Neurostimulation Market Insights and Forecast by 2032
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Neurostimulation Market Overview
The neurostimulation market is growing successfully and promises an impressive CAGR of 11.5% during 2022-2032.
Neurostimulation is used for the treatment of various debilitating conditions such as gastroparesis, incontinence, Parkinson’s disease, epilepsy, depression and essential tremors. It is a highly potential treatment option for patients who do not obtain relief from medications and surgical therapies
Neurostimulation improves the quality of life of patients who are severely paralyzedor suffering from intense loss of various sense organs. Therefore, neurostimulation is highly instrumental in artificial vision, hearing aids, artificial limbs and other prosthetics.
What are the Applications of Neurostimulation Devices, Driving the Market Growth?
“There has been an phenomenal growth in the use of neurostimulation devices, as consumers are buying devices that can used in home for neurostimulation for back pain, neurostimulation for Parkinson, and other ailments.”
The global neurostimulation market is analyzed based on the therapies in which neurostimulation systems are utilized. This includes the following segments:
- Deep brain stimulation (DBS)
- Spinal cord stimulation (SCS)
- Vagus nerve stimulation (VNS)
- Sacral nerve stimulation (SNS)
Spinal cord stimulation therapy accounts for the largest share in the global neurostimulation market, owing to the presence of a large number of SNS neurostimulators in treating diabetic neuropathy, pain, postherpetic neuralgia, ischemic limb pain, and acute herpes zoster pain.
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Deep brain stimulators are currently approved for the treatment of neurological disorders such as Parkinson’s disease, epilepsy, dystonia, obsessive-compulsive disorder (OCD), essential tremors and depression.However, extensive research and advancement in technology leading to new, exciting applications such as stroke, obesity, autism, sleep disorders and many others will expand the deep brain stimulator market at a faster pace.
There is a rising need for devices with improved outcome, ability to pre-sense a neurological episode on-set, optimize the inter-device communication and better user interface. Developing technologies sufficing the treatment objective and market demand will lead to an increase in the demand for neurostimulation therapy and devices.
Moreover, aging population driving rise in the incidence of neurological disorders such as Parkinson’s disease, epilepsy, essential tremors and depression related disorders will lead to an increase in demand for neurostimulation. In addition, neurostimulation devices and systems are gaining acceptance for the treatment of chronic pain especially in the developing economies such as India, China, Brazil, Mexico and Russia.
Furthermore, increase in FDA approvals for novel neurostimulators with new applications, will expedite the growth of the global neurostimulation market in the near future. However, lack of a reliable measuring systems which can provide the expected outcome of neurostimulation therapies is a major challenge for manufacturers. High cost of the therapy is a deterring factor for the neurostimulation market, which can be subsided by gaining reimbursement for such devices.
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