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The neurostimulation devices market is projected to reach US$ 11.825 billion in 2030 from US$ 5.802 billion in 2022. The market is estimated to grow with a CAGR of 9.3% from 2022 to 2030. The growing prevalence of neurological diseases and increasing cases of spinal cord injury are the key driving factors behind the neurostimulation devices market development. However, lack of expert professionals is hampering the neurostimulation devices market growth.
Rising Demand for Noninvasive Treatment to Boost the Neurostimulation Devices Market in Future
Neurostimulation is a rapidly evolving field that uses targeted electrical, mechanical, magnetic, or thermal stimulation of the nervous system to alter the properties of firing neuronal and internal neuronal connectivity to treat various neurological disorders. Noninvasive neurostimulation devices include electroconvulsive therapy (ECT), transcutaneous electrical nerve stimulation (TENS), transcranial electrical stimulation (TES), transcranial direct current stimulation (tDCS), transcranial alternating current stimulation (tACS), static magnetic stimulation, random sound stimulation, peripheral nerve stimulation, ultrasound, and focused ultrasound (FUS), including cranial nerve stimulation. Noninvasive neurostimulation techniques are the most developed in psychiatry.
Patients and healthcare providers increasingly prefer noninvasive or minimally invasive treatment options as they are convenient, painless, safe, and have minimal side effects. In addition, it is widely used in neurological diseases. Noninvasive treatments aim to improve the quality of life and reduce the impact of speech, swallowing, and cognitive problems. Therefore, growing demand for noninvasive treatments would significantly fuel the neurostimulation devices market growth in the future.
The government is educating people about stroke and offering improved treatment, medical technology, and enhanced healthcare coverage and healthcare environment. Also, the country has invested more in preventing and treating noncommunicable diseases. Additionally, as per the data of WHO, ~95% of the population of China is insured in rural and urban areas, as the government introduced two insurance programs for low-income groups: the New Rural Cooperative Medical System (NRCMS) and Urban Resident Basic Medical Insurance (URBMI). The programs were launched as the cost of health is one of the significant expenses for most of the population. These initiatives by the Chinese government would encourage the population to undergo surgeries to improve health. The neurostimulation devices market is also expected to grow due to the rising development of the medical device industry in countries such as Japan and China. In addition, innovative technology trends in neurology and the rapid adoption of artificial intelligence (AI) and machine learning (ML) are a few factors that drive the market in the region.
Furthermore, the neurostimulation devices market growth in the country is attributed to the rising prevalence of stroke and increasing incidence. Neurosurgery requires advanced equipment and highly qualified medical professionals. Germany has highly qualified neurosurgeons; they follow the latest protocols and surgical procedures. Neurology centers in the country have the most modern diagnostic and minimally invasive surgical devices that meet international quality standards.
According to the data published in the Burden of Stroke in Europe report conducted by King's College London for the Stroke Alliance for Europe, Germany records around 88,922 stroke cases annually, which is 51.7 strokes per 100,000 inhabitants. The prevalence of stroke in Germany was ~ 526,774 that accounts for 338.5 strokes per 100,000 residents. Germany also has a significant mortality rate of stroke, i.e., 75,861 deaths due to stroke per year. According to the Burden of Stroke in Europe report, it is expected that stroke cases will increase by 30% by 2035, and the prevalence of stroke will grow to 19% by the end of 2035.approximately 400,000 people were affected with the disease in Germany in December 2022, and the numbers are increasing due to demographic aging. More and more people, including younger people, suffer from neurodegenerative diseases; in Germany, more than 2 million people have dementia or Parkinson's. According to the German Association for Alzheimer's Patients, in 2020, 9,450 deaths were caused due to Alzheimer's, recording the highest figure. The increase in hospitalizations and deaths with Alzheimer's diagnosis is highly dependent on the aging population in Germany. In Germany, people aged 65 and above had increased by ~33% and reached 18.3 million in 2020.
Thus, significantly growing incidence of stroke and rising aging population resulting in growing cases of neurological disorders drive the neurostimulation devices market growth in Germany. Furthermore, supportive government initiatives and research in neurology also boost market growth. Therefore, the factors mentioned above are likely to contribute to the neurostimulation devices market growth during 2022-2030.
The neurostimulation devices market is segmented on the basis of product, application, end user, and geography. Based on product, the market is segmented into spinal cord stimulator, deep brain stimulator, sacral nerve stimulator, vagus nerve stimulator, and others. The spinal cord stimulator segment held a larger market share in 2022 and the same is anticipated to register a higher CAGR during 2022-2030. The neurostimulation devices market, by application, is segmented into pain management, epilepsy, urinary and fecal incontinence, Parkinson's disease, and others. The pain management segment held a larger market share in 2022 and the same is anticipated to register a higher CAGR during 2022-2030. The neurostimulation devices market, by end user, is bifurcated into hospitals, specialty clinics, and others. The hospitals segment held the largest share of the market in 2022 and specialty clinics segment is anticipated to register the highest CAGR in the market during 2022-2030. Specialty clinics are centers of excellence assured to deliver high standards of clinical outcomes. These centers are dedicated to diagnosing, treating, and managing neurological disorders and employ highly trained doctors, paramedics, and nursing personnel with specialized skills. Besides adhering to predefined protocols using high-end equipment, better service quality adds value to patients more than other facilities. These clinics streamline services and enhance convenient care.
In addition, specialty clinics provide medically recommended and supervised treatments in a relaxing and calming environment. These clinics also help to educate people regarding daily care routines for patients who have Parkinson's disease and Alzheimer's disease, tremors, and other such conditions, apart from providing several diagnostic procedures. These patients might undergo testing of motor symptoms by taking medications with gaps to assess the disease severity. Factors such as cost-effectiveness and shorter waiting times fuel the segment growth.
A global rise in the prevalence of these conditions has led to a growing number of patients visiting specialty clinics to diagnose and treat these conditions, with an increasing number of specialty clinics on the global level that offer better treatment and specialized services. In addition, the market growth is attributable to the growing penetration rate of specialty clinics across the globe. For instance, in July 2022, the neurology teams of Ohio State University Wexner Medical Center opened a new specialty clinic, the Parkinson's Disease Multidisciplinary Clinic. The clinic acts as a "one-stop shop" for Parkinson's disease patients to receive all the care they need without taking multiple appointments in different locations. At the clinic, patients can address symptoms such as stiffness, memory difficulties, unsteadiness/poor coordination, tremors, and fatigue with a team that includes therapists, neuropsychologists, subspecialty-trained movement neurologists, and advanced practice providers.
The Food and Drug Administration (FDA), National Cancer Institute (NCI), Ministry of Health and Prevention (MoHAP), and National Transformation Program (NTP) are among some of the primary and secondary sources referred to while preparing the report on the neurostimulation devices market.