Oncology Segment, by Disease Indication to Account Larger Share in Neurostimulation Devices Market during 2022–2030

According to our latest study on “Neurostimulation Devices Market Forecast to 2030 – COVID-19 Impact and Global Analysis – Product, Application, and End User," the market is expected to grow from US$ 5,802.47 million in 2022 and is expected to reach a value of US$ 11,825.95 million by 2030; it is anticipated to record a CAGR of 9.3% from 2022 to 2030. The report highlights the key factors driving the neurostimulation devices market growth and prominent players with their developments in the market.

Neurostimulation devices attach electrodes to the brain, spinal cord, or peripheral nerves. Each device can collect and store data over time, and the nature of this data reflects the different therapeutic strategies used. Neuromodulation uses electrical or magnetic pulsations to influence or stimulate the central or peripheral pain pathways. This procedure aims to control the pain systems to minimize pain levels. Neurostimulation devices can be used safely and effectively to treat drug-resistant epilepsy. Rapid advances in neurostimulation technology relieve the patients affected by neurological and psychiatric disorders. Neurostimulation therapies include invasive and noninvasive approaches in which electrical stimulation drives neuronal function within a circuit.

The neurostimulation devices market, by application, is segmented into pain management, epilepsy, urinary and fecal incontinence, Parkinson’s disease, and others. The pain management segment held the largest market share in 2022 and same segment is anticipated to register the highest CAGR of 9.9% during the forecast period. Per the US Centers for Disease Control and Prevention (CDC), back pain is the second leading reason for hospital visits, and ~60% and 80% of people experience lower back pain during their lifetime, which is one of the major reasons for hospital admission or surgeries. Neurostimulation is a safer and more efficient solution for alleviating chronic pain and is widely adopted. Numerous biotech companies are launching neurostimulators to help opioid addicts overcome pain and other withdrawal symptoms. For example, in April 2021, Spark Biomedical, a leading medical device company, rolled out a new neurostimulation device called Sparrow Therapy System to help opioid addicts work through withdrawal symptoms. The device uses low doses of electricity to stimulate endorphin production, which helps to alleviate the pain and fear that patients experience during withdrawal. In January 2023, the FDA approved Abbott’s Proclaim XR spinal cord neurostimulation system, which supports patients with diabetic peripheral neuropathy to manage chronic pain. Thus, the segment is expected to grow due to the application and benefits of neurostimulation devices during the forecast period.

Medtronic Plc; Boston Scientific Corp; Abbott Laboratories; Nevro Corp; LivaNova Plc; Synapse Biomedical Inc.; Nalu Medical, Inc.; ElectroCore Inc.; MicroTransponder Inc; and Mainstay Medical are among the leading companies operating in the global neurostimulation devices market.    

Companies operating in the neurostimulation devices market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the neurostimulation devices market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall neurostimulation devices market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

A few of the significant developments by key market players are listed below.

• In August 2023, Abbott announced that the U.S. Food and Drug Administration (FDA) had approved its new Proclaim Plus spinal cord stimulation (SCS) system featuring FlexBurst360 therapy. The next generation of Abbott's proprietary BurstDR stimulation, FlexBurst360 therapy, offers pain coverage across six areas of the trunk and/or limbs. It enables programming that can be adjusted as a person's therapeutic needs evolve.
• In August 2023, Mainstay Medical Holdings plc announced the completion of enrollment in its RESTORE randomized clinical study of ReActiv8 for the treatment of intractable chronic low back pain. The study provided a direct comparison for optimizing medical management to test the hypothesis adding ReActiv8 Restorative Neurostimulation therapy to current care paradigms results in significant improvements in back pain-related disability
• In April 2023, Synapse Biomedical, Inc. announced that the FDA approved NeuRx Diaphragm Pacing System (NeuRx DPS) for usage in patients with spinal cord injuries and those who rely on mechanical ventilation.
• In December 2022, Abbott announced that it received approval from the U.S. Food and Drug Administration (FDA) for the Eterna spinal cord stimulation (SCS) system. It is the smallest implantable, rechargeable spinal cord stimulator that is available for treating chronic pain.
• In January 2022, Medtronic plc received the U.S. Food and Drug Administration approval for the Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).

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