North America Neurostimulation Devices Market Size

North America Neurostimulation Devices Market Analysis

The North America neurostimulation devices market is expected to register a CAGR of 9.8% over the forecast period.

The outbreak of the pandemic impacted the market. The market has witnessed growth due to the increased utilization of neuromodulation devices during the pandemic. For instance, according to an NCBI study published 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. Thus, owing to such instances, the demand for neurostimulation devices increased, and thus the market witnessed positive growth during the pandemic. The market is also expected to continue the upward trend over the forecast period owing to the high burden of neurological disorders in the North American region.

The growing burden of neurological diseases and rising demand for minimally invasive technologies are the major drivers for the market. There has been a consistent increase in the overall number of neurological disorder patients from various states of the United States and Canada, resulting in an increasing demand for neurostimulation devices. The various types of neurological disorders include cerebrovascular diseases such as epilepsy, Parkinson's disease, multiple sclerosis, and poliomyelitis, among other major diseases. For instance, as per the study published in September 2021 in PLOS, the prevalence of epilepsy is considerably high in Mexico. The prevalence of epilepsy in Mexico was reported at rates of 3.9 to 42.2 per 1,000 inhabitants. Therefore, an increase in the prevalence of epilepsy cases in Mexico is expected to boost market growth over the forecast period.

Furthermore, with a growing population, the risk of neurological diseases also increases. For instance, as per Statistics Canada's 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males, and 3,796,750 were females. Such a high number of the elderly population is also boosting the growth of the market. Moreover, increasing product launches by the key market players may propel the market growth. For instance, in March 2021, the United States Food and Drug Administration granted marketing authorization for the Portable Neuromodulation Stimulator (PoNS) to Helius Medical, Inc. It 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 product launches by the key players are expected to contribute to the market growth in North America.

However, the high cost of neurological disease treatment may hinder the market growth over the forecast period.