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The North American neurostimulation devices market is projected to register a CAGR of 9.8% during the forecast period.
The global neuromodulation devices market was impacted significantly as a result of the COVID-19 pandemic. The global market is expanding due to the increased utilization of neuromodulation devices during the pandemic. For instance, according to the study published in Frontier Neurology in November 2021, non-invasive neuromodulation is a set of approaches that can be examined in the therapy of COVID-19 patients based on targeted pathways and empirical evidence (mostly in non-COVID-19 patients). Hence, the demand for neuromodulation rose during COVID-19.
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 on 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 the Alzheimer Society of Canada November 2021, over 500,000 Canadians were living with dementia. By 2030, this number is expected to rise to 912,000. Furthermore, the Public Health Agency of Canada News release in June 2019 stated that, on average, nine seniors are diagnosed with dementia every hour in Canada. Additionally, as per the Anales Médicos de la Asociación Médica del Centro Médico ABC study titled "The situation of epilepsy in Mexico and Latin America" published in September 2020, epilepsy has a higher prevalence in developing countries and in Mexico. Prevalence of epilepsy in Mexico was reported with rates of 3.9 to 42.2 per 1,000 inhabitants. An increase in the prevalence of epilepsy cases in Mexico boosted the growth of the studied market.
However, increasing product launches by the key market players anticipated market growth. For instance, in March 2021, the United States Food and Drug Administration authorized the marketing of Portable Neuromodulation Stimulator (PoNS), is a neuromuscular tongue stimulator that consists of a non-implantable apparatus to generate electrical pulses for stimulation of the trigeminal and facial nerves via the tongue to provide treatment of motor deficits.
Therefore, the rising prevalence of different types of neurological disorders and a recurring requirement for neuromodulation devices and therapies are attributed 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. The North America Neurostimulation Devices Market is Segmented by Device Type (Implantable Devices and External Devices), Application (Parkinson's Disease, Epilepsy, Depression, Dystonia, Pain Management, Other Applications), and Geography (United States, Canada, Mexico). The report offers the value (in USD million) for the above segments.
|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 stays.
However, technological advancements in pain management and various strategies adopted by the key market players are expected to drive the segment growth. For instance, in January 2021, Abbott launched NeuroSphere myPath, a digital health app designed to track and report on patient-perceived pain relief and general well-being associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy. During the device trial period required before the permanent implant, the app allows patients to record their outcomes on pain and well-being while trialing their neurostimulation therapy.
Moreover, according to the study titled "New Advances in Neurostimulation for Chronic Pain," published in the IEEE Engineering in Medicine and Biology Society in February 2021, The ReActiv8 implantable neurostimulation system from Mainstay Medical is designed to treat chronic low back pain and it was approved by Food and Drug Administration in June 2020. Low back pain that lasts longer than 90 days is referred to as chronic low back pain. Thus, the rising availability and accessibility of neuromodulation devices for pain management boost the segment studied.
Thus all aforementioned factors are expected to boost the segment growth over the forecast period.
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United States is Expected to Hold a Major Market Share During the Forecast Period
The United States is expected to hold a major market share during the forecast period in the studied market due to the high prevalence of Alzheimer’s diseases, new product launches growing geriatric population, and presence of robust healthcare infrastructure for neurological diagnostics and treatment.
For instance, according to the March 2022 report of the Alzheimer Association 2022, an estimated 6.5 million Americans aged 65 and up will have Alzheimer's disease. Seventy-three percent of the population is 75 years old or older. Alzheimer's disease affects about one in every nine people aged 65 and up (10.7 percent). Women account for nearly two-thirds of Alzheimer's patients in the United States. As the number of senior citizens in the United States increases, so will the number of new and existing cases of Alzheimer's disease. Unless medical breakthroughs to prevent, slow, or cure Alzheimer's disease are developed, the number of people aged 65 and older with Alzheimer's disease is expected to rise to 12.7 million by 2050. These data from the Alzheimer’s Association not just show the high prevalence of Alzheimer’s diseases in the United States but also the financial burden on the country’s economy due to it, and therefore, the demand for diagnostics and treatment for Alzheimer’s is expected to increase significantly in the country that will boost the growth in the studied market.
Also, the growing aging population in the region is expected to increase the burden of neurological disease in the region as the geriatric population is more prone to neurodegenerative diseases. For instance, according to the World Population Ageing Highlight report of 2019 published by the United Nations, in 2019, the geriatric (aged 65 years and more) population of Unite the d States was 53,340,00, and by 2050, it is projected to increase to 84,813,000 in the United States.
Additionally, product launches and market approval by regulatory authorities are anticipated to drive the market in the country. For instance, in March 2021, Abbott launched the NeuroSphere Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed. Similarly, in June 2021, Ireland-based medical technology company Medtronic received the United States Food and Drug Administration (FDA) approval for its Percept PC Deep Brain Stimulation (DBS) system
Thus, the above-mentioned factor, such as the rising prevalence of neurological diseases in the geriatric population, boost the market in the country.
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Some of the major players in the neurostimulation devices market are Medtronic, Cyberonics, Boston Scientific Corporation, and Abbott Laboratories. The major companies in the market are focusing on product innovations, expansions, finding new markets, or innovating their core competency 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 February 2022, Precisis GmbH, a Heidelberg-based company that specializes in the development of innovative medical devices, received a Breakthrough Device Designation from the United States Food and Drug Administration (FDA) for its EASEE brain stimulator.
In January 2022, NeuroMetrix Receives United States Food and Drug Administration breakthrough device designation for treatment of Chronic Chemotherapy-Induced Peripheral Neuropathy (CIPN) with its Wearable Neurostimulation Technology
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 (Market Size by Value – USD million)
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 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.
6.1.10 Livonova Inc.
6.1.11 NeuroSigma Inc
6.1.12 EndoStim 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 2019 - 2027.
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.