Neurostimulation Devices Market Size, Share & Trend Report

Neurostimulation Devices Market Size, Share & Trend Analysis By Product (Spinal Cord Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator), By Application, And Segment Forecasts, 2018 - 2024

  • Published Date: Feb, 2018
  • Base Year for Estimate: 2015
  • Report ID: 978-1-68038-066-8
  • Format: Electronic (PDF)
  • Historical Data: 2013 - 2015
  • Number of Pages: 129

Industry Insights

The global neurostimulation devices market size was valued at USD 4.07 billion in 2016 and is anticipated to witness a CAGR of 11.7% during the forecast period. Some of the key factors driving the market growth include growing geriatric population base, introduction of novel technological advancements, escalating demand for neurostimulation devices as an add on therapy, increasing incidence of chronic diseases such as migraine and epilepsy and the presence of high unmet medical needs in these disease segments.

U.S. neurostimulation devices market

In addition, growing prevalence of lifestyle induced disorders, external funding for research and development, growing demand for minimally invasive surgeries and global rise in neurological disorders are other factors propelling the growth of the market. As an increasing amount of geriatric population is falling prey to neurological disorders. According to the American Academy of Neurology, stroke is ranked as the third leading cause of death in the U.S., with Alzheimer’s being ranked as the sixth leading cause of death. Statistics from the same source indicate that Parkinson’s affects nearly 1 million Americans annually with at least a minimum of 60,000 new cases that are reported annually. Thus, with the increase in number of neurological diseases globally, the demand for neurostimulation device is expected to rise in the near future, propelling market growth.        

Neurostimulation devices are most commonly used mainly for the treatment of neurologic disorders that aid in the delivery of electrical stimulation to intended parts of the patient’s brain, peripheral nervous system, and spinal cord. These are particularly used for the treatment of various disorders such as movement disorders, epilepsy, Parkinson’s disease, chronic pain, depression, among other diseases.

Neuromodulation is a process that makes use of an implantable medical device to modulate and alter neural activities for therapeutic purposes. Devices that are used for neuromodulation are called as neurostimulators or neurostimulation devices and usually function by bringing about stimulation of nerve impulses or by inhibition of pain signals produced at target sites that include autonomic nervous system, deep nuclei of the brain, peripheral nervous system, and central nervous system.

Neurostimulation devices market holds immense future growth opportunities and thus, manufacturers participate in rigorous R&D exercises to develop new products enabled with advanced technologies. In addition, the introduction of technological advancements in the field of neurostimulation such as minimally invasive transdermal neuromodulation technology by Neurowave Medical Technologies and MRI safety incorporated devices by Medtronic Inc. are expected to result in immense growth of the market.

Neuromodulation as a therapy can also be used along with a regular intake of drugs. This phenomenon is referred to as add-on therapy and the fact that neurostimulation devices can be used as add-on therapy is expected to drive market growth by widening the usage base. The global prevalence of depression induced especially by work related pressure and the prevalence of obesity due to irregular dietary habits are on a constant rise. Neurostimulation devices play an important role in providing therapeutic solutions for depression and obesity and therefore a rise in the prevalence of such diseases is expected to drive market growth during the forecast period.

Neurostimulation device implantation process is minimally invasive in nature and the growing demand for such surgeries is expected to increase the market penetration rates of these devices. Shorter hospital stays and faster patient recovery durations associated with minimally invasive surgeries attribute for its increasing demand. Thus, with these factors in favor of the market growth, the market for these devices is expected to grow at a substantially high rate during the forecast period.

Product Insights

Based on product type, the neurostimulation devices market is divided into deep brain stimulators, gastric enteric stimulators, spinal cord stimulators, sacral nerve stimulators, and vagus nerve stimulators. Spinal cord stimulators dominated the overall market in terms of revenue share owing to the presence of a relatively larger application base and high market penetration rates of commercially available products in this segment. However, its revenue share is expected to decline by 2024 on account of the growing demand and subsequent commercialization of products in faster growing product segments such as sacral nerve stimulators and deep brain stimulators.

Spinal cord stimulators are neurostimulation devices dealing with non-malignant chronic neuropathic pain management. The basic purpose of a spinal cord stimulator is to mask the pain by producing tiny nerve impulses without making any anatomical changes to the target area. The market is majorly driven by the presence of high market penetration rates of commercialized products such as Restore, Precision Plus among others. Moreover, the introduction of technological advancements in this segment is expected to fuel the future growth of this market.

Deep brain stimulators are neurostimulation devices dealing in the treatment of debilitating neurological disorders especially Parkinson’s disorder.Deep brain stimulation devices are based on a nascent technology and thus are currently undergoing an experimental phase. The devices are FDA approved when it comes to treating Parkinson’s, dystonia, and OCD (obsessive compulsive disorder). Use of these devices for diseases such as Alzheimer’s, Tourette syndrome, refractory epilepsy, cluster headache, trigeminal neuralgia and movement disorders by multiple sclerosis are awaiting FDA approval. Research work for enabling all these applications are in progress and will fuel the future growth of the market of these devices.

