According to PersistenceMarketResearch, the global neurostimulation devices market is slated to witness a CAGR of more than 15% between 2020 and 2030.
Market Snapshot
The age-old neurostimulation systems meant for preclinical research are likely to be bulky as well as invasive as they need wired interfaces/batteries. The ongoing trend pertains to ultrasound-powered piezoelectric neural stimulators that function by conversion of ultrasound energy into electrical charge. Plus, they do have longer operational lifetimes to have a stable, long-term neural interface, thereby promising clinical translation.
How is the market spread?
By functionality, the neurostimulation devices could be categorized into gastric electric stimulator, deep brain stimulator, sacral nerve stimulator, spinal cord stimulator, and vagus nerve stimulator (invasive and non-invasive). The application areas include Parkinson’s disease, gastroparesis, dystonia, depression, urinary and fecal incontinence, essential tremor, epilepsy, and pain management.
Region-wise?
North America holds the largest market share with growing incidences of the neurological diseases along with increase in geriatric population. Plus, junk food consumption and alcoholism are there to add to demand of these devices. Europe stands second herein. The Asia-Pacific is expected to grow at the fastest pace in the years to come. This could be credited to the increase in awareness regarding disorders related to brain.
Competitive Landscape
The key market participants include bayer, Abbott, IntraPace, Boston Scientific Corporation, Medtronic, Laborie, NeuroPace, SPR Therapeutics, Nevro, and Neuronetics. Coming to developments, Abbott, in Sep 2019, did receive approval from the US FDA regarding Proclaim XR recharge free neurostimulation device. NeuroPace RNS System is already in great demand for the treatment of drug-resistant focal epilepsy. Likewise, Abbott’s “Proclaim” series are inclusive of devices designed for delivering SCS (Spinal Cord Stimulation) to treat chronic pain along with DRG (dorsal root ganglion) stimulation for those suffering from causalgia (nerve pain that follows injury or surgery). Its Infinity DBS (Deep Brain Stimulation) system makes use of mild electric pulses for alleviating symptoms pertaining to Parkinson’s disease with essential tremor.
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