Neurostimulation Devices Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global neurostimulation devices market size was valued at US$ 6.5 Bn in 2020, and to reach valuation around US$ 15.5 billion by 2028.

The neurostimulation devices market is expected to grow at a CAGR of 10.3% during the forecast period 2021 to 2028.

Neurostimulation includes implantable and non-implantable, programmable medical devices that apply electromagnetic energy to specific anatomical targets to induce neuromodulation of the corresponding neural circuit. Neurostimulation devices deliver electrical stimulation to specific parts of a patient's brain, spinal cord, or peripheral nervous system to help treat conditions such as chronic pain, movement disorders, epilepsy, and Parkinson's disease. Rise in the prevalence of nervous disorders is expected to fuel the growth of the global neurostimulation devices market. According to the National Institute of Environmental Health Sciences, Alzheimer’s and Parkinson’s are the common types of neurodegenerative diseases. Rise in the prevalence of these diseases, increase in geriatric population, focus on research & development, and strong pipeline products are anticipated to contribute to the growth of the global neurostimulation devices market.

Growth of the global neurostimulation devices market can also be attributed to rise in the prevalence of neurological disorders and chronic pain across the world, technological advancements & new product developments, and rapid increase in the geriatric population. Moreover, significant unmet needs in various neurological disorders such as Parkinson’s disease, epilepsy, and major depressive disorders are likely to fuel the growth of the global neurostimulation devices market during the forecast period.

North America dominated the global neurostimulation devices market in 2020, and the trend is projected to continue during the forecast period. This can be ascribed to the presence of key players, increase in incidence of chronic pain, favorable reimbursement policies, and launch of new products. However, adverse side effects associated with the use of neurostimulation devices and high cost of treatment are expected to restrain the global market during the forecast period.

Technological Advancements and New Product Development to Propel Market

Rise in the demand for neurostimulation devices owing to unmet medical needs and demand for improved product outcomes and efficiency have led to the development of innovative products and technologies to address the unmet needs of patients as well as surgeons. In order to provide improved and alternative solutions to unmet medical needs in neurological disorders, companies have developed novel technologies and devices to improve the overall quality of life of affected patient population. For instance, in May 2019, Nevro Corp. launched the Senza Omnia Spinal Cord Stimulation (SCS) System in the U.S. Omnia is the first and the only spinal cord stimulation system designed to deliver its proprietary HF10 therapy along with all other available spinal cord stimulator frequencies. In January 2017, Abbott Laboratories launched the new Proclaim DRG neurostimulation system in Europe. The Proclaim DRG neurostimulation system is designed to deliver dorsal root ganglion (DRG) stimulation for patients suffering from chronic neuropathic pain. Abbott is the first and only company that offers DRG therapy and targeted relief for certain types of chronic pain.

Spinal Cord Stimulators to Lead Global Market

Spinal cord stimulators is projected to be the leading segment in the global neurostimulation devices market during the forecast period. In terms of volume, the spinal cord stimulators segment stood at 165,583 units in 2020. Dominance of the segment is attributed to the high prevalence of chronic pain due to various medical conditions across the globe. SCS are primarily intended for relieving chronic pain in long-term medical care. Large unmet medical needs with current therapeutic drugs and favorable medical reimbursement for implantable spinal cord stimulators have led to the increased adoption of spinal cord stimulators in developed countries.

Movement Disorders Application to Grow at Rapid Pace

The chronic pain segment dominated the global neurostimulation devices market in 2020, and the trend is likely to continue during the forecast period. The movement disorders segment is projected to expand at the highest CAGR of ~11% from 2019 to 2028. Growth of the segment is attributed to high the prevalence and large unmet needs in various neurological disorders, specifically Parkinson’s disease and dystonia.

Hospitals End User to Lead Global Market

The hospitals segment held the largest market share in 2020, and the trend is anticipated to continue during the forecast period. Majority of implant procedures are performed at hospitals, as they involve surgical procedures and patient monitoring. This is attributed to the dominant share of the hospitals segment in 2020. The ambulatory surgical procedures segment is expected to expand at the highest CAGR from 2019 to 2028.

AI and Machine Learning Steer Innovation in Smart Neuromodulation for Brain Damage Patients

The trend of smart neuromodulation is engulfing the neurostimulation devices market. Better understanding of neural targets with AI is paving the way for technological advancements. Companies in the neurostimulation devices space are harnessing the techniques of machine learning to assess non-invasive brain computer interfaces. These techniques are creating scope for treatment opportunities catering to brain damage.

Companies in the neurostimulation devices market are increasing research efforts in understanding brain functions and AI to overcome stagnation in neuromodulation technology. To sustain success in the landscape, healthcare industries will have to incorporate neurophilosophy of network science, since brain functions are complex and complicated. Neurophilosophy of network science is helping companies deploy novel stimulation designs such as burst stimulation. The new technique of burst stimulation is incorporated with sensing technology to record brain activity and generate key insights. Closed-loop spinal cord stimulation serves as an efficacious treatment option for chronic pain. On the other hand, companies are running several clinical trials to assess the effects of responsive brain stimulation for epilepsy.

