Neurostimulation Market

Neurostimulation Market Outlook for 2023 to 2033

The global Neurostimulation Market valuation is USD 6,221.2 million in 2023. The neurostimulation market is expected to grow at a promising CAGR of 9.5% through 2033, with a forecast valuation of USD 15,417.4 million by 2033.

Attribute	Details
Neurostimulation Market Size, 2022	USD 5,584.5 million
Neurostimulation Market Size, 2023	USD 6,221.2 million
Neurostimulation Market Size, 2033	USD 15,417.4 million
Value CAGR (2023 to 2033)	9.5%

Key Trends Impacting Sales of Neurostimulation Devices

• Key players are developing neurostimulation devices that can be prescribed by health professionals for remote use. Portable neurostimulation devices for Parkinson's, back pain, etc., have been introduced for faster patient outcomes.
• Increasing research and development efforts in neurostimulation to arrive at new applications and treat disorders like autism, stroke, sleep disorders, obesity, and several others are predicted to elevate the scope of neurostimulation.
• Rising demand for technologies that offer better outcomes, optimized inter-device communication, neurological episode on-set, and better user interface.
• Soaring levels of the geriatric population, with higher risks of neurological disorders like epilepsy, essential tremors, Parkinson’s disease, and depression-related disorders, are predicted to boost the demand for neurostimulation.
• Increasing acceptance of neurostimulation systems and devices to treat chronic pain, particularly in emerging economies like China, India, Brazil, etc.
• The rise in the clearance from the FDA for innovative neurostimulators with new applications is enhancing the market scope for neurostimulation.

Historical Growth of the Neurostimulation Market Vs. Forecast Outlook

Attributes	Details
Neurostimulation Market Size (2018)	USD 3396.59 million
Neurostimulation Market Size (2022)	USD 5,584.5 million
Neurostimulation Market CAGR (2018 to 2022)	11.4%

The neurostimulation market was valued at USD 5,584.5 million in 2022, expanding at a CAGR of 11.4% from 2018 to 2022. From 2023 onwards, the growth rate for neurostimulation is predicted to reduce slightly, exhibiting a CAGR of 9.5% through 2033.

The following factors are pushing the market growth.

• Rising demand for MRI-safe neurostimulation systems to effectively treat several diseases linked with neurotic disorders.
• Increasing utilization of neurostimulation to treat various debilitating health conditions like Parkinson’s disease, incontinence, depression, gastroparesis, and essential tremors. Healthcare professionals are directing patients without relief from surgical therapies and medications toward neurostimulation as a potential treatment option.
• By opting for neurostimulation, patients who are extremely paralyzed or enduring intense loss of different sense organs can feel betterment in their quality of life. Thus, neurostimulation is extremely instrumental in hearing aids, artificial limbs, artificial vision, and other prosthetics.

Category-wise Insights

Spinal Cord Stimulator (SCS) Accounts for a Leading Market Share

Top Product	Spinal Cord Stimulator
Market Share (2023)	52.3%

The spinal cord stimulator segment accounts for 52.3% of the market share in 2023. Demand for spinal cord stimulators is rising on account of increasing awareness about the benefits of using this product. The application of spinal cord stimulators is predicted to escalate over the forecast period due to:

• Increasing geriatric population
• Rising levels of obesity
• Surging demand for an alternative to opioids for treatment of diseases
• Expanding clinical evidence that supports the efficacy of spinal cord stimulator

Substantial Deployment of Neurostimulation for Pain Management

Top Application	Pain Management
Market Share (2023)	45.3%

Neurostimulation in pain management is gaining high traction for treating multiple chronic pain conditions, such as neck pain, migraines, neuropathic pain, arthritis pain, etc. Demand for neurostimulation to control pain is rising due to its effectiveness, which curtails pain by up to 50% and enhances patient’s quality of life. Apart from this, the results obtained from neurostimulation treatment can last a long time, thus fueling its application in pain management.

Country-wise Insights

Countries	CAGR (2023 to 2033)
India	14.3%
United Kingdom	5.7%
China	12.4%
Australia	10.5%

High Profitable Prospects for Neurostimulation Devices in India

As per the study, India is predicted to witness a robust growth rate of 14.3% CAGR through 2033. The following factors are contributing to the sales of neurostimulation devices in the country:

• Increasing adoption of advanced technologies to produce neurostimulators like responsive neurostimulation and magnetic neurostimulation that offer more efficiency, propelling sales of neurostimulation to treat various ailments.
• Increasing cognizance and acceptance of neurostimulation in India as an alternate treatment for neurological disorders and chronic pain.

Research Breakthroughs in the United Kingdom to Propel Neurostimulation Market

The United Kingdom market is predicted to expand at a 5.7% CAGR over the forecast period. The country houses key players offering cutting-edge neurostimulation devices and enjoys early access to these latest innovations by healthcare professionals, indicating an already established market for neurostimulation. Therefore, the United Kingdom market is predicted to witness modest sales over the forecast period.

The following factors are predicted to fuel market growth through 2033:

• Constant developments of novel devices and technological upgrades by market participants and research affiliates, thus improving therapeutic outcomes and gaining a competitive edge in the market.
• Key players are also targeting new markets for their innovations to boost their contribution to the global forum.

Remunerative Prospects in China Attracting Neurostimulation Key Providers

China is another lucrative market for neurostimulation devices in the Asia Pacific region, besides India. Given below are the leading factors that are supplementing market growth:

• Ever-increasing population in China, particularly those suffering from health conditions, is creating a huge market for neurostimulation. Growth prospects are especially high for spinal cord stimulation (SCS) and deep brain stimulation (DBS) in China.
• Growing awareness about neurostimulation as a viable treatment option for chronic pain and neurological disorders.

Investors Eyeing Australia as a Profitable Market for Neurostimulation Devices

Australia is predicted to expand at an impressive CAGR of 10.5% through 2033. Due to significant business opportunities in Australia, key players are investing in the country. Given below are the key factors that are spurring sales of neurostimulation:

• Constantly rising geriatric population, which has a higher chance of developing neurological disorders like Alzheimer's disease, Parkinson's disease, and stroke.
• Increasing support from the Australian government to develop and use neurostimulation devices via the Medical Research Future Fund (MRFF).

Market Outlook for Neurostimulation in Japan

The neurostimulation market in Japan is expanding at a healthy pace. This can be attributed to the following factors:

• Japan has a rapidly rising aging population. Elderly people are susceptible to neurological disorders, which can be treated with the help of neurostimulation devices.
• The government in Japan is highly committed to providing high-quality healthcare and the latest medical technology, which is predicted to be beneficial for the growth of the neurostimulation market.

Neurostimulation devices are finding high utilization by healthcare professionals in Japan for an effective pain management treatment.

Competitive Landscape in the Neurostimulation Market

Key players in the neurostimulation market are focusing on product development, which caters to more applications meanwhile enhancing these devices' efficiency, effectiveness, and user-friendliness. Apart from this, companies are leading clinical trials to test the efficacy and safety of their devices, boosting customer confidence and obtaining regulatory approvals for their neurostimulation devices.

Market participants are significantly investing in the sales and marketing of their product portfolio to healthcare professionals. This includes developing educational materials and exhibiting at trade shows for businesses. Additionally, companies are forming alliances with other players to extend their market reach as well as product portfolio.

Key Developments Observed in the Neurostimulation Market

• In September 2023, a collaborative study including the universities of Surrey and Oxford, Radboud University, and Loughborough University was conducted to explore the scope of neurostimulation to boost mathematical learning. For this, high-frequency transcranial random noise stimulation was applied to stimulate certain brain regions and enhance the mathematical capabilities of participants. The research suggests a positive impact of brain stimulation on mathematical skills.
• In April 2023, Neuspera Medical obtained FDA approval for a micro-implant neurostimulation therapy system. The system deploys a wearable device and a wireless platform for peripheral nerve stimulation.
• In December 2022, the American Association for the Advancement of Science announced the development of new neurostimulation technology for advancements in the research and treatment of Parkinson’s disease. Latest innovations in DBS stimulators have opened doors to research the results of the recent DBS advances on Parkinson’s disease.

Key Players in the Neurostimulation Market

• Boston Scientific Corporation
• Cyberonics Inc.
• St. Jude Medical Inc.
• Medtronic Inc.
• NeuroPace Inc.
• NeuroSigma, Inc.
• Others

Key Segments

By Type:

• Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Others

By Application:

• Pain Management
• Hearing Loss
• Urinary Incontinence
• Parkinson's disease
• Epilepsy
• Others

By Region:

• North America
• Latin America
• Asia Pacific
• Japan
• Western Europe
• Eastern Europe
• Middle East & Africa

Frequently Asked Questions

How Big is the Neurostimulation Market?

The neurostimulation market is worth USD 6,221.2 million in 2023.

What is the Growth Potential of the Neurostimulation Market?

The market is expected to expand at a CAGR of 9.5% through 2033.

What is the Future of the Neurostimulation Market?

The neurostimulation market is anticipated to account for USD 15,417.4 million by 2033.

Which Country is Predicted to Witness Significant Growth?

India is predicted to witness significant growth.

Which Application Contributes Considerably to the Neurostimulation Market?

Pain management makes a significant contribution to the growth of the neurostimulation market.