NEW YORK, July 31, 2024 /PRNewswire/ -- The global neurostimulation devices market size is estimated to grow by USD 6.26 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of about 12.19% during the forecast period. Rising prevalence of neurological disorders is driving market growth, with a trend towards expanding indications of neurostimulation devices. However, high cost of neurostimulation devices and procedures poses a challenge. Key market players include Abbott Laboratories, ALEVA NEUROTHERAPEUTICS SA, Axonics Inc., Bayer AG, Bioinduction Ltd, Boston Scientific Corp., electroCore Inc., EndoStim Inc, Integer Holdings Corp., LABORIE MEDICAL TECHNOLOGIES CORP., LivaNova Plc, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., NeuroPace Inc., Nevro Corp., Parasym, Perflow Medical Ltd., Soterix Medical Inc., and Synapse Biomedical Inc..

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Key Market Trends Fueling Growth

Neurostimulation devices have gained significant attention in the medical community due to their effectiveness in treating various conditions that have been historically challenging to manage with traditional therapies. Neuropathic pain conditions, such as Complex Regional Pain Syndrome (CRPS) and other neuropathic pain disorders, have limited treatment options, with medication, opioids, and surgery often failing to provide adequate pain relief. Abbott's Proclaim DRG Neurostimulator System has shown promising results in delivering sustained and superior pain relief compared to traditional neurostimulation systems for patients with CRPS and other neuropathic pain conditions. Spinal Cord Stimulation (SCS) therapy, another neurostimulation technique, has been proven to reduce or stabilize opioid usage in chronic pain patients. Endoscopy-based Temporary Gastric Electrical Stimulation (GES) has demonstrated improvements in total symptom scores for both non-delayed and delayed gastric emptying patients. This therapy may also be beneficial for patients with nausea and vomiting who are intolerant to medical treatment despite having non-delayed gastric emptying. Peripheral Nerve Stimulation (PNS) therapy is an emerging approach for treating chronic headaches and post-amputation phantom limb pain. The increasing acceptance and regulatory approvals of new indications for neurostimulation devices will fuel the growth of the global neurostimulation devices market during the forecast period. 

Neurostimulation devices, a type of implantable medical device, are gaining popularity in the healthcare industry for treating various chronic conditions. These devices use neuromodulation, or the electrical stimulation of nerves, to manage chronic pain, essential tremors, dystonia, gastroparesis, and other conditions like musculoskeletal disorders, osteoarthritis, rheumatoid arthritis, and orthopedic degenerative disorders. Invasive procedures, such as Deep Brain Stimulation (DBS) for Parkinson's Disease (PD) and Neurostimulators for Alzheimer's, Stroke, and neurological diseases, are increasingly being used. Non-invasive options like Transcutaneous Electrical Nerve Stimulation (TENS) are also common for pain management. Specific neurostimulation devices include Deep Brain Stimulators for PD, Gastric Electric Stimulators for gastroparesis, Spinal Cord Stimulators for chronic pain, Sacral Nerve Stimulators for urinary incontinence, and Vagus Nerve Stimulators for epilepsy and migraine. Unhealthy lifestyle choices contribute to the rise in chronic diseases, making neurostimulation devices essential tools for improving quality of life. Companies like Neuspera Medical are leading the way in neurostimulation technology for conditions like essential tremors. 

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Market Challenges

• Neurostimulation devices, including Transcutaneous Electrical Nerve Stimulation (TENS), Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), and Transcranial Magnetic Stimulation (TMS), offer significant therapeutic benefits for various medical conditions. However, their high cost is a significant barrier to adoption, particularly in developing countries. The initial implantation cost for pulse generators ranges from USD20,000 to over USD100,000, depending on the type of neurostimulation therapy and the number of electrodes. Additional costs for post-operative device adjustments, battery replacement, and maintenance add to the overall expense. Vendors price their neurostimulation devices high due to regulatory approval processes and patent protection, limiting competition and importation. Insurance coverage for novel neurostimulation therapies is also limited, restricting patient access and market growth. For instance, Medicare no longer covers TENS for lower back pain, and many private insurers do not provide reimbursement for TMS or off-label indications for DBS and VNS. The lack of transparency in pricing and insufficient clinical effectiveness data further reduces the bargaining power of buyers and affects the ability to assess the relative value of these devices.
• Neurostimulation devices, including implantable medical devices like neurostimulators, are transforming neuromodulation for various neurological and chronic diseases. Neurostimulation treats conditions such as PD, DBS for Parkinson's and Alzheimer's, stroke, migraine, epilepsy, pain management, essential tremors, depression, spinal cord injuries, and neurological disorders. Companies like Neuspera Medical innovate in this field, focusing on PD and bladder disorders. Challenges include reimbursement, healthcare provider acceptance, and competition with drug therapies and surgical treatments. Neurostimulation targets overactive bladder syndrome, Alzheimer's, and Parkinson's, among others. Emerging countries present opportunities, but regulatory approval processes are complex. Technologies include internal (implantable) and external neuromodulation, such as gastric electrical, transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation. Neurotech devices offer alternatives to surgical procedures for elderly populations with neurovascular diseases and nerve injuries.

