Neurostimulation Devices Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Neurostimulation Devices Market is segmented By Product (Implantable Neurostimulation Devices, External Neurostimulation Devices) By Type (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation Devices, Sacral Nerve Stimulation Devices, Peripheral Nerve Stimulation Devices, Others) By Application (Epilepsy, Chronic Pain Management, Parkinson's Disease, Depression and Psychiatric Disorders, Sleep Disorders, Others) By End-User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Academic and Research Institutes, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031 

Market Overview

Global neurostimulation devices market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

Neurostimulation devices are medical devices designed to modulate the nervous system's activity through the application of electrical impulses. These devices are used to treat a variety of neurological and psychiatric conditions by targeting specific neural circuits and altering their function. Neurostimulation therapy aims to alleviate symptoms, improve patient outcomes and enhance quality of life for individuals with various disorders.

The basic principle behind neurostimulation involves the delivery of controlled electrical signals to targeted areas of the nervous system, such as the spinal cord, brain or peripheral nerves. By stimulating or inhibiting neural activity, neurostimulation devices can modulate pain signals, regulate movement, manage epilepsy, alleviate psychiatric symptoms and address other neurological dysfunctions. 

Market Scope

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Market Dynamics: Drivers

Rising advancements in neurostimulation devices 

The rising advancements in neurostimulation devices are expected to drive the market over the forecast period. Emerging technologies in non-invasive and wearable neurostimulation devices offer convenient and accessible treatment options for patients with neurological and psychiatric disorders. These devices leverage techniques such as transcranial magnetic stimulation and transcutaneous electrical nerve stimulation to deliver neurostimulation therapy without the need for invasive procedures, expanding market reach and patient accessibility.

For instance, on April 18, 2023, Neuspera Medical cleared the U.S. Food and Drug Administration (FDA) clearance for the next-generation Neuspera ultra-miniaturized system. The system is comprised of a micro-implant that delivers neurostimulation therapy through a wearable transmitter and iPad-based clinician programmer. The Neuspera system delivers peripheral nerve stimulation (PNS) through a less invasive and more versatile platform than commercially available technology.

Advancements in neurostimulation technology lead to more precise targeting of neural circuits and improved modulation of neural activity, resulting in enhanced treatment efficacy for various movement disorders, neurological and psychiatric disorders. These advancements enable clinicians to achieve better symptom management, functional improvement, and quality of life enhancement for patients.

For instance, on January 8, 2024, Medtronic plc cleared the U.S. Food and Drug Administration (FDA) approval for its Percept RC Deep Brain Stimulation (DBS) system. The rechargeable neurostimulator is the latest innovation in the Medtronic Percept family. The Percept family is the only sensing-enabled DBS system on the market, allowing the physician to personalize treatment for patients with movement disorders such as Parkinson's disease, essential tremor, and dystonia as well as epilepsy. Over 11 million people in the U.S. are living with movement disorders and approximately 3.4 million with epilepsy.

In addition, on January 25, 2024, Abbott received approval from the U.S. Food and Drug Administration (FDA) to launch the Liberta RC DBS system, the world's smallest rechargeable deep brain stimulation (DBS) device with remote programming, to treat people living with movement disorders. The Liberta RC DBS system also requires the fewest recharges of any FDA-approved DBS system, needing only 10 recharge sessions a year for most people. Communication between people and their doctors is critical to ensuring exceptional care, especially for those who suffer from chronic conditions, such as Parkinson's disease and essential tremor, that can be treated with deep brain stimulation therapy.

These advancements in neurostimulation devices expand the applications in various disease patients. For instance, on October 10, 2022, Phagenesis Ltd, released that the U.S. Food and Drug Administration (FDA) granted a De Novo request for the Phagenyx Neurostimulation System, a first-of-its-kind therapy that uses pharyngeal electrical stimulation to restore swallowing control in patients with severe dysphagia post-stroke. 

Restraints

Factors such as high cost associated with the neurostimulation devices, complications associated with these devices and availability of alternative treatment options for neurological disorders are the factors expected to hamper the market. 

Segment Analysis

The global neurostimulation devices market is segmented based on product, type, application, end-user and region.

The implantable neurostimulation devices segment accounted for approximately 54.5% of the neurostimulation devices market share

The implantable neurostimulation devices segment is expected to hold the largest market share over the forecast period. Implantable neurostimulation devices offer effective management of neurological and psychiatric symptoms, including chronic pain, movement disorders, epilepsy, depression and others. By modulating neural activity, these devices can alleviate symptoms and improve patient's quality of life when other treatment options have been ineffective.

