Market Overview: The global market size for nerve stimulators was significantly large in 2020 and is projected to maintain a rapidly increasing revenue Compound Annual Growth Rate (CAGR) from 2021 to 2028. Key drivers of revenue growth include a higher prevalence of Alzheimer’s disease, Parkinson’s disease, epilepsy, cerebrovascular diseases, and other neurological disorders globally, impacting both the central nervous system (CNS) and peripheral nervous system (PNS) of individuals.
The neurostimulation technique plays a crucial role in treating various neurological disorders. Electrodes in nerve stimulators generate mild electric pulses to enhance patients’ neurological functions. These stimulators can either be implanted or worn externally, with some directly implanted into the brain. According to the Hearing Health Foundation 2020 data, approximately 48 million people in America and nearly 360 million people globally are affected. Additionally, around 50 million patients worldwide are living with epilepsy, as reported by the Epilepsy Centre.
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Major Factors Driving Growth of the Global Nerve Stimulators Market: The revenue growth of the global nerve stimulators market is attributed to the increasing prevalence of neurological disorders, a growing geriatric population, the emergence of highly advanced designs, and a high demand for products as add-on therapy. Furthermore, unmet medical needs and the rising incidence of chronic diseases, such as epilepsy and migraine, especially in emerging countries, are expected to fuel the growth of the nerve stimulators market in the coming years.
Factors Restraining Growth of the Global Nerve Stimulators Market: The growth of the global nerve stimulators market is significantly hindered by the adverse effects of these devices, posing potential risks to growth. Side effects associated with neurostimulation therapy and the credible risk posed by alternative treatments for neurological disorders may present major challenges for firms in the upcoming years.
Opportunities for Players Operating in the Global Nerve Stimulators Market: The increasing cases of depression are likely to create new growth opportunities for the nerve stimulators market. Depression is a leading cause of mental disorders in the United States, affecting close to 16.2 million people in 2016, according to the National Institute of Mental Health. Additionally, the growing number of epilepsy patients presents a significant advantage for nerve stimulator vendors in the upcoming years.
Global Nerve Stimulators Market Revenue Led by Product Type Segment: The nerve stimulators market is segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and gastric electric stimulators. The spinal cord stimulators segment is expected to dominate the market, driven by the high market presence of commercially available products and a broad range of applications. Ongoing technological development is also anticipated to contribute to the growth of this segment.
Global Nerve Stimulators Market Leading Application Segment: The global nerve stimulators market is segmented by application into pain management, epilepsy, essential tremors, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson’s disease, and others. In 2020, the pain management segment dominated the market due to the high prevalence of chronic pain disorders and the increased usage of these products for pain management. The epilepsy segment is also expected to grow steadily due to the high efficacy of nerve stimulators in treating epilepsy and the limited treatment options available for the disease.
North America Accounts for Largest Revenue Share in Global Nerve Stimulators Market: In 2020, the North America nerve stimulators market held a high share, driven by the development of novel neurostimulators, approvals by health authorities, mergers and acquisitions between key players, and a rising geriatric population. The region’s growth is further supported by an increasing prevalence of neurological disorders, favorable reimbursement policies, and the introduction of innovative technology.
Asia-Pacific Continues to Lead in Terms of Revenue CAGR: Asia-Pacific is expected to be the fastest-growing nerve stimulators market, providing lucrative opportunities to key players. The increasing incidence of neurological disorders, private and government projects to raise awareness about mental health, rising healthcare expenditures, healthcare reforms, and improvements in healthcare facilities in emerging countries such as India and China are expected to drive demand for nerve stimulators in the Asia-Pacific region.
Major Companies Profiled in the Report:
- Boston Scientific Corporation
- Synapse Biomedical Inc
- Abbott Laboratories
- NeuroSigma Inc
- EndoStim Inc
- Medtronic plc
- NeuroPace Inc
- ElectroCore Inc
- Neuronetics Inc
- Nevro Corporation
- Aleva Neurotherapeutics SA
Strategies and Objectives of Major Companies: In January 2021, the US FDA approved Boston Scientific’s advanced Vercise Genus Deep Brain Stimulator, which can be used conditionally in a Magnetic Resonance Imaging environment. The approval includes both non-rechargeable and rechargeable implantable pulse generators that are Bluetooth-enabled, providing maximum symptom relief.
Additionally, in January 2021, Neurolief Ltd., a neurotechnology designer, entered into an agreement with Sawai Pharmaceutical Co. Ltd. to create and market Religion, a quasi-brain nerve stimulator that stimulates the trigeminal and occipital nerves.
What Our Report Provides and Why Our Offering Is Better: This report offers historical data points, forecasts, and revenue growth at a global, regional, and country level. It provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. Additionally, the report offers industry analysis, a competitive landscape, company financials, and impact analysis. It includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation in Our Report: For the purpose of this report, the global nerve stimulators market is segmented based on product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028):
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electric Stimulators
Application Outlook (Revenue, USD Billion; 2018-2028):
- Pain Management
- Essential Tremor
- Urinary and Fecal Incontinence
- Hearing Loss
- Parkinson’s Disease
Region Outlook (Revenue, USD Billion; 2018-2028):
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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