Analyzing the Growth and Expansion of the Neurostimulation Devices Market

The global healthcare economic burden, at present, is primarily characterized by major contributors such as chronic pain and neurological disorders. The annual societal cost for chronic pain and neurological disorders accounted for $635 billion and $789 billion respectively in the U.S., in 2014. Opioids are one of the most preferred medicines for the treatment of chronic pain, however, the side-effects associated with opioids have resulted in a decline in their overall usage and sale.

Consequently, the increasing cases of neurological disorders and the need for a novel approach for the treatment of such diseases has led to the advent of neuromodulation technologies. The rapid shift of the healthcare industry toward neurostimulation devices from opioids and other conventional treatment techniques can be attributed to the efficient, safe, and targeted approach of neurostimulation devices.

BIS Research recently published a market intelligence report titled “Global Neurostimulation Devices Market- Analysis and Forecast (2019-2024),” projecting the expected growth of the neurostimulation devices market across the globe during the forecast period, 2019-2024. As per the published report, the market is anticipated to witness a compound annual growth rate of 9.23% during the forecast period and is expected to reach $11.97 billion by 2024.  

Neurostimulation devices can be either implantable or non-implantable. The various implantable neurostimulation devices include spinal cord stimulation, auditory brainstem implant, vagus nerve stimulation, sacral nerve stimulation, hypoglossal nerve stimulation, and deep brain stimulation devices. Based on the analysis of the market by BIS Research, the spinal cord stimulation segment dominated the neurostimulation devices market by acquiring the largest market share in 2017. Moreover, the auditory brainstem implant segment is anticipated to lead the market in terms of growth rate during the forecast period.

Further, under the application segment, the global neurostimulation devices market includes pain management, hearing loss, epilepsy, depression, Parkinson’s disease, and urinary and fecal incontinence. Amongst these, hearing loss application segment is expected to grow at the fastest CAGR, during the forecast period.

Product launches, and mergers and acquisitions are the most adopted strategies by players in the global neurostimulation devices market. Other strategies include joint ventures, partnerships, and collaborations. Some of the leading players functioning in the market are Cochlear Ltd., Abbott Laboratories, Neuronetics Inc., Mainstay Medical International plc, Nexeon MedSystems Inc., and Helius Medical Technology.