Internal Neurostimulation Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 25, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 4.85 million |
|
Revenue Forecast in 2031 |
US$ 10.94 million |
|
CAGR |
9.45% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, The global internal neurostimulation devices market was valued at US$ 4.85 million in 2022 and is expected to register a revenue CAGR of 9.45% to reach US$ 10.94 million by 2031.
Internal Neurostimulation Devices Market Fundamentals
Internal neurostimulation, neuro implants, or neuromodulation devices are cutting-edge medical devices implanted within the human body to offer electrical or magnetic stimulation to particular nervous system areas. These devices treat various neurological disorders, including chronic pain and movement disorders like Parkinson’s disease, epilepsy, depression, and others. These devices are frequently personalized to the particular patient and can be programmed and altered over time to maximize their performance. Internal neurostimulation devices have revolutionized the field of neuromodulation, offering a new prospect for patients with debilitating neurological conditions who have not responded to other treatment options.
The rising frequency of neurological conditions, technical improvements, expanded applications, and increased awareness among patients & healthcare providers are driving trends and opportunities in the internal neurostimulation devices market. The market is shifting toward reduction in size and implantable wearables, rechargeable gadgets, and wireless communication. Internal neurostimulation devices are also in high demand in emerging nations, owing to improved healthcare infrastructure and increased awareness of neurological disorders. These advancements allow manufacturers to create innovative solutions and expand their product portfolios, propelling the internal neurostimulation devices market revenue growth.
Market participants in the internal neurostimulation devices market employ various techniques to increase revenue. Some common approaches by market players to increase revenue share are investing in R&D to create advanced technology and novel products that enhance patient outcomes and solve unmet needs. Manufacturers are also focused on increasing distribution channels and boosting sales & marketing operations to reach more potential customers and enhance consumer acceptance. Furthermore, manufacturers are participating in clinical trials and research to develop additional data for the safety and efficacy of these devices. Manufacturers are promoting awareness among patients, healthcare professionals, and payers about the advantages of neurostimulation therapy.
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Internal Neurostimulation Devices Market Dynamics
An increase in patients with neurological conditions is raising the demand for internal neurostimulation devices for pain management. The World Health Organisation fact sheet on epilepsy states that each year 49 people in high-income nations are diagnosed with epilepsy. This ratio can reach 139 per 100,000 people in low- and middle-income nations. This rate is expected to increase during the forecast period due to the factors such as population growth, urbanization, changes in lifestyle and dietary habits leading to an increase in non-communicable diseases.
Technological advancements in recent years have played a significant role in shaping the global internal neurostimulation devices market. Rapid progress has been made with advances that enhance the accuracy, efficacy, and ease of neurostimulation therapy. Furthermore, wireless connectivity admits for remote programming, monitoring, and data collecting, which improves patient comfort and reduces the need for in-person visits. Furthermore, downsizing advances have resulted in implanted wearables that are smaller, more inconspicuous, and provide higher patient comfort. These technical advances are propelling the growth of internal neurostimulation devices, expanding their capabilities, and increasing patient outcomes.
Moreover, many top players are introducing new products in the global internal neuromodulation devices market. This trend is expected to intensify competition in the market and lead to increased innovation and product development. As a result, patients can expect access to more advanced and effective neuromodulation devices in the future. For instance, in December 2022, Abbott announced the Food and Drug Administration (FDA) approval of its Eterna spinal cord stimulation (SCS) device, the smallest implanted, rechargeable spinal cord stimulator presently accessible in the market for the treatment of chronic pain.
However, the high cost of these devices and the need for more skilled professionals to perform these procedures may hinder market revenue growth. One of the biggest challenges in the global neuromodulation devices market is its reduced accessibility in low and middle-income countries.
Internal Neurostimulation Devices Market Ecosystem
The global internal neurostimulation devices market is analyzed from three perspectives: product, end user, and region.
Internal Neurostimulation Devices Market by Product
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Based on product, the global internal neurostimulation devices market is segmented into vagus nerve stimulators, gastric electric stimulators, spinal cord stimulators, deep brain stimulators, and sacral nerve stimulators.
The spinal cord stimulators segment accounted for most of the global internal neurostimulation devices market revenue share. This is due to its increased demand for treating chronic pain. According to the estimates of the International Neurostimulation Society, each year, ~34,000 patients around the world use spinal cord stimulators. Furthermore, technological advancements in spinal cord stimulation devices, such as advancements in polymer and circuit technology towards the development of wearable electrodes, developments of novel injectable electrodes to reach more anatomical targets, and advancements in material science result in a safe and inert implanted electrode. Moreover, many top players are increasingly introducing new and innovative spinal cord stimulators in the global internal neuromodulation devices market, driving the segment’s revenue growth. For instance, Medtronic gained FDA clearance in January 2022 for its spinal cord stimulators (Intellis and Vanta) to treat persistent pain caused by diabetic neuropathy.
