Neurostimulation Devices Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others); Application (Pain Management, Hearing Loss, Depression, Parkinson’s Disease, Epilepsy, and Others), End User (Hospitals, Ambulatory Surgical Centres and Others); Region/Country.
Global Neurostimulation Devices Market is expected to grow at a significant rate of around 11% during the forecast period. Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to specific parts of the patient’s brain, spinal cord, or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy, and Parkinson’s disease. Thus, the rising incidence of neurological disorders and the demand for neurostimulation devices is expected to drive the market. According to World Health Organization, on 13 June 2022, globally, disability and death due to PD are increasing faster than for any other neurological disorder. Global estimates in 2019 showed over 8.5 million individuals with PD. Moreover, the rising funding for R&D, and the increase in FDA approvals for novel neurostimulation devices with new applications, will accelerate the growth of the global neurostimulation devices market. For instance, in July 2021, Nevro Corp. received FDA approval for its Senza® System for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN).
Medtronic; Boston Scientific Corporation; Abbott; Aleva neurotherapeutics; electroCore, Inc.; EndoStim Inc.; Nevro Corporation; Neuronetics Inc.; NeuroSigma, Inc.; Synapse Biomedical Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst device type, spinal cord stimulators held a significant share of the market in 2020.”
Based on device type, the market is segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. Spinal cord stimulators held a significant share of the market in 2020. This market is expanding as a result of the increased usage of spinal cord stimulators, sometimes referred to as dorsal column stimulation, for the treatment of neuropathic pain and spinal injuries. The treatment uses pulsed electrical energy close to the spinal cord to control pain and it is more invasive than percutaneous injection therapy but less invasive than back surgery.
“Amongst application, epilepsy grow with a significant CAGR during the forecast period.”
On the basis of application, the market is categorized into pain management, hearing loss, depression, Parkinson’s disease, epilepsy, and others. Among these, epilepsy is anticipated to grow with a significant CAGR during the forecast period. Epilepsy is a chronic noncommunicable disease of the brain that affects people of all ages. According to the World Health Organization, on 9 February 2022, around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally.
“North America held a significant share in the market”
In 2020, North America held a significant share of the global neurostimulation devices market. This is mainly attributed to the availability of market players in the region and the rising initiative undertaken by key players to develop various therapies for different neurological disorders are the major factors that are expected to increase the market share. For instance, in August 2021, Merck announced a collaboration in its new Bioelectronics innovation field with neuroloop GmbH, a B. Braun subsidiary, to develop a neurostimulator device that can complement the existing drug therapies of patients with chronic inflammatory diseases. Moreover, the growing cases of mental health and neurodegenerative disorders such as multiple sclerosis, Alzheimer’s, Parkinson’s disease, and brain cancer is fueling the demand for neurostimulation devices in the region. According to the Centers for Disease Control and Prevention (CDC), in 2020, about 5.8 million Americas suffered from Alzheimer’s disease.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Neurostimulation Devices Market|
|2.2.||Research Methodology of the Neurostimulation Devices Market|
|5||IMPACT OF COVID-19 ON THE NEUROSTIMULATION DEVICES MARKET|
|6||NEUROSTIMULATION DEVICES MARKET REVENUE (USD BN), 2020-2028F|
|7.1.||Spinal Cord Stimulators|
|7.2.||Deep Brain Stimulators|
|7.3.||Sacral Nerve Stimulators|
|7.4.||Vagus Nerve Stimulators|
|9.2.||Ambulatory Surgical Centres|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||NEUROSTIMULATION DEVICES MARKET OPPORTUNITIES|
|13||NEUROSTIMULATION DEVICES MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|18.1.1.||Porters Fiver Forces Analysis|
|19.2.||Boston Scientific Corporation|
|19.10.||Synapse Biomedical Inc.|
Research Methodology for the Neurostimulation Devices Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global neurostimulation devices market were the three major steps undertaken to create and analyze the adoption of neurostimulation devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global neurostimulation devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the neurostimulation devices market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the neurostimulation devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as device type, application, and end user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the neurostimulation devices market. Further, we conducted factor analysis using dependent and independent variables such as various device type, application, and end user of neurostimulation devices. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the neurostimulation devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global neurostimulation devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the neurostimulation devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global neurostimulation devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global neurostimulation devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of device type, application, and end-user in the global neurostimulation devices market.
The main objective of the Global Neurostimulation Devices Market Study
The current & future market trends of the global neurostimulation devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the neurostimulation devices market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of device type, application, and end user.
- Define and analysis of the regulatory framework for the neurostimulation devices
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the neurostimulation devices market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the neurostimulation devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry