new products enabled with advance technologies. 

The presence of external funding to conduct clinical studies pertaining to the field of neuromodulation and government initiatives promoting the process of new product development are expected to drive industry growth. For example, the research conducted by the Nottingham Hearing Biomedical Research (NIHR) unit funded by the National Institute for Health Research resulted in the development of a nascent neurostimulation product effective in treating hearing disorders. 

North America neurostimulation devices market revenue by product, 2012-2020, (USD Million)

North America neurostimulation device market

Product Insights

Spinal cord stimulator was the largest product segment valued at USD 2,000 million in 2013. The presence of a relatively larger application base and high penetration rates of commercially available products in this segment contribute for the largest market share. 

Sacral nerve stimulators are expected to witness lucrative industrial growth at around 19.5% from 2014 to 2020. Increasing patient base suffering from urinary incontinence and fecal incontinence coupled with increasing demand for user-friendly devices is expected to drive growth. 

These products are expected to witness high demand due to extensive use in applications, growing demand in healthcare institutions and clinics, and subsequent commercialization of products in faster growing product segments such as deep brain stimulators. 

Application Insights

Pain management is one of the most dominant applications with its market generating revenue of around 2,300 million in 2013. High prevalence of painful diseases such as chronic pain, disk surgery, and leg pain, and increasing demand for fast relief providing devices are factors owing to this segment gaining largest share. 

neurostimulation devices for Parkinson’s disease are expected to witness lucrative growth owing to increasing patient base including geriatric population and few number of treatment options available for treatment of this disease. 

The revenue share of the gastric electric stimulator is also expected to experience a rise in demand over the forecast period owing to the expansion of its application base or the introduction of new applications such as obesity control. 

Rising prevalence of chronic and neurological disorders and growing adoption rates of neurostimulation devices for their management on account of their high therapeutic value are some of the drivers of this market. 

Regional Insights

North America neurostimulation devices market accounted for the largest share in 2013 at over 64.0%. High prevalence of target diseases such as epilepsy, Parkinson’s disease, and incontinence in this region coupled with high patient disposable incomes is expected to drive the growth of neurostimulator industry. 

Europe is the second largest revenue generating region. Easy approval process from European CE as compared to the U.S. FDA and presence of wide patient base due to rapidly aging population are some of the drivers boosting industrial growth. Rapid economic development in countries such as Germany, France, and Italy are also expected to provide a platform for manufacturers. 

Asia Pacific is likely to grow at the fastest rate of over 17.0% during the forecast period. The presence of high unmet clinical needs and untapped market coupled with increasing patient disposable incomes are main factors contributing to market growth. Companies such as Medtronic is looking forward to generating around 20% of revenue from emerging economies. 

Competitive Insights

Medtronic dominated the global neurostimulation devices market share in 2013. Medtronic occupied the largest share owing to the presence of an extensive portfolio of FDA and CE approved products. St. Jude Medical accounted for the second largest share but is expected to face a decline due to the recall of its product, Brio. Extensive R&D practices undertaken by companies for the development of efficient and novel products are expected to assist in industry growth. 

Key question answered by the report
  • What was the market size from 2013 to 2015?
  • What will be the market growth till 2024 and what will be the resultant market forecast in the year?
  • How will the market drivers, retraints and future opportunieties affect the market dynamics and a subsequent analysis of the associated trends?
  • What segment and region will drive or lead market growth and why?
  • A comprehensive mapping of the competitive landscape and the market participants behavior.
  • What are the key sustainability strategies adopted by market players? An in-depth analysis of these strategies and their impact on competition and growth.
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