|Study Period:||2018 - 2026|
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The North American neurostimulation devices market is projected to register a CAGR 9.8% during the forecast period.
The North American neurostimulation devices market is estimated to show healthy growth, owing to the growing burden of neurological diseases and the rising demand for minimally invasive technologies.
Neurological disorders are found to be increasingly recognized as one of the most prevalent disorders, with a high burden to the patients, their families, and society. There has been a consistent increase in the overall neurological disorders patients approaching from multiple states and countries in the United States and Canada, which promotes the demand for neurostimulation devices. The various types of neurological disorders include cerebrovascular disease, Alzheimer’s disease, and others, such as dementia, migraine, epilepsy, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis, among other major diseases.
According to an article in HuffPost, published in 2017, the neurological disorders affect around 100 million North Americans, indicating that about one-third of the total population suffers from neurological diseases, such as Alzheimer’s, multiple sclerosis, migraines, epilepsy, and spinal cord injury. Therefore, the rising prevalence of different types of neurological disorders and a recurring requirement of neuromodulation devices and therapies are attributing to the growth of the neurostimulation devices market in North America.
Scope of the Report
As per the scope of the report, neurostimulation devices are the most commonly used devices, mainly for the treatment of neurologic disorders, which aid in the delivery of electrical stimulation to intended parts of the patient’s brain, peripheral nervous system, and spinal cord. Moreover, over the past two decades, innovation in medical device technologies has been one of the primary drivers for the rapid evolution of neurostimulation systems.
|By Device Type|
Key Market Trends
Pain Management is Estimated to Dominate the Application Segment over the Forecast Period
Pain management has been estimated to dominate the overall market, by application, as there is a high prevalence of chronic pain disorders and the growing adoption rates of neurostimulation devices for pain management.
There is a high prevalence of chronic pain, disk surgery pain, and leg pain observed among the individuals approaching hospitals and clinics in North America. Thus, the demand for these devices is increasing, on account of patients preferring shorter hospital stay. According to the Global Health Data Exchange, in 2017, the combined global incidence of neurological disorders and chronic pain was found to be 3.97 billion, which includes Alzheimer's disease and other dementias, low back pain, stroke, traumatic brain injury, migraine, multiple sclerosis, spinal cord injury, and the Parkinson's disease.
An increasing number of new product launches and approvals of various devices to reduce chronic pain may help in accelerating the growth of the market studied.
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Some of the major players of the neurostimulation devices market are Medtronic, Cyberonics, Boston Scientific Corporation, and Abbott Laboratories. The major companies present in the market are focusing on product innovations, expansions, finding new markets, or innovating their core competency, in order to expand their individual market share.In April 2017, Boston Scientific announced that the first patient was successfully implanted in the PRISM (Precision Implantable Stimulator for Migraine) clinical study.
In August 2021, MicroTransponder Inc. received the United States Food and Drug Administration approval for Vivistim Paired VNS System, to treat upper extremity motor deficits associated with chronic ischemic stroke.
In January 2021, Boston Scientific Corporation announced the launch of the WaveWriter Alpha, a spinal cord stimulator system in the United States.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Neurological Diseases
4.2.2 Rising Demand for Minimally Invasive Technologies
4.3 Market Restraints
4.3.1 High Cost of Neurological Disease Treatments
4.3.2 Shortage of Skilled Healthcare Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Implantable Devices
220.127.116.11 Vagus Nerve Stimulators
18.104.22.168 Spinal Cord Stimulators
22.214.171.124 Deep Brain Stimulators
126.96.36.199 Gastric Electric Stimulators
188.8.131.52 Other Implantable Devices
5.1.2 External Devices
184.108.40.206 Transcranial Magnetic Stimulation (TMS)
220.127.116.11 Transcutaneous Electrical Nerve Stimulation (TENS)
18.104.22.168 Other External Devices
5.2 By Application
5.2.1 Parkinson's Disease
5.2.5 Pain Management
5.2.6 Other Applications
5.3.1 North America
22.214.171.124 United States
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Cyberonics Inc.
6.1.4 Interpace Biosciences
6.1.5 Medtronic PLC
6.1.7 NeuroPace Inc.
6.1.8 Nevro Corp.
6.1.9 Synapse Biomedical Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The North America Neurostimulation Devices Market market is studied from 2018 - 2026.
What is the growth rate of North America Neurostimulation Devices Market?
The North America Neurostimulation Devices Market is growing at a CAGR of 9.8% over the next 5 years.
Who are the key players in North America Neurostimulation Devices Market?
Abbott Laboratories, Synapse Biomedical Inc., Boston Scientific Corporation, NeuroPace Inc., Nevro Corp. are the major companies operating in North America Neurostimulation Devices Market.