Neurostimulation Devices Market Size 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 and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, South Africa, Saudi Arabia), Growth Potential, Competitive Market Share & Forecast, 2016 - 2023
Published Date: May 2016 | 95 Pages | Report ID: GMI436 Report Format: PDF
Neurostimulation Devices Market size was over USD 4.5 billion in 2015 and forecast to grow with more than 14% CAGR estimation from 2016 to 2023.
Germany Neurostimulation Devices Market size, by product, 2012-2023 (USD Million)
Rise in large patient pool suffering from neurological disorders such as Parkinson’s disease, epilepsy, dystonia, migraine, depression, and chronic pain will increase the neurostimulator demand over the coming years. Additionally, increasing demand for safer, more effective, less-invasive and more cost-effective treatments will grow the adoption rates. Technological improvements, limited competition, and increase in clinical trials will continue to drive neurostimulation devices market size.
According to WHO statistics in 2011, the global incidence of epilepsy was approximately 50 million, whereas the occurrence of migraine is projected to be 40 million in the U.S. alone. Associated benefits such as faster patient recovery and shorter hospital stay, growing incidence of lifestyle related diseases like depression and obesity should fuel the neurostimulation devices market growth over forecast period. Lack of trained healthcare professionals and stringent approval guidelines for the use may affect neurostimulation device market negatively.
Neurostimulation Devices Market, By Product
Spinal cord stimulation devices will be the largest revenue generating products, with a value of approximately USD 6.5 billion by 2023 due to increasing number of refractory angina pectoris, failed-back surgery syndrome, peripheral vascular disease, and complex regional pain syndrome. U.S. FDA and other similar regulatory organizations have approved many products, for instance Proclaim Elite by St. Jude Medical and Senza System by Nevro.
Sacral nerve stimulator held the second largest revenue share and is estimated to rise at over 19% CAGR due to increasing incontinence product requirement with growing geriatric population base.
Deep brain stimulators will show high attractiveness with more than 17% CAGR. Industry players are stimulated to conduct rigorous R&D initiatives to develop proprietary technologies and products due to nascent nature of these technologies. Deep brain stimulation market size should exhibit lucrative progress due to high adoption in developed countries for disorders, like Parkinson’s disease, which have no known treatment. It is also used in treating Alzheimer's type dementia, treatment-resistant depression, severe obsessive-compulsive disorder, and various movement disorders. Vagus Nerve and gastric electric stimulators market share will grow a constant rate during the forecast timeframe.
Neurostimulation Devices Market, By Application
Neurostimulation devices market application in pain management will rapidly gain share to exceed USD 9.0 billion by 2023 due to the high frequency of chronic pain ailments worldwide. Growing adoption rate with high therapeutic value in pain management will also boost the demand. Increasing therapeutic application for Parkinson’s disease will grow at a rapid rate over the forecast years due to low availability of treatment options and growing global geriatric population base.
Epilepsy is targeted to surpass over USD 600 million by 2023 owing to the high efficacy shown by these products in treating the disease along with the availability of limited treatment options.
Increasing prevalence of tremor and increasing FDA approvals in tremor treatment should fuel the neurostimulation devices market growth. Tremor affects several million people with the age of 40 years or above. Many implantable deep brain stimulators are now available for the management of tremors.
Neurostimulation Devices Market, By Region
U.S. neurostimulation devices market size will exceed USD 5.5 billion during the forecast period. High healthcare expenditure, high patient awareness levels, sophisticated healthcare infrastructure should fuel the industry growth. Moreover, existence of organizations such as North American Neuromodulation Society and American Tinnitus Association will boost the demand.
Faster and relatively easy approval process by government, and the presence of large geriatric population base and fast economic development in European countries, are the major factors contributing towards the regional growth.
China market size will grow at fastest rate with 18.0% over the forecast timeframe owing to rising patient awareness levels and the steadily improving healthcare infrastructure.
Competitive Market Share
Major players operating in neurostimulation devices market include Medtronic, Boston Scientific, Cyberonics, Nevro, and Neuronetics. Other prominent players include Codman & Shurtleff’s, IntraPace, St. Jude Medical and Uroplasty. The industry is continuously driven by R&D activities, which has supported companies to launch technologically advanced products. Smaller companies may face challenges in entering the neurostimulation device market, particularly due to control by few major players. However, smaller companies with innovative technology have enormous potential for growth in the neurostimulation devices market size.
Neurostimulation Device Industry Background
Neurostimulation devices market is niche with limited number of products available and has tremendous innovation opportunities. Medtronic remains the dominant player in the U.S. and maintains its position by expanding into deep brain stimulation for chronic depression, migraine, epilepsy, and heart failure. The company is currently working on an Alzheimer’s disease therapy in collaboration with other companies. Boston Scientific spinal cord stimulation business increased to number one in the U.S. Most of the available products require surgical implantation along with replacement surgeries after every few years. Various companies are now focusing on the development of non-invasive transdermal or transcutaneous products, which will drive the progressive growth in the neurostimulation devices industry.
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