Neurostimulation Devices Market Size, Share, Industry Trends and Forecast to 2030

Neurostimulation Devices Market Size & CAGR in 2021

The global neurostimulation devices market is anticipated to reach a market size of USD 10.5 billion in 2021 with a Compound Annual Growth Rate (CAGR) of 8.2% from 2021 to 2027. The market growth is driven by factors such as the increasing prevalence of neurological disorders, technological advancements in neurostimulation devices, and the rising demand for minimally invasive procedures.

COVID-19 Impact on the Neurostimulation Devices Market

The COVID-19 pandemic had a mixed impact on the neurostimulation devices market. While the initial phase of the pandemic led to disruptions in the supply chain and a decline in elective procedures, the market witnessed a rebound as healthcare systems adapted to the new normal. The increased focus on remote monitoring and telehealth services also contributed to the market growth during the pandemic.

Neurostimulation Devices Dynamics

The neurostimulation devices market is characterized by rapid technological advancements, increasing investments in research and development, and a growing focus on personalized healthcare. Key drivers of the market include the rising prevalence of chronic pain conditions, neurological disorders, and psychiatric conditions. Additionally, the shift towards minimally invasive procedures and the adoption of neurostimulation devices for indications such as Parkinson's disease and epilepsy are fueling market growth.

Segments and Related Analysis

The neurostimulation devices market is segmented based on product type, application, and end-user. Product types include spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and others. Applications of neurostimulation devices include chronic pain management, Parkinson's disease, epilepsy, depression, and others. End-users of neurostimulation devices include hospitals, specialty clinics, and ambulatory surgical centers.

By Region Analysis

The neurostimulation devices market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the market in 2021 due to the presence of key market players, advanced healthcare infrastructure, and high adoption of neurostimulation devices. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period due to increasing healthcare expenditure, rising prevalence of neurological disorders, and growing awareness about neurostimulation therapy.

Key Market Players and Competitive Landscape

Key players in the neurostimulation devices market include Medtronic, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, and Nevro Corp. These companies are focusing on product innovation, strategic partnerships, and acquisitions to strengthen their market position. The competitive landscape of the market is characterized by intense competition, technological advancements, and a focus on expanding product portfolios to cater to a diverse range of neurological conditions.

Recent Happenings in the Neurostimulation Devices Market

In recent years, the neurostimulation devices market has witnessed several key developments such as product launches, collaborations, and research initiatives. For instance, Medtronic announced the launch of its Intellis Platform for the management of chronic pain in 2021. Similarly, Abbott Laboratories introduced its Infinity DBS System for the treatment of Parkinson's disease in the same year. These advancements are expected to drive market growth and improve patient outcomes in the field of neurostimulation therapy.