DUBLIN--(BUSINESS WIRE)--The "Global Neurostimulation Devices Market: Analysis and Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Neurostimulation devices consider the implantable and non-implantable neurostimulation devices which act on the spinal cord and brain to deliver the electrical stimulation to a targeted area. These types of devices are mainly used in the treatment and management of Parkinson's disease, bowel and bladder dysfunction, Alzheimer's disease, and relieving chronic pain of the body. For carrying out innovative research in the field of neurostimulation devices, companies in the market received funding and investments by a few government organizations.
The global neurostimulation devices market witnessed approximately 22 funding and investments in the past four years (January 2016-May 2020). For instance, NeuroPace, Inc. received $74 million funding from KCK Group and OrbiMed Advisors for ramping the production of NeuroPace RNS System, which was approved by the FDA in 2013. This device is used for the treatment and management of epileptic seizures.
The companies received a large number of product approvals by the regulatory bodies, including FDA, PMDA, Japan's Ministry of Health, Labour and Welfare, CE mark certification, European Medical Device Regulation (MDR) certification, and TGA approvals. Medtronic plc, Helius Medical Technologies, BrainsWay, Nevro Corporation, and Cochlear Ltd. received the maximum number of product approvals.
For instance, in January 2020, Medtronic plc received CE mark approval for the Percept PC neurostimulator DBS system with BrainSense Technology. This device is used for the treatment of Parkinson's disease. Moreover., in March 2020, Helius Medical Technologies received approval from Health Canada to commercialize the PoNS Device. This device is used for the treatment and management of multiple sclerosis (MS).
The market is favored by multiple factors, which include the rising prevalence of neurological diseases, such as Parkinson's disease, Alzheimer's disease, epilepsy, and neuropathic pain. Neurostimulation devices have shown promising results to cure disorders that affect the activity of the nervous system that includes the brain and spinal cord. Furthermore, there are plenty of options available in the neurostimulation devices market offering preventive treatment against such conditions. Such products are therefore being adopted even by professionals and by people of different age groups. Hence, the results of the prevention and treatment of different neurological disorders are accelerating the growth of the neurostimulation devices market.
The elderly population is mostly under pain management treatment for different neurological disorders, which include Parkinson's disease and Alzheimer's disease. As in the geriatric population, they are likely to have an increased risk of adverse reactions from pharmacological methods which are used for pain management medications. Thus, such methods that are used for the treatment of neurostimulation disorders consist of minimally invasive methods used for the management of persistent pain and cause no side effects and risk. Addressing chronic diseases that have a high incidence in the geriatric population is expected to gain momentum due to this growing number and shall continue to drive the global neurostimulation devices market.
All these factors are thus, expected to contribute to market growth during the forecast period.
Major players, including Medtronic plc, Boston Scientific Corporation, Cochlear, Ltd., and Abbott Laboratories, among others, led the number of synergistic developments (partnerships and alliances) witnessed by the market. Based on the region, North America is expected to retain a leading position in the market throughout the forecast period 2021-2030, followed by Europe.
North America's market dominance, as well as the market growth in the region, can primarily be attributed to the presence of several established leading players including Abbott Laboratories, Boston Scientific Corporation, Inspire Medical Systems, Inc., Nuvectra Corporation, NeuroMetrix, Inc., among others that make the region one of the attractive markets for neurostimulation devices. These players have entered into strategic partnerships with the leading research centers and universities, and government medical research centers in the region to facilitate the development of their products.
For instance, in May 2019, Abbott Laboratories partnered with NIH on the BRAIN (Brain Research through Advancing Innovative Neurotechnologies) initiative to accelerate advancements in neurological science. Likewise, in January 2018, Helius Medical Technologies, Inc. partnered with Key Tronic corporation to provided contract manufacturing for portable neuromodulation stimulator (PoNS) devices.
- Growing incidence of neurological disorders
- Increased side-effects of pain management medications in geriatric population
- Limited success rate of drugs targeting specific diseases
- Advent of sedentary lifestyles resulting massive burden of chronic pain
- Growing concerns pertaining to pelvic health of geriatric population
- Financial burden of product recalls
- Increased regulatory scrutiny
- High cost of equipment
- Evolution of biomarker-based therapeutics enabling early diagnostics of neurological disorders
- Development of closed-loop neuromodulation
- Abbott Laboratories
- Axonics Modulation Technologies, Inc.
- Beijing PINS Medical Co., Ltd.
- Boston Scientific Corporation
- Cochlear Ltd.
- electroCore, Inc.
- Helius Medical Technologies, Inc.
- Inspire Medical Systems, Inc.
- Laborie Medical Technologies, Inc.
- LivaNova PLC
- Medtronic Plc
- NeuroMetrix, Inc.
- NeuroPace, Inc.
- Nevro Corporation
- Synapse Biomedical Inc.
- The Magstim Company Limited
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