New York, July 11, 2023 (GLOBE NEWSWIRE) -- The global neurostimulation devices market is expected to grow at a CAGR of ~12% from 2023 to 2035. The market is estimated to garner a revenue of ~USD 34 billion by the end of 2035, up from a revenue of ~USD 9 billion in the year 2022. This growth is driven by technological advancements in the field, such as deep brain stimulation (DBS), increasing awareness about the benefits of neurostimulation devices, and the rising number of neurological surgeries and disorders among the population.
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The number of people suffering from neurological disorders is estimated to be 22 million per year, of whom 13 million require surgical intervention. Worldwide, neurological conditions caused 533,100 deaths in 2019; 213,100 (40%) were males, and 320,000 (60%) were females, with the U.S. and Canada having the highest age-standardized death rates. Neurostimulation devices work by sending electrical signals to the brain to stimulate nerve cells. This can help reduce the symptoms of certain neurological disorders, such as epilepsy, depression, and Parkinson's disease, by helping to regulate the electrical signals in the brain. Moreover, the growing demand for minimally invasive and cost-effective treatments for neurological disorders is also projected to contribute to the growth of the global neurostimulation devices market over the forecast period.
Global Neurostimulation Devices Market: Key Takeaways
- Market in North America to propel the highest growth rate
- The spinal cord stimulator segment to garner the most growth over the next few years
- Market in Asia Pacific to witness a substantial growth
Increased Prevalence of Arthritis Caused by Unhealthy Food Habits to Boost Market Growth
Unhealthy food habits, such as eating processed foods, may cause inflammation in the body, which increases the risk of developing arthritis. A diet high in sugar, unhealthy fats, and processed foods can also cause weight gain, which can put additional strain on the joints and contribute to arthritis. Arthritis causes inflammation and pain in the joints, which can limit the range of motion in the affected areas. Further, the additional weight placed on the joints subsequent to obesity can cause the cartilage to break down faster, leading to increased wear and tear. Eventually, this can result in inflammation, pain, and eventually osteoarthritis. A study conducted by the Centers for Disease Control and Prevention estimated that approximately 78.4 million adults around the world will suffer from arthritis by 2040, and approximately 34.6 million will report limitations in their activities as a result of arthritis. In India, osteoarthritis is the most common joint disease and the second most common rheumatologic problem, with a prevalence of 20% to 40%. Electrical Nerve Stimulation for Arthritis Pain (NMES) is a neurostimulation device that stimulates the nerves in the muscles, causing the muscle to contract and relax, which helps improve the range of motion and endurance of the muscle. This helps to reduce the pain and stiffness associated with arthritis and can help to improve the overall quality of life for those with the disease.
Incidence of Hearing Loss Cases along with an Upsurge in Medicare Spending to Boost Market Growth in the North America Region
The neurostimulation devices market in the North American region is estimated to garner the largest revenue by the end of 2035, owing to the rise in the number of elderly and children suffering from chronic tonal tinnitus and hearing loss. There are 30 million adults aged 12 years and older in the United States who have hearing loss in both ears, which represents 14% of the total population. In adults aged 45 to 54, about 3% suffer from disabling hearing loss. Between the ages of 55 and 64, the rate increases to 9%. Cochlear implants use electrodes to directly stimulate the auditory nerve, bypassing damaged parts of the ear. HTA-CR neuromodulation is a promising new technique that uses electrical stimulation to reduce the symptoms of hearing loss. By stimulating the auditory nerves, it helps the brain better process the sounds that the patient is hearing, leading to improved hearing outcomes. In addition, a rise in healthcare expenditures is expected to accelerate the adoption of neurostimulation devices market in the region. According to the Centers for Medicare & Medicaid Services, health care expenditures in the United States increased by 9.7% in 2020, to USD 4.1 trillion. Additionally, a large number of healthcare facilities and healthcare providers in the region are well-equipped with the latest technologies such as deep brain stimulation, transcranial magnetic stimulation, which have contributed to the rapid growth of the regional market.
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Rise in Number of Geriatric Population to Drive Market Growth in the Asia Pacific Region
The neurostimulation devices market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. This is attributed to the increasing prevalence of neurological ailments, the rising acceptance of advanced treatment procedures, and the increasing geriatric population. As per World Health Organization (WHO) data, China has one of the fastest-growing aging populations in the world, with approximately 176 million people aged 65 and older in 2019. In 2040, the number of people over the age of 60 is projected to reach 28% in China. Neurostimulation devices have been found to be very effective in treating various neurological diseases, such as Parkinson's disease, Alzheimer's disease, and epilepsy, which are more common among the elderly. The degenerative nature of these neurological diseases and the increased risk of age-related disorders make the elderly population more vulnerable to such diseases. As well, increasing cases of Parkinson's disease (PD) among the population are expected to drive regional market growth. For instance, China has an average prevalence of PD of 3.8% among those 50 years of age and older, and by 2030, it is estimated that there will be 4.90 million Chinese patients with PD. The Parkinson's disease population in China is estimated to reach nearly 50% in 2030. Neurostimulation devices provide electrical stimulation to certain areas of the brain and can help reduce the symptoms of Parkinson's, including tremors and muscle stiffness. This type of treatment is less invasive than surgery and can provide long-term relief for those suffering from Parkinson's.
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Neurostimulation Devices Segmentation by End User
- Hospitals
- Ambulatory Surgery Centers
- Specialty Clinics
The hospitals segment is anticipated to hold the largest revenue by the end of 2035 owing to the increasing number of medical procedures taking place in hospitals, such as surgeries and diagnostic tests, as well as the rising demand for healthcare services. Additionally, the increased awareness among patients about the advantages of neurostimulation devices and the development of technologically advanced devices, as well as the increasing number of collaborations between hospitals and device manufacturers, are expected to further drive segment growth. In addition, the increasing number of hospitals, along with an upsurge in hospital admissions backed by the aging population and an increase in the prevalence of chronic health conditions, are projected to drive segment growth in the coming years. For instance, approximately 6,000 hospitals are expected to exist in the United States by 2020. Also, the number of hospital admissions in the United States reached over 35 million in 2019.
Neurostimulation Devices Segmentation by Product Type
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Cochlear Implants
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Percutaneous Tibial Nerve Stimulators
- Transcranial Magnetic Stimulators
The spinal cord stimulators segment is anticipated to hold the largest revenue by the end of 2035 owing to the increasing usage of spinal cord stimulators to treat various neurodegenerative diseases, such as Parkinson’s disease and multiple sclerosis, as well as chronic pain. Furthermore, technological advancements such as wireless technology, miniaturization, and improved battery life are further driving segment growth. Additionally, the introduction of cost-effective and low-maintenance spinal cord stimulators by manufacturers and the rising awareness about the benefits of spinal cord stimulators, coupled with the increasing prevalence of neurological diseases such as SCI and neuropathic pain, are expected to boost segment growth in the coming years. For instance, each year, approximately 16,000 new cases of spinal cord injury are reported in the United States, and approximately 280,000 people are estimated to be living with SCI. Also, a prevalence range of 2% to 18% is estimated for neuropathic pain in the general population. Spinal cord stimulators are used to reduce pain by sending electrical impulses to the spinal cord. This is done by either directly stimulating the nerves or by blocking pain signals from reaching the brain. This can help reduce the pain associated with chronic neuropathic pain and spinal cord injuries.
Neurostimulation Device Segmentation by Application
- Chronic Pain
- Movement Disorders
- Hearing Impairment
- Epilepsy
- Urinary Incontinence
- Others
Few of the well-known market leaders in the global neurostimulation devices market that are profiled by Research Nester are Abbott Laboratories, Boston Scientific Corporation, Integer Holdings Corporation, Medtronic, Nevro Corp., NeuroSigma, Inc., NeuroPace, Inc., Neuronetics, Synapse Biomedical Inc., Soterix Medical, Inc., and other key market players.
Recent Development in the Global Neurostimulation Devices Market
- Senza, a medical device developed by Nevro Corp., has been approved by the FDA for the treatment of chronic pain associated with painful diabetic neuropathy (PDN). A certificate of approval will allow the company to immediately begin production in the United States.
- A bioelectronic medical device company, NeuroSigma, Inc., announced it received an investment of USD 5 million from KT Corporation, an international telecommunications company. As a result of this investment, NeuroSigma will be able to accelerate the growth trajectory of its business and support Monarch eTNS Systems' commercialization and development.
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