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Segment Overview 

This neurostimulation devices market report extensively covers market segmentation by

1. Application 
   • 1.1 Pain management
   • 1.2 Urinary and fecal incontinence
   • 1.3 Parkinsons disease
   • 1.4 Epilepsy
   • 1.5 Others
2. Product 
   • 2.1 Implantable neurostimulation devices
   • 2.2 External neurostimulation devices
3. Geography 
   • 3.1 North America
   • 3.2 Europe
   • 3.3 Asia
   • 3.4 Rest of World (ROW)

1.1 Pain management-  The neurostimulation devices market experienced significant growth in the pain management segment in 2022, driven by the increasing demand for these devices in managing neuropathic pain. Neurostimulation therapy provides pain relief by interrupting pain signals between the spinal cord and the brain. With over 700 million people aged 65 or older globally in 2020, according to the United Nations Digital Library System, and this population group expected to double by 2050, the market is poised for substantial expansion due to the high prevalence of chronic diseases among the elderly.

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Research Analysis

Neurostimulation devices are implantable medical devices used for neuromodulation, a therapy that involves delivering electrical impulses to specific nerves or areas of the brain to alleviate various medical conditions. Neurostimulation includes Neurostimulators such as Deep Brain Stimulation (DBS) for Parkinson's Disease (PD), Gastric Electric Stimulators for gastrointestinal disorders, Spinal Cord Stimulators for chronic pain, Sacral Nerve Stimulators for urinary incontinence, Vagus Nerve Stimulators for epilepsy and depression, and Transcutaneous Electrical Nerve Stimulation (TENS) for pain management. Neurostimulation is increasingly being preferred over traditional drug therapies and surgical treatments for neurological diseases like Alzheimer's, Stroke, Neurological Disorders, and Nerve Injuries. Reimbursement policies and healthcare providers' acceptance are crucial factors influencing the market growth. Emerging countries are expected to offer significant growth opportunities due to increasing awareness and affordability. Neurostimulation devices have shown promising results in treating Overactive Bladder Syndrome and other chronic conditions. Invasive procedures are being replaced by less invasive techniques to improve patient comfort and reduce risks.

Market Research Overview

Neurostimulation devices are implantable medical devices used for neuromodulation, a therapy that involves delivering electrical pulses to the nervous system to alleviate various neurological and chronic conditions. Neurostimulation includes Deep Brain Stimulation (DBS) for Parkinson's and essential tremors, DBS for Alzheimer's and depression, Spinal Cord Stimulation (SCS) for chronic pain, Sacral Nerve Stimulation (SNS) for overactive bladder syndrome, and Vagus Nerve Stimulation (VNS) for seizures and depression. Neurostimulation devices also include Transcutaneous Electrical Nerve Stimulation (TENS) for pain management, Gastric Electrical Stimulation (GES) for gastroparesis, and Transcranial Magnetic Stimulation (TMS) for depression and migraine. Neurostimulation devices are used to treat neurological disorders, nerve injuries, and neurological diseases such as Alzheimer's, stroke, epilepsy, and Parkinson's. Reimbursement for these devices varies among healthcare providers and countries. The regulatory approval process for neurostimulation devices is rigorous to ensure safety and efficacy. Neurostimulation devices are also used in emerging countries to address the growing burden of chronic diseases and neurological disorders in the elderly population base. Neurovascular devices, neurovascular embolization, and surgical procedures are also used in conjunction with neurostimulation devices for the treatment of neurological conditions. Traditional procedures like drug therapies and surgical treatments continue to be used in conjunction with neurostimulation devices to provide comprehensive care for patients. Neurotech devices are continuously evolving to improve patient outcomes and quality of life.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• • Pain Management
  • Urinary And Fecal Incontinence
  • Parkinsons Disease
  • Epilepsy
  • Others
• Product
• • Implantable Neurostimulation Devices
  • External Neurostimulation Devices
• Geography
• • North America
  • Europe
  • Asia
  • Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio