The neurostimulation devices sector is anticipated to grow significantly, reaching an estimated US$ 11,825.95 million by 2030, up from US$ 5,802.47 million in 2022. This growth represents a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030.
The primary factors propelling the expansion of the neurostimulation devices market include the rising incidence of neurological disorders and an increase in spinal cord injuries. Nevertheless, the shortage of qualified professionals in this field poses a challenge to market growth.
Increasing Preference for Noninvasive Treatments to Propel Future Growth of the Neurostimulation Devices Market
Neurostimulation is an innovative area that employs targeted electrical, mechanical, magnetic, or thermal stimulation to modify neuronal firing patterns and internal connectivity, aiming to treat various neurological conditions. Noninvasive neurostimulation devices encompass a range of techniques, including electroconvulsive therapy (ECT), transcutaneous electrical nerve stimulation (TENS), transcranial electrical stimulation (TES), transcranial direct current stimulation (tDCS), transcranial alternating current stimulation (tACS), static magnetic stimulation, random sound stimulation, peripheral nerve stimulation, ultrasound, and focused ultrasound (FUS), which includes cranial nerve stimulation. Among these, noninvasive methods are particularly advanced in the field of psychiatry.
Both patients and healthcare professionals are increasingly leaning towards noninvasive or minimally invasive treatment options due to their convenience, painlessness, safety, and minimal side effects. These treatments are widely utilized for neurological conditions, focusing on enhancing quality of life and alleviating issues related to speech, swallowing, and cognitive functions. Consequently, the rising demand for noninvasive therapies is expected to significantly drive the growth of the neurostimulation devices market in the coming years.
Governments are actively promoting awareness about strokes and are enhancing treatment options, medical technologies, and healthcare coverage. Investments in the prevention and management of noncommunicable diseases have also increased. According to WHO data, approximately 95% of China's population is covered by health insurance, thanks to two government programs aimed at low-income groups: the New Rural Cooperative Medical System (NRCMS) and Urban Resident Basic Medical Insurance (URBMI). These initiatives were introduced to alleviate the financial burden of healthcare costs, encouraging more individuals to seek surgical interventions for better health outcomes. The neurostimulation devices market is also poised for growth due to advancements in the medical device industry in nations like Japan and China, alongside the rapid integration of artificial intelligence (AI) and machine learning (ML) technologies in neurology.
Moreover, the growth of the neurostimulation devices market in Germany is linked to the increasing prevalence of strokes and their rising incidence. Neurosurgery in Germany benefits from highly skilled professionals and state-of-the-art equipment, adhering to the latest surgical protocols. The country?s neurology centers are equipped with modern diagnostic tools and minimally invasive surgical devices that comply with international quality standards.
According to the "Burden of Stroke in Europe" report by King?s College London for the Stroke Alliance for Europe, Germany experiences around 88,922 stroke cases annually, translating to 51.7 strokes per 100,000 people. The total prevalence of stroke in Germany is approximately 526,774, equating to 338.5 strokes per 100,000 residents. The mortality rate from strokes is also significant, with 75,861 deaths recorded each year. Projections indicate that stroke cases may rise by 30% by 2035, with prevalence expected to increase by 19% by the same year. As of December 2022, around 400,000 individuals in Germany were affected by stroke, a number that continues to grow due to an aging population. Additionally, neurodegenerative diseases are becoming more common, with over 2 million people in Germany suffering from conditions like dementia or Parkinson's disease. The German Association for Alzheimer?s Patients reported that in 2020, 9,450 deaths were attributed to Alzheimer?s, marking a significant statistic. The rise in hospitalizations and fatalities linked to Alzheimer?s is closely tied to the aging demographic, with the population aged 65 and older increasing by approximately 33% to reach 18.3 million in 2020.
Thus, the escalating incidence of strokes and the growing elderly population, which contributes to a rise in neurological disorders, are key drivers of the neurostimulation devices market in Germany. Additionally, supportive government initiatives and ongoing research in neurology further enhance market growth. These factors are expected to significantly influence the neurostimulation devices market from 2022 to 2030.
The neurostimulation devices market is categorized based on product type, application, end user, and geographical region. In terms of product, the market includes spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. The spinal cord stimulator segment held the largest market share in 2022 and is projected to exhibit the highest CAGR during the forecast period. By application, the market is divided into pain management, epilepsy, urinary and fecal incontinence, Parkinson?s disease, and others, with pain management also holding a significant market share in 2022 and expected to grow rapidly. The end-user segment is divided into hospitals, specialty clinics, and others, with hospitals dominating the market in 2022, while specialty clinics are anticipated to experience the highest growth rate during the forecast period. Specialty clinics are recognized for their excellence in delivering high-quality clinical outcomes, focusing on diagnosing, treating, and managing neurological disorders with highly trained staff and advanced equipment.
Furthermore, specialty clinics provide medically supervised treatments in a soothing environment and educate patients on daily care routines for conditions like Parkinson?s and Alzheimer?s. These clinics also conduct various diagnostic procedures, including assessments of motor symptoms through medication trials. Factors such as cost-effectiveness and reduced waiting times contribute to the growth of this segment.
The global rise in the prevalence of neurological conditions has led to an increase in patients seeking care at specialty clinics, which are expanding worldwide to offer specialized services. For example, in July 2022, the neurology teams at Ohio State University Wexner Medical Center launched a new specialty clinic dedicated to Parkinson?s disease, providing comprehensive care in a single location. This clinic allows patients to address various symptoms with a multidisciplinary team of specialists.
Key sources for the report on the neurostimulation devices market include the Food and Drug Administration (FDA), National Cancer Institute (NCI), Ministry of Health and Prevention (MoHAP), and National Transformation Program (NTP).