However, the deep brain stimulators segment revenue is expected to grow highly during the forecast period. This revenue growth can be attributed to its high demand for treating Parkinson’s disease. Additionally, advancements in technology and the development of new devices are also expected to drive the revenue growth of this segment.
Internal Neurostimulation Devices Market by End User
Based on end users, the global internal neurostimulation devices market is segmented into hospitals, ambulatory surgical centers, and others.
The hospital segment accounted for the majority of revenue share in the global internal neurostimulation devices market. This can be attributed to the high number of patients opting for treatment in hospitals due to the availability of advanced medical facilities and trained healthcare professionals. Furthermore, increased awareness about health and wellness has also led to more people seeking medical attention for preventive care, contributing to the rise in hospital visits.
However, the ambulatory surgical center segment is expected to grow significantly in terms of revenue share during the forecast period due to the rising preference for outpatient surgeries and minimally invasive procedures. Moreover, the demand is also attributed to cost-effective healthcare services and the availability of advanced medical technologies. The ambulatory centers also offer flexible scheduling, shorter recovery times, and a reduced risk of hospital-acquired infections.
Internal Neurostimulation Devices Market by Region
Based on the region, the global internal neurostimulation devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share in 2022. This dominance is attributed to the increasing prevalence of neurological disorders, rising healthcare expenditure, and favorable reimbursement policies in the region. Furthermore, the growing adoption of advanced technologies in the healthcare sector and the rising awareness about the benefits of early diagnosis and treatment are expected to drive further the growth of North America’s internal neurostimulation devices market revenue.
Europe is expected to rise significantly in terms of revenue share due to a large patient pool and the increasing adoption of advanced neurostimulation devices. Additionally, the favorable reimbursement policies and increasing healthcare expenditure in the region contribute to the revenue growth of the internal neurostimulation devices market in Europe.
However, Asia Pacific is also expected to exhibit substantial revenue growth during the forecast period due to the rising prevalence of neurological disorders and increasing awareness about advanced treatment options. The increasing investment in healthcare infrastructure and rising disposable income levels in emerging economies also contribute to the revenue growth of the neurological disorder treatment market in Asia Pacific. Moreover, many top regional players, such as ElectroCore Inc., EndoStim Inc., and Medtronic plc, use various competitive methods to extend their geographic reach and client bases, including technology advances, mergers & acquisitions, partnerships, collaborations, and agreements. The surge in research & development activities for developing high-quality internal neuromodulation devices is a significant opportunity for the Asia Pacific internal neuromodulation devices market revenue.
Internal Neurostimulation Devices Market Competitive Landscape
The internal neurostimulation devices market is highly competitive due to numerous established players and the emergence of new entrants. These companies focus on research & development activities to introduce innovative products and gain a competitive edge in the market. In addition, the increasing prevalence of neurological disorders and chronic pain conditions is expected to drive the demand for internal neurostimulation devices during the forecast period, further intensifying the competition among market players.
The prominent companies operating in the global internal neurostimulation devices market with the largest revenue share are,
Internal Neurostimulation Devices Market Recent Developments
The internal neurostimulation devices market is expected to experience significant growth due to the increasing prevalence of neurological disorders and chronic pain. Technological advancements in neurostimulation devices and rising healthcare expenditure are also contributing factors to the revenue growth opportunities in this market.
According to the deep-dive market assessment study by Growth Plus Reports, the global internal neurostimulation devices market was valued at US$ 22,798 million in 2022.
Some major strategies key market players adopt in the internal neurostimulation devices market include mergers & acquisitions, partnerships and collaborations, and product launches. These strategies help companies to expand their product portfolio, strengthen their market position, and enhance their geographic presence.
Based on product, the global internal neurostimulation devices market is segmented into vagus nerve stimulators, gastric electric stimulators, spinal cord stimulators, deep brain stimulators, and sacral nerve stimulators. The spinal cord stimulators segment accounted for most of the global internal neurostimulation devices market.
The global internal neurostimulation devices market was valued at US$ 4.85 billion in 2022 and is expected to register a revenue CAGR of 9.45% to reach US$ 10.94 billion by 2031.
*Insights on financial performance are subject to the availability of information in the public domain