Neurostimulation Devices Market is expected to reach US$ 11,825.95 million by 2030

Spinal Cord Stimulator Segment, by Product, to Dominate Neurostimulation Devices During 2022–2030

According to our new research study on "Neurostimulation Devices Market Forecast to 2030 – Global Analysis – by Product, Application, and End User," the market is expected to grow from US$ 5,802.47 million in 2022 and is expected to reach US$ 11,825.95 million by 2030; it is anticipated to record a CAGR of 9.3% from 2022 to 2030. Key factors driving the neurostimulation devices market growth are the growing prevalence of neurological diseases and increasing cases of spinal cord injury. However, the lack of expert professionals hinders the neurostimulation devices market growth.

The neurostimulation devices market, by product, is segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. The spinal cord stimulator segment held the larger market share in 2022, and the same is anticipated to register the higher CAGR during 2022–2030. Spinal cord stimulation (SCS) can treat patients with severe, chronic pain due to various conditions, including failed back surgery/arachnoiditis, neuropathic pain/neuropathy, and complex regional pain syndrome/reflex sympathetic dystrophy. Spinal cord stimulation has become a basic in interventional pain management to treat various chronic pain conditions. Advances have been made since its initial inception in 1967, leading to new technologies allowing for minimally invasive placement and internalized batteries. For instance, in May 2023, Abbott received approval from the U.S. Food and Drug Administration (FDA) for SCS devices for treating chronic back pain in people not able to receive back surgery, known as nonsurgical back pain.

Neurostimulation Devices Market, by Geography, 2022 (%)

Source: The Insight Partners Analysis

In August 2023, Medtronic plc received CE Mark approval for its Inceptiv closed-loop rechargeable SCS. It is the first SCS device to offer a closed-loop feature that senses each person's unique biological signals and adjusts stimulation every moment, as needed, to keep therapy in harmony with the motions of daily life. Therefore, such factors mentioned above are expected to drive the market for the spinal cord stimulator in the future.

Medtronic Plc; Boston Scientific Corp; Abbott Laboratories; Nevro Corp; LivaNova Plc; Synapse Biomedical Inc.; Nalu Medical, Inc.; ElectroCore Inc.; MicroTransponder Inc; and Mainstay Medical are among the key companies operating in the neurostimulation devices market. The companies have been implementing various strategies that contributed to their growth and led to various changes in the market. The companies have utilized both organic strategies (such as launches, expansion, and product approvals) and inorganic strategies (such as partnerships, collaborations, and product launches).

For instance, in April 2023, Synapse Biomedical, Inc. announced that the FDA approved NeuRx Diaphragm Pacing System (NeuRx DPS) for usage in patients with spinal cord injuries and those who rely on mechanical ventilation.

The report segments the neurostimulation devices market as follows:

Based on product, the neurostimulation devices market is segmented into pharmacokinetics, biomarkers, immunogenicity, virology testing, cell-based assays, and others. The cell-based assay segment held the larger market share in 2022. The same segment is projected to register a higher CAGR during the forecast period. Based on application, the global neurostimulation devices market is divided into pain management, epilepsy, urinary and fecal incontinence, Parkinson’s disease, and others. The pain management segment held the larger market share in 2022, and the same is anticipated to register the higher CAGR during 2022-2030. The neurostimulation devices market, based on end user, is segmented into hospitals, specialty clinics, and others. The hospitals segment held the largest neurostimulation devices market share in 2022, and the specialty clinics segment is anticipated to register the highest CAGR during 2022-2030. Specialty clinics are centers of excellence assured to deliver high standards of clinical outcomes. These centers are dedicated to diagnosing, treating, and managing neurological disorders and employ highly trained doctors, paramedics, and nursing personnel with specialized skills. In addition, specialty clinics provide medically recommended and supervised treatments in a relaxing and calming environment. Based on geography, the neurostimulation devices market is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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