Neurostimulation Devices Market Size

Neurostimulation Devices Market Analysis

The Neurostimulation Devices Market size is estimated at USD 8.21 billion in 2024, and is expected to reach USD 14.82 billion by 2029, growing at a CAGR of 12.5% during the forecast period (2024-2029).

The neurostimulation devices market was significantly impacted by the COVID-19 pandemic, particularly in its early stages, due to the disruptions in the supply chain, postponements of surgical services by hospitals and clinics, and low demand from end-user industries. For instance, according to a study published in March 2022 by PubMed, the barriers to transcranial magnetic stimulation (TMS) included suspension of nonessential procedures, staffing shortages, limited access to PPE and sanitization supplies, and clinics or offices ill-equipped to comply with social distancing recommendations. This notably impacted the demand for neurostimulation devices in clinical settings. Patients with Parkinson's disease (PD) and dystonia were at risk of chronic stress related to social restriction measures during the COVID-19 pandemic. However, as the spread of COVID-19 came down, the market is expected to witness significant growth in the coming year due to the rapid technological advancements in neurostimulation devices coupled with a rise in pipeline products across the globe.

Factors such as the rising prevalence of neurological disorders and the technological advancements in neurostimulation devices are expected to bolster market growth over the forecast period. For instance, according to the September 2021 report of the World Health Organization, about 55 million people around the world were living with dementia, and nearly 10 million cases were reported every year. Thus, with the rise in the prevalence of neurological diseases, the demand for neurostimulation devices is expected to increase, which is anticipated to impact the growth of the studied market. Furthermore, according to the Primary Care Dementia Data, published in January 2023 by NHS, 7,355 males and 6,693 females of age 65 and above were reported with Dementia in England in January 2023. Thus, owing to the high incidence of neurological diseases, the demand for neurostimulation devices is expected to rise, fuelling market growth over the forecast period.

Furthermore, an increase in strategic activities by the key players, such as product launches and collaborations, and a surge in product approvals by the regulatory authorities bolsters market growth. For instance, in January 2022, TensCare showcased its latest in transcutaneous electrical nerve stimulation widely used for drug-free pain relief in the long-term treatment of chronic pain conditions such as diabetic neuropathy, backache, sciatica, osteoarthritis and the relief of the acute pain of childbirth at Arab Health 2022. Similarly, in November 2022, ElectroCore, Inc., a commercial-stage bioelectronic medicine company, received a Unique National Product Code Number from the Belgian Pharmaceutical Association for its gammaCore Sapphire non-invasive vagus nerve stimulator (nVNS). Further, in August 2022, Medtronic Private Limited launched the SenSight directional lead system for Deep Brain Stimulation (DBS) therapy to treat symptoms associated with movement disorders and epilepsy in India. Deep brain stimulation (DBS) is a treatment for symptoms of Parkinson's disease, including tremors, stiffness, and trouble walking.

Thus, owing to the increase in neurological diseases and strategic activities by the key players, the studied market is expected to witness significant growth over the forecast period. However, factors such as the complications associated with neurostimulation devices and stringent device approval regulations are expected to restrain the market growth during the forecast period.