Neurostimulation devices market size to grow at 12.19% CAGR

The neurostimulation devices market size is estimated to grow by USD 6.26 billion from 2022 to 2027 at a CAGR of 12.19% according to Technavio.

Increasing prevalence of neurological disorders
Neuropathic pain, a common and undertreated chronic condition, affects around 1.4% of the US and European population, with a notable impact on the elderly. The risk of neurological diseases, including Alzheimer’s, epilepsy, Parkinson’s, and stroke, rises with age. Neurostimulation devices play a crucial role in diagnosing and monitoring these disorders, fueling market growth.

The high cost of neurostimulation devices and procedures, with initial surgical implantation costs exceeding USD 20,000 and additional expenses for maintenance and adjustments, poses a challenge to market growth. Drivers, & Challenges have an impact on market dynamics and can impact businesses.

Analyst review
The Neurostimulation Devices Market is a dynamic ecosystem driven by various factors such as advancements in technology, neurological disorders, government support, and the growing geriatric population. Neurological disorders like Parkinson’s disease, Alzheimer’s disease, and epilepsy are prevalent conditions necessitating innovative solutions like nerve stimulation technologies. These technologies, developed by leading device manufacturers like Boston Scientific, undergo rigorous FDA approval processes such as Premarket notification and the 510(k) process to ensure their safety and efficacy.

Among these technologies is the Vercise Neural Navigator 5 Software, a groundbreaking innovation in deep brain stimulation (DBS) therapy, approved by the FDA after extensive internal review. This software, alongside visualization software like STIMVIEW XT, enhances the precision and effectiveness of DBS procedures performed by skilled surgeons at renowned institutions such as the University of Oxford, University of California San Francisco (UCSF), Mayo Clinic, and Brown University.

The market encompasses a wide range of applications including spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, gastric electrical stimulation, transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation. These modalities cater to diverse patient needs, from managing chronic pain to treating overactive bladder (OAB) syndrome.

Government support and reimbursement policies play a crucial role in driving market growth, particularly in emerging countries where healthcare expenditure is rising. The regulatory framework, including classification into Class I, II, or III devices, and approval processes like abbreviated 510(k) approvals, ensure that medical devices meet stringent quality standards and pose an acceptable risk profile to patients.

The neuromodulation market ecosystem comprises device manufacturers, healthcare providers, research institutions, and consortia like the OpenMind consortium, fostering collaboration and innovation. Patient awareness about neurostimulation therapies is increasing, leading to greater acceptance and adoption. Internal and external neuromodulation techniques offer tailored solutions for patients, improving their quality of life and clinical outcomes.

In conclusion, the neurostimulation devices market is poised for significant growth driven by technological advancements, supportive regulatory environments, and increasing demand from a growing patient population with neurological disorders. Collaboration among stakeholders will continue to drive innovation, expanding the therapeutic options available and improving patient outcomes globally. Technavio