Neuromodulation Devices Market Size, Share & Industry Analysis, By Product Type (Spinal Cord Stimulators (SCS), Deep Brain Stimulators (DBS), Vagus Nerve Stimulators (VNS), Sacral Nerve Stimulators (SNS), Transcranial Magnetic Stimulators (TMS), and Others), By Type (Invasive, and Non-invasive), By Application (Pain Management, Neurological Disorders, Respiratory Disorders, and Others), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2032

The global neuromodulation devices market size was valued at USD 4.51 billion in 2018 and is projected to reach USD 16.25 billion by 2032, exhibiting a CAGR of 9.6% during the forecast period. North America dominated the neuromodulation devices market with a market share of 46.56% in 2018.

The ever increasing prevalence of chronic disorders and limitations of pharmaceutical medication in effectively treating these diseases has paved way for innovations in the neurostimulation techniques. Functional capabilities of different nerves in the human body and effects of electrical stimulation of these nerves for treatment of different conditions have been constantly studied. This has led to emergence of new techniques and devices for targeting and treatment of chronic conditions. These techniques range from stimulation of the spinal cord for treatment of pain, to stimulation of vagus nerve for treatment of epilepsy, and other conditions. The market is characterized by specialized devices and techniques being introduced to treat specific conditions and constant innovations in the neurostimulation techniques.

MARKET TRENDS

Growing Prevalence of Treatment Resistant Chronic Conditions to Fuel the Demand for Neuromodulation Devices

A significant proportion of patient population suffering from chronic conditions including chronic back pain, depression, epilepsy, sleep apnea, among other conditions, are demonstrating resistance to medication and drugs. The resistance is visible in terms of slow progression of the treatment and delayed or limited outcomes. This has led to healthcare providers shifting their focus towards neurostimulation techniques for treatