Market Size of North America Neurostimulation Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 9.80 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Neurostimulation Devices Market Analysis
The North America neurostimulation devices market is expected to register a CAGR of 9.8% over the forecast period.
The outbreak of the pandemic impacted the market. The market has witnessed growth due to the increased utilization of neuromodulation devices during the pandemic. For instance, according to an NCBI study published in November 2021, non-invasive neuromodulation is a set of approaches that can be examined in the therapy of COVID-19 patients based on targeted pathways and empirical evidence. Thus, owing to such instances, the demand for neurostimulation devices increased, and thus the market witnessed positive growth during the pandemic. The market is also expected to continue the upward trend over the forecast period owing to the high burden of neurological disorders in the North American region.
The growing burden of neurological diseases and rising demand for minimally invasive technologies are the major drivers for the market. There has been a consistent increase in the overall number of neurological disorder patients from various states of the United States and Canada, resulting in an increasing demand for neurostimulation devices. The various types of neurological disorders include cerebrovascular diseases such as epilepsy, Parkinson's disease, multiple sclerosis, and poliomyelitis, among other major diseases. For instance, as per the study published in September 2021 in PLOS, the prevalence of epilepsy is considerably high in Mexico. The prevalence of epilepsy in Mexico was reported at rates of 3.9 to 42.2 per 1,000 inhabitants. Therefore, an increase in the prevalence of epilepsy cases in Mexico is expected to boost market growth over the forecast period.
Furthermore, with a growing population, the risk of neurological diseases also increases. For instance, as per Statistics Canada's 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males, and 3,796,750 were females. Such a high number of the elderly population is also boosting the growth of the market. Moreover, increasing product launches by the key market players may propel the market growth. For instance, in March 2021, the United States Food and Drug Administration granted marketing authorization for the Portable Neuromodulation Stimulator (PoNS) to Helius Medical, Inc. It is a neuromuscular tongue stimulator that consists of a non-implantable apparatus to generate electrical pulses for stimulation of the trigeminal and facial nerves via the tongue to provide treatment of motor deficits. Therefore, the rising prevalence of different types of neurological disorders and product launches by the key players are expected to contribute to the market growth in North America.
However, the high cost of neurological disease treatment may hinder the market growth over the forecast period.
North America Neurostimulation Devices Industry Segmentation
As per the scope of the report, neurostimulation devices are the most commonly used devices, mainly for the treatment of neurologic disorders, which aid in the delivery of electrical stimulation to intended parts of the patient's brain, peripheral nervous system, and spinal cord. Moreover, over the past two decades, innovation in medical device technologies has been one of the primary drivers for the rapid evolution of neurostimulation systems. The North America, Neurostimulation Devices Market is Segmented by Device Type (Implantable Devices (Vagus Nerve Stimulators, Spinal Cord Stimulators, Deep Brain Stimulators, Gastric Electric Stimulators, and Other Implantable Devices) and External Devices (Transcranial Magnetic Stimulation (TMS), Transcutaneous Electrical Nerve Stimulation (TENS) and Other External Devices)), Application (Parkinson's Disease, Epilepsy, Depression, Dystonia, Pain Management, Other Applications), and Geography (United States, Canada, Mexico). The report offers the value (in USD million) for the above segments.
By Device Type | |||||||
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By Application | |
Parkinson's Disease | |
Epilepsy | |
Depression | |
Dystonia | |
Pain Management | |
Other Applications |
Geography | |
United States | |
Canada | |
Mexico |
North America Neurostimulation Devices Market Size Summary
The North America neurostimulation devices market is poised for significant growth, driven by the increasing prevalence of neurological disorders and the rising demand for minimally invasive technologies. The market has experienced a positive trajectory, partly due to the heightened utilization of neuromodulation devices during the pandemic, which underscored their potential in treating conditions like COVID-19. The growing burden of neurological diseases, such as epilepsy, Parkinson's disease, and multiple sclerosis, particularly in regions like Mexico, is fueling the demand for these devices. Additionally, the aging population in North America, with a substantial number of elderly individuals at risk of neurological conditions, further propels market expansion. The introduction of innovative products by key players, such as the Portable Neuromodulation Stimulator and advancements in pain management technologies, are expected to contribute significantly to market growth.
The United States is anticipated to hold a substantial share of the market, supported by its robust healthcare infrastructure, high prevalence of neurological diseases, and a growing geriatric population. Regulatory approvals and product launches, such as Abbott's NeuroSphere Virtual Clinic and Medtronic's Percept PC Deep Brain Stimulation system, are expected to drive market dynamics. The market is characterized by fragmentation, with major companies like Medtronic, Cyberonics, Boston Scientific Corporation, and Abbott Laboratories focusing on product innovations and strategic expansions to enhance their market presence. Despite the promising growth prospects, the high cost of neurological disease treatment poses a challenge to market expansion. Overall, the North America neurostimulation devices market is set to experience considerable growth, supported by technological advancements, increasing investment in neuroscience, and a rising incidence of pain-related diseases.
North America Neurostimulation Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Burden of Neurological Diseases
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1.2.2 Rising Demand for Minimally Invasive Technologies
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1.3 Market Restraints
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1.3.1 High Cost of Neurological Disease Treatments
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1.3.2 Shortage of Skilled Healthcare Professionals
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Device Type
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2.1.1 Implantable Devices
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2.1.1.1 Vagus Nerve Stimulators
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2.1.1.2 Spinal Cord Stimulators
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2.1.1.3 Deep Brain Stimulators
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2.1.1.4 Gastric Electric Stimulators
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2.1.1.5 Other Implantable Devices
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2.1.2 External Devices
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2.1.2.1 Transcranial Magnetic Stimulation (TMS)
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2.1.2.2 Transcutaneous Electrical Nerve Stimulation (TENS)
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2.1.2.3 Other External Devices
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2.2 By Application
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2.2.1 Parkinson's Disease
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2.2.2 Epilepsy
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2.2.3 Depression
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2.2.4 Dystonia
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2.2.5 Pain Management
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2.2.6 Other Applications
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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North America Neurostimulation Devices Market Size FAQs
What is the current North America Neurostimulation Devices Market size?
The North America Neurostimulation Devices Market is projected to register a CAGR of 9.80% during the forecast period (2024-2029)
Who are the key players in North America Neurostimulation Devices Market?
Abbott Laboratories, Synapse Biomedical Inc., Boston Scientific Corporation, NeuroPace Inc. and Nevro Corp. are the major companies operating in the North America Neurostimulation Devices Market.