16 December 2022
Visiongain has published a new report entitled Neurostimulation Devices Market Report 2023-2033: Forecasts by Product (Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Transcutaneous Electrical Nerve Stimulation (TENS)), by Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Faecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The neurostimulation devices market is valued at US$8,127.3 million in 2022 and is projected to grow at a CAGR of 11.35% during the forecast period 2023-2033.
Increasing Prevalence of Neurological Disorders
Increasing prevalence of neurological disorders such as Epilepsy, Dementia, Depression, Alzheimer's, Parkinson's disease, Migraine, and Multiple sclerosis is driving the market growth for Neurostimulation devices. Growing geriatric population base coupled with rising prevalence of neurological diseases will serve to be positive impact rendering factors in the regional market growth. The rising number of patients with neurological disorders will escalate the demand for neurostimulation devices such as deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, etc., over the forecast period. With increasing number of patients suffering from chronic pain and looking for effective treatment, there has been growing demand for spinal cord stimulators.
How has COVID-19 had a moderately negative impact on the Neurostimulation Devices Market?
Healthcare sector was largely being affected by substantial rise in the number of COVID-19 cases. While the impact of COVID-19 was mostly negative in several areas, neurostimulation devices market witnessed a moderately negative impact in the early months of pandemic. During the early pandemic days, many healthcare institutions such as hospitals, clinics, diagnostic centers, etc. prioritized treatment of patients affected with COVID-19. A large number of scheduled surgeries had to be postponed to a later date on account of patient care that needs to be provided to people affected by the pandemic. The demand for neurostimulation devices slowed down in the early months of 2020. Also, a series of nation-wide lockdowns and other restrictions imposed by the government disrupted the supply chain and distribution network of various neuro stimulation companies. However, with the reduction in number of new COVID-19 cases, it can be expected that demand for neurostimulation devices will resume to its earlier levels.
How will this Report Benefit you?
Visiongain’s 250-page report provides 111 tables and 139 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Neurostimulation Devices Market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Neurostimulation Devices. Get financial analysis of the overall market and different segments including product, application and capture higher market share. We believe that there are strong opportunities in this fast-growing Neurostimulation Devices Market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Investments by Companies and Organizations Across the Globe
A large number of organizations and companies are investing in the development of effective, unique, and sophisticated neurostimulation device for its patients. Governments across the globe have realised the benefit of quicker diagnosis of neurological disorders, which can save millions of dollars to reinvest in patient care. Growing government funding and continued international collaborations can drive the progress in neurological research. In recent times, Takeda has increased its investment in mental health and neuro-immunological diseases, reflecting a strategy of targeting the high unmet need and socioeconomic costs of these diseases.
Emergence of Remote Monitoring Platforms and Virtual Healthcare Solutions
Most healthcare delivery systems are not adequately equipped to respond to the growing burden of neurological disorders. More than 70% of people with neurological disorders live in low and middle income countries and their healthcare needs remain unaddressed. There is a significant deficit of skilled professionals who are specialized in dealing with neurological health. Virtual health care solutions offer transformative changes to the practice of neurological ambulatory care in order to meet some of the unmet needs of this challenging patient population. Recently, Abbott received approval for remote programming technology platform named NeuroSphere Virtual Clinic. It helped Abbott expand its portfolio of neuromodulation technologies by enabling access of specialty care to patients with neurodegenerative disorders in remote location where patients are unable to access healthcare provider or care facility.
Where are the Market Opportunities?
Rising Demand for Minimally Invasive Surgeries in Developed Countries
Minimally invasive surgeries are witnessing a growing popularity due to their shorter recovery time and cosmetic appeal. Furthermore, the ease and safety associated with these surgeries has help them gain wider preference. Minimally invasive surgery has become the standard for several procedures traditionally done with an open method or technique. With the developments in minimally invasive surgical technologies, the minimally invasive neurostimulation procedures are also witnessing significant rise in the market demand. Neurological patients that are using minimally invasive techniques, have experience reduced treatment costs, less pain, and speedy recovery. Some of the benefits associated with minimally invasive surgeries are less discomfort, smaller incision length, low blood loss, and minimum hospital stay make it a preferable treatment option. With the increase in neurostimulation therapies and higher adoption of minimally invasive surgeries, the demand for neurostimulation devices is anticipated to rise.
Increasing Number of Elderly Patients with Neurological Disorders
Elderly people are more likely to suffer from several neurological disorders. Hence, the rising geriatric population will act as a high impact rendering factor for neurostimulation devices market growth. According to the World Population Statistics, the elderly patient base aged 60 years and more is expected to more than double by 2050. Increasing longevity, international migration, and declining fertility are major drivers for varying age structures in different countries across the globe. The most common neurological disorders such as Alzheimer’s, dementia, Parkinson’s disease affect people after 65 years of age. Furthermore, growing elderly population throughout the world is anticipated to boost neurostimulators market growth over the forecast period. Old-age support services are projected to face severe financial strain as the population ages. Chronic pain, spinal cord discomfort, nerve pain, and hearing loss are common among the elderly population. The need for neurostimulator devices and systems for older persons is predicted to grow as advanced neurostimulator devices are developed. Hearing capabilities in elderly people have improved due to the availability of advanced cochlear implants, and this development is projected to further fuel neurostimulators market growth.
The neurostimulation devices market is dominated by some of the major industry players. Some major players operating in the market include LivaNova PLC, Abbott Laboratories, Medtronic, Boston Scientific Corporation, and Laborie, Inc. Moreover, other market participants such as Aleva Neurotherapeutics, BioControl Medical, ElectroCore Inc., Neuronetics, Inc., RS Medical, EndoStim Inc., Helbling Holding AG, Innovative Health Solutions, Parasym Ltd., Synapse Biomedical, tVNS Technologies GmbH among others
These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch to maintain their competitive edge in the market.
• In October 2022, Medtronic launched Medtronic Neurovascular Co-Lab™ Platform to accelerate innovation in stroke treatment. Neurovascular Co-Lab™ Platform drives collaboration and connections among start-ups, physicians, and institutions; aims to improve stroke treatment and access for patients worldwide.
• In July 2021, Neurolief, an Israel-based company pioneering neuromodulation for the treatment of chronic neurological and neuropsychiatric disorders, and NeuroFront, a clinical stage biotech company focusing on innovative neuroscience therapies, announced an exclusive licensing agreement for NeuroFront to develop and commercialize Relivion, non-invasive medical devices for the treatment of migraine and depression, in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea.
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