Neurostimulation Devices Market size is expected to reach USD 20.1 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the ever-increasing burden of neurological disorders such as Alzheimer’s, Parkinson’s disease, depression, epilepsy, dementia, and migraine among elder citizens as a major driver for neurostimulation devices market expansion. As per the Alzheimer’s Association, over 5.5 million people in the U.S. are diagnosed with Alzheimer’s, with the number expected to reach 16 million by 2050. Neurostimulators are used by these patients to deliver electrical stimulation to specific parts of the brain, spinal cord, and peripheral nervous system. The growing disease prevalence will thus stimulate the industry dynamics.
Deep brain stimulators will gain popularity due to the high burden of Parkinson’s disease
DBS segment registered revenue worth over USD 1.2 billion in 2021, due to the growing incidence of Parkinson’s disease in developed economies. Based on data from the Parkinson’s Foundation, over 1.2 million people are expected to live with the disease by 2030 in the U.S. Unlike other surgical options, the product also offers usage benefits such as no permanent damage.
Browse key industry insights spread across 138 pages with 128 market data tables & 13 figures & charts from the report, “Neurostimulation Devices Market Analysis By Product (Transcutaneous Electrical Nerve Stimulation [TENS], Gastric Electric Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Spinal Cord Stimulator, Vagus Nerve Stimulator), By Application (Epilepsy, Essential Tremor, Pain Management, Depression, Dystonia, Urinary and Fecal Incontinence, Parkinson’s Disease Gastroparesis,), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Rising emphasis on innovative seizure treatments will augment the demand for neurostimulation epilepsy devices
The epilepsy segment surpassed USD 300 million in 2021. The report states that governments are increasingly introducing funds to develop innovative medications for the treatment of seizures. The prevalence of epilepsy has also surged considerably worldwide, affecting over 50 million patients in 2022, as per the World Health Organization.
Increasing Alzheimer’s disease patient pool to strengthen the neurostimulation devices industry outlook in North America
North America’s neurostimulation devices market was valued at over USD 4 billion in 2021, owing to the escalating number of neurological disease patients. As per the Centers for Disease Control and Prevention, the burden of Alzheimer’s disease and related dementias will double in the U.S. by 2060. This is due to the rising geriatric population and the adoption of unhealthy lifestyles. Additionally, increasing R&D efforts and acceptance of minimally invasive techniques will be key drivers for regional industry expansion.
Product range expansions to define industry landscape
The competitive landscape of the neurostimulation devices market is slated to observe a series of certified product range expansions by industry players. Medtronic, Abbott, IntraPace, Boston Scientific, Laborie, LivaNova, Neuronetics, ElectroCore Inc., Aleva Synapse Biomedical Inc., EndoStim Inc., Cyberonics, BioControl Medical, and SPR Therapeutics are some of the key neurostimulation device manufacturers.
For instance, in February 2022, Medtronic plc announced the U.S. Food and Drug Administration’s approval for its InterStim X, a next-gen recharge-free neurostimulator device for bowel and bladder control.