Market Trends of Neurostimulation Devices Industry
Spinal Cord Stimulator is Expected to Dominate the Market During the Forecast Period
The spinal cord stimulators segment is expected to witness significant growth over the forecast period owing to factors such as the increasing prevalence of neurological disorders coupled with other diseases such as depression and chronic pain and the increasing adoption of technologically advanced products. For Instance, as per the National Spinal Cord Injury Statistical Center (NSCISC), the incidence of SCI in the United States was about 334 million in 2022. Also, the annual incidence of traumatic spinal cord injury (tSCI) was approximately 54 cases per one million people in the United States, which equals about 18,000 new tSCI cases yearly. Hence, the demand for spinal cord stimulators is increasing with the increase in spinal cord injuries.
Furthermore, the increase in spinal cord stimulator launches, regulatory approvals, and advancements in the device are expected to bolster the market growth over the forecast period. For Instance, in December 2022, Abbott received FDA approval for the company's Eterna spinal cord stimulation (SCS) system, the smallest implantable, rechargeable spinal cord stimulator currently available for treating chronic pain. Further, introducing multiphase spinal cord stimulators to the market is expected to fuel the segment's growth. For Instance, in April 2023, Biotronik received FDA approval for Prospera, a spinal cord stimulation (SCS) system. The system features RESONANCE, the first multiphase stimulation paradigm, paired with Embrace One. This patient-centric model makes proactive care possible by offering automatic, objective, daily remote monitoring and ongoing management and support. Similarly, in September 2022, Taiwanese medical device manufacturer GIMER Medical received conditional Investigational Device Exemption (IDE) approval from the FDA for the company's spinal cord stimulation system. The implantable device aims to relieve patients' chronic pain with its patented technology. GIMER Medical's NeuroBlock SCS system offers effective pain management by releasing a novel high-frequency stimulation of 500 kHz to the spinal cord.
Therefore, due to the increase in spinal cord injuries and the surge in regulatory approvals and strategic product launches by the key players, the studied segment is expected to grow over the forecast period.
North America is Expected to Witness a Significant Growth Over the Forecast Period
North America is expected to witness healthy growth in the neurostimulation devices market owing to the rising geriatric population, increasing neurological disorders, and strategic product launches by the key players. For instance, as per the 2022 update from the Parkinson's Foundation, nearly one million people in the United States are living with Parkinson's disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson's is the second-most common neurodegenerative disease after Alzheimer's disease. Additionally, as per the report published by Parkinson's Canada in November 2021, more than 100,000 Canadians live with Parkinson's, and more than 25 people are diagnosed with Parkinson's disease every day. Hence, the high prevalence of neurological diseases will likely boost the market growth in North America.
Furthermore, the presence of key players and its strategic product launches, partnerships, and collaborations are expected to bolster the market growth over the forecast period. For instance, in January 2021, Boston Scientific Corporation launched the WaveWriter Alpha, a Spinal Cord Stimulator (SCS) system portfolio that combines therapy options for personalized pain relief. Similarly, in January 2022, Nevro Corp received approval from the FDA for expanded labeling for its Senza Spinal Cord Stimulation (SCS) System for treating Non-Surgical Refractory Back Pain (NSRBP). Also, in January 2022, Medtronic received FDA approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for treating chronic pain associated with diabetic peripheral neuropathy (DPN).
Thus, the increasing cases of neurological disorders and increasing company activities in the region are expected to augment the market growth over the forecast period.
