Neurostimulation Devices Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Neurostimulation Devices Market Analysis

The neurostimulation devices market is expected to register a CAGR of 12.5% over the forecast period, 2022-2027.

The neurostimulation devices market has been significantly impacted by the COVID-19 pandemic, particularly in its early stages. The disruptions in the supply chain, postponements of surgical services by hospitals and clinics, and low demand from end-user industries impacted the market negatively. For instance, in a study report titled “The Impact of COVID-19 on Brain Stimulation Therapy” published in March 2022, the barriers to transcranial magnetic stimulation (TMS) included suspension of nonessential procedures, staffing shortages, limited access to PPE and sanitization supplies, and clinics or offices ill-equipped to comply with social distancing recommendations. This will negatively impact the demand for neurostimulation devices in clinical settings. Patients with Parkinson’s disease (PD) and dystonia have an increased risk of chronic stress related to social restriction measures during the COVID-19 pandemic. For instance, the report titled “Effects of COVID-19 Lockdown on Movement Disorders Patients With Deep Brain Stimulation: A Multicenter Survey” published in December 2020, stated that lockdown restriction measures were associated with subjective worsening of motor and psychiatric symptoms in Parkinson’s disease and dystonic patients treated with deep brain stimulation and that such measures may have exacerbated the burden of neurological disease and increased the chronic stress related to the deep brain stimulation management. As a result of the lockdown, the demand for neurostimulation devices had a negative impact but later has a significant postive impact on the market due to the resume of clinical practice and vaccination for COVID-19.

The major growth drivers of the neurostimulation devices market over the forecast period are the rising prevalence of neurological disorders and the technological advancements in neurostimulation devices. For instance, as per the research study titled “Prevalence of the major neurological disorders in a semi-urban community in northern Benin” published in June 2020, the prevalence of neurological diseases was found to be 45.4%. More precisely, the prevalence of tension headaches was 26.9%, peripheral neuropathies 5.6%, epilepsy 1.9%, stroke 0.1%, and migraine 14.3%. Thus, with the raise in the prevalence of neurological diseases, the demand for neurostimulation devices is expected to increase which is anticipated to have a positive impact on the growth of the studied market.

In addition, according to a study titled "New Advances in Neurostimulation for Chronic Pain" published in February 2021, Mainstay Medical developed a ReActiv8 implantable restorative neurostimulation system, which is used to treat intractable chronic lower back pain. Thus, the increasing advances in the products are expected to rise the adoption of these neurostimulation devices, thereby propelling the market growth.

However, factors such as the complications associated with neurostimulation devices and stringent device approval regulations are expected to restrain the neurostimulation devices market during the forecast period.

Neurostimulation Devices Market Trends

This section covers the major market trends shaping the Neurostimulation Devices Market according to our research experts:

Spinal Cord Stimulator is Expected to Dominate the Market During the Forecast Period

Neurostimulation Devices Industry Segmentation

As per the scope of the report, neurostimulation is the electrical process of inhibition, stimulation, modification, regulation, or therapeutic alteration of activity in the central, peripheral, or autonomic nervous systems. The device that generates the electrical impulses are considered neurostimulation devices. The neurostimulation devices market is segmented by Device Type (Implantable Devices, External Devices), Application (Parkinson's Disease, Epilepsy, Depression, Dystonia, Pain Management, and Others), End User (Clinics, Hospitals, and Rehabilitation Centers), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.