Smart Implants - Cost- and Time-efficient Option for Neurological Patients

Healthcare providers are increasing efforts to achieve increased success rate in brain implants. The implantation of neurostimulation devices in Parkinson’s patients is creating a scope for incremental opportunities for companies in the neurostimulation devices market. Currently, epilepsy accounts for the third-highest revenue amongst all applications in the neurostimulation devices market, with a recorded value of ~US$ 750 million in 2018. Smart implants are helping treat epilepsy and other neurological conditions such as Parkinson’s disease, as these implants 'listen' to brain signals and stimulate brain activity.

Neurostimulation devices are being increasingly used to treat various health conditions, such as the effects of stroke and even depression, amongst patients. Healthcare companies are increasing research to develop tiny external controllers that monitor any abnormal activity in the brain. Novel neurostimulation devices can modulate electrical signals to prevent the incidence of seizure or tremors in patients. Neurostimulation devices are gaining increased popularity amongst individuals, owning to their cost-efficiency and time effectiveness attributes. More and more individuals are benefitting with the help of neurostimulation devices, as the effectiveness of these devices saves time and money to find the right therapy for patients.

Healthcare Companies Explore Effects of Multiple Electrophysiological Mechanisms to Improve Efficacy in Neuromodulation

The field of neuromodulation is making significant advancements in the therapeutics landscape. High prevalence of chronic pain amongst individuals has catalyzed innovations in the neurostimulation devices market. As such, the chronic pain application accounts for the highest revenue in the neurostimulation devices market, with a predicted value of ~US$ 6.4 billion by 2027. This is why, healthcare industries are innovating in neuromodulation technology to assess stimulation patterns and neural targets.

Emerging targets such as dorsal foot ganglion and other stimulation methodologies such as burst stimulation are contributing to the renaissance of technological development in the neurostimulation devices landscape. However, in many cases, the loss of therapeutic effect in patients has restrained the adoption of neurostimulation devices. Habituation and tolerance to neuromodulation is found to be common in spinal cord stimulators (SCS). To overcome this limitation, healthcare companies are increasing R&D to study the effects of multiple electrophysiological and neurochemical mechanisms amongst patients. Companies are experimenting with programmed electrical parameters to increase the efficacy of SCSs.

Prominent Regions

North America accounted for a major share of the global neurostimulation devices market in 2020. This can be attributed to new product development, high prevalence of movement disorders & chronic pain among people, and the presence of key players in the region. The neurostimulation devices market in Asia Pacific is projected to expand at the highest CAGR during the forecast period, owing to large number of patients with neurological disorders in India, China, Australia, and New Zealand, rise in per capita healthcare expenditure, and increase in access to healthcare. The neurostimulation devices markets in Latin America and Middle East & Africa are anticipated to grow at a moderate pace during the forecast period.

Key Players to Augment Market

The global neurostimulation devices market is consolidated in terms of number of players. A small number of players account for a majority share of the global market. Key players operating in the global neurostimulation devices market include Boston Scientific Corporation, Medtronic plc, Abbott Laboratories, Nevro Corp., LivaNova plc, Axonics Modulation Technologies, Inc., Neuropace, Inc., EndoStim, Inc., NDI Medical, Cochlear Limited, and Neuronetics, Inc. These players have adopted various strategies such as product portfolio expansion, investment in research & development, development of novel neurostimulation devices, and mergers & acquisitions to establish a strong distribution network. For instance, in November 2018, Boston Scientific Corporation launched two products: Vercise Primary Cell and Vercise Gevia Deep Brain Stimulation Systems with directional leads. These systems are aimed to help physicians to control the range, shape, position, and direction of electrical stimulations that are given to treat patients with Parkinson’s disease.

Market Segmentation

Neurostimulation Devices Market by Product

  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Cochlear Implants
  • Vagus Nerve Stimulators
  • Sacral Nerve Stimulators
  • Percutaneous Tibial Nerve Stimulators
  • Transcranial Magnetic Stimulators

Neurostimulation Devices Market by Application

  • Chronic Pain
  • Movement Disorder
  • Hearing Impairment
  • Epilepsy
  • Urinary Incontinence
  • Major Depressive Disorder

Neurostimulation Devices Market by End User

  • Hospitals
  • Ambulatory Surgery Centers
  • Specialty Clinics

Neurostimulation Devices Market by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Neurostimulation devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Neurostimulation devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Neurostimulation devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Neurostimulation devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Neurostimulation devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Neurostimulation devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Neurostimulation devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Neurostimulation devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Neurostimulation devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Neurostimulation devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Neurostimulation devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Neurostimulation devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Neurostimulation devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Neurostimulation devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Neurostimulation devices market. These factors have benefited the growth of the global market for Neurostimulation devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Neurostimulation devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Neurostimulation devices are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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