Sacral nerve stimulators are devices which deal with the treatment of chronic diseases such as urinary incontinence and fecal incontinence by generating electrical impulses stimulating the sacral nerve. Some of the risks associated with the implantation of sacral nerve stimulation devices are mechanical failures, lead movements and post-surgery pains and infections. Increasing cognizance regarding these devices is expected to serve as a market driver leading to an increase in the market share of these devices.

Application Insights

The neurostimulation devices market is segmented into pain management, epilepsy, essential tremors, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson’s disease, and others. Pain management dominated the overall market in terms of revenue share. High global prevalence of chronic pain disorders and the growing adoption rates of neurostimulation devices for pain management on account of their high therapeutic value are some of the drivers of this market. Moreover, the neurostimulation devices market for Parkinson’s disease is expected to grow at a healthy rate during the forecast period majorly on account of the growing global base of geriatric population and the low availability of treatment options for this disease.

The neurostimulation device for pain management is expected to grow at the fastest CAGR during the forecast period. High prevalence of chronic pain causing diseases and the growing demand for these devices on account of patients preferring shorter hospital stays are two of the most significant drivers of this market. Some of the diseases encompassed under this segment include chronic pain, disk surgery pain and leg pain.

Epilepsy is a seizure causing neurological disorder and affects approximately 50 million people in the world according to the World Health Organization. High efficacy exhibited by neurostimulation devices in treating epilepsy coupled with the availability of limited treatment options for this disease are expected to drive market growth during the forecast period. Essential tremors are characterized by severe involuntary limb movement. The disease also affects the neck, jaw and other body parts. Growing global geriatric population base is one of the highest impact rendering drivers for essential tremors.

According to estimates from World Health Organization, depression is the leading cause of ill health globally. Estimates suggest that over 300 million individuals are suffering from depression worldwide an increase of over 18% between the years 2005 to 2015. These facts are indicative of the growing incidence of depression. Neurostimulation devices provide easy treatment of depression activating or inhibiting electrical brain signals. Thus, the growth of this segment is also seen to be lucrative during the forecast period.

Regional Insights

The neurostimulation devices market is analyzed for North America, Europe, Latin America, Asia Pacific, and MEA in this particular study. North America accounted for the largest revenue share however, its market share is expected to plummet by the year 2024. The drop in the market share is accounted for by the presence of strict government regulations imposed in the U.S. and the increase in the average number of days required in the FDA approval process. This coupled with the presence of a large base of untapped opportunities in the Asia Pacific market is expected to encourage manufacturers to shift their focus from North America into more lucrative markets.

The European neurostimulation devices market followed North America in terms of revenue share calculated, on the basis of revenue generation and the situation is expected to remain unaltered till 2024. The size of the market is justified by the contribution from developed European economies such as Germany, France, Italy and Belgium. Economic development in the Eastern European countries is expected to accelerate the growth of the market in future. 

China Neurostimulation devices market

Since obtaining a CE approval is easier than an FDA approval, the production penetration is relatively easier and higher in the region. Population in Western European countries especially Germany is rapidly aging (phenomenon is popularly referred to as “greying of Europe”) and in turn is providing a wider customer base for neurostimulation devices

Asia Pacific is the fastest growing region in the neurostimulation devices market. Factors such as economic developments in emerging markets such as India and China, rising healthcare expenditures, coupled with presence of unmet medical needs and untapped market opportunities are key in driving the growth of the market in this region.

Neurostimulation Devices Market Share Insights

Some key players leading the market are Medtronic, Cyberonics, Boston Scientific Corporation; St. Jude Medical; Inc.; and Nevro Corporation. Developers in the market are focused on R&D in order to develop novel products that are technologically advanced and cater to the exact needs of the patients. The introduction of minimally invasive transdermal neuromodulation technology and MRI safety incorporated devices in the market are expected to profit the developers in the market.  

Strategic initiatives such as the following are expected to boost market growth: In March 2015 Uroplasty and Vision-Sciences announced completion of their merger and completion of the all-stock combination to create a novel medical devices related company named Cogentix Medical, Inc.

Report Scope

 

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013 - 2015

Forecast period

2016 - 2024

Market representation                                    

Revenue in USD Million and CAGR from 2016 to 2024

Regional scope

North America, Europe, Latin America, Asia Pacific, MEA  

Country scope

U.S., Canada, Germany, UK, China, Japan, Brazil, Mexico, Argentina, South Africa, Saudi Arabia

Report coverage        

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global neurostimulation devices market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Million, 2013 - 2024)

    • Spinal Cord Stimulator

    • Deep Brain Stimulator

    • Sacral Nerve Stimulator

    • Vagus Nerve Stimulator

    • Gastric Electric Stimulator

  • Application Outlook (Revenue, USD Million, 2013 - 2024)

    • Pain Management

    • Epilepsy

    • Essential Tremor

    • Urinary and Fecal Incontinence

    • Depression

    • Dystonia

    • Gastroparesis

    • Parkinson's Disease

    • Others

  • Regional Outlook (Revenue, USD Million, 2013 - 2024)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

    • Asia Pacific

      • China

      • Japan

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

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