The neurostimulation market is expanding rapidly; remarkable growth rates of 11.5% are anticipated between 2022 and 2032.
Numerous incapacitating illnesses, such as gastroparesis, incontinence, Parkinson’s disease, epilepsy, depression, and essential tremors, are treated using neurostimulation. For individuals who have not seen relief from pharmacological or surgical procedures, it is a viable treatment option.
Patients whose sense organs have severely been lost or who are paralysed benefit from neurostimulation in terms of quality of life. Therefore, neurostimulation is very beneficial in prosthetic limbs, hearing aids, artificial eyes, and artificial vision.
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What are the Applications of Neurostimulation Devices, Driving the Market Growth?
“There has been an phenomenal growth in the use of neurostimulation devices, as consumers are buying devices that can used in home for neurostimulation for back pain, neurostimulation for Parkinson, and other ailments.”
The global neurostimulation market is analyzed based on the therapies in which neurostimulation systems are utilized. This includes the following segments:
- Deep brain stimulation (DBS)
- Spinal cord stimulation (SCS)
- Vagus nerve stimulation (VNS)
- Sacral nerve stimulation (SNS)
Because of the presence of a large number of SNS neurostimulators in treating diabetic neuropathy, pain, postherpetic neuralgia, ischemic limb pain, and acute herpes zoster pain, spinal cord stimulation therapy accounts for the largest share of the global neurostimulation market.
Deep brain stimulators are currently used to treat neurological disorders such as Parkinson’s disease, epilepsy, dystonia, obsessive-compulsive disorder (OCD), essential tremors, and depression.
However, extensive research and technological advancements leading to new and exciting applications such as stroke, obesity, autism, sleep disorders, and many others will accelerate the growth of the deep brain stimulator market.
There is a growing demand for devices that have improved outcomes, the ability to detect a neurological episode at the start, optimise inter-device communication, and a better user interface. The development of technologies that meet the treatment objective and market demand will increase the demand for neurostimulation therapy and devices.
Furthermore, as the population ages, the prevalence of neurological disorders such as Parkinson’s disease, epilepsy, essential tremors, and depression-related disorders rises, so will the demand for neurostimulation. Furthermore, neurostimulation devices and systems are gaining acceptance for chronic pain treatment, particularly in developing economies such as India, China, Brazil, Mexico, and Russia.
Furthermore, an increase in FDA approvals for novel neurostimulators with new applications will accelerate the global neurostimulation market’s growth in the near future. However, a major challenge for manufacturers is the lack of reliable measuring systems that can provide the expected outcome of neurostimulation therapies. The high cost of therapy is a barrier to the neurostimulation market, which can be overcome by obtaining reimbursement for such devices.
Key Players:
- Boston Scientific Corporation
- Cyberonics Inc.
- Jude Medical Inc.
- Medtronic Inc.
- NeuroPace Inc.
- NeuroSigma, Inc.
- Others
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Key Segments:
By Type:
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Others
By Application:
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson’s disease
- Epilepsy
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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