For instance, on June 29, 2021, Mainstay Medical launched its ReActiv8 implantable restorative neurostimulation system in the U.S. The company designed ReActiv8 to treat intractable chronic lower back pain. 

Additionally, on December 19, 2022, Abbott cleared the U.S. Food and Drug Administration (FDA) approval of the Eterna spinal cord stimulation (SCS) system, the smallest implantable, rechargeable spinal cord stimulator currently available on the market for the treatment of chronic pain. Eterna SCS utilizes Abbott's proprietary low-dose BurstDR stimulation, the only SCS waveform technology with the highest level of clinical evidence, proven to reduce pain 23% more than traditional waveform technology approaches. With patient needs front of mind, Abbott created Eterna to be recharged less than five times a year under normal use, making it the lowest recharge burden platform on the market.

Further, the implantable neurostimulation devices allow for targeted delivery of therapy directly to the affected neural circuits or pathways. By precisely modulating neural activity at specific sites within the nervous system, these devices can provide localized symptom relief while minimizing systemic side effects. The advancements such as recharge-free and maintaining optimal dose and others enhance the adoption of implantable devices.

For instance, on June 10, 2021, Medtronic plc received U.S. Food and Drug Administration (FDA) approval for Vanta, a high-performance recharge-free implantable neurostimulator (INS) with a device life that can be optimized for up to 11 years. At comparable settings, the Vanta neurostimulator offers nearly twice the device life than competitive primary cell devices. It also utilizes Medtronic's proprietary AdaptiveStim technology for personalized pain relief that adapts to the patient's movement or body position using a built-in accelerometer. Approximately 82% of SCS-implanted patients will need at least one MRI within five years of implant.

Geographical Analysis

North America accounted for approximately 41.4% of the market share 

North America region is expected to hold the largest market share over the forecast period owing to the strong presence of major players and rising advancements in neurostimulation devices. North America especially the United States is a well-known hub for its strong presence of major players such as medical device companies. This presence of major players in the region focuses on the development of advanced neurostimulation devices for various conditions followed by FDA approvals.

For instance, on January 25, 2021, Cognito Therapeutic’s neurostimulation device — a next-generation digital therapeutic designed to treat memory and cognition symptoms in Alzheimer’s disease granted a breakthrough device designation by the U.S. Food and Drug Administration (FDA). The device, part of a new class of disease-modifying digital therapies, uses proprietary, non-invasive neurostimulation technology developed by Massachusetts Institute of Technology professors.

Additionally, on October 12, 2022, Nevro Corp. received approval from the U.S. Food and Drug Administration (FDA) for the Senza HFX iQ spinal cord stimulation (SCS) system. Senza HFX iQ is the first and only Artificial Intelligence-based SCS system that learns from patients. It was developed to address the variability in pain from patient to patient and to help patients optimize and maintain long-term pain relief and improved quality of life.

The major market players in the region especially in the United States conducted clinical trials for the more advanced devices. For instance, on January 12, 2024, US-based Nexalin Technology unveiled a third-generation HALO Clarity 15 milliamp (mA) neurostimulation device. The company plans to conduct decentralized clinical trials for the HALO device in the US and has consulted the Food and Drug Administration (FDA) as part of the pre-submission meetings. Nexalin expects these trials to be completed at lower costs in a quicker timeframe due to at-home administration of the treatment

Competitive Landscape

The major global players in the neurostimulation devices market include Boston Scientific Corporation, Medtronic plc, NeuroPace, Inc., Abbott Laboratories, Nalu Medical, Inc., Curonix LLC, LivaNova PLC, Nevro Corp, Dr. Langer Medical GmbH and Phagenesis Ltd among others. 

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the global neurostimulation devices market. The severe coronavirus disease 2019 (COVID-19) is characterized, in part, by an excessive inflammatory response. Evidence from animal and human studies suggests that vagus nerve stimulation can lead to reduced levels of various biomarkers of inflammation. For instance, Research Square researchers assessed the effectiveness of transcutaneous auricular vagus nerve stimulation (taVNS) in managing long-term coronavirus disease 2019 (COVID-19). These increased the demand for the neurostimulation devices during the pandemic.

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Target Audience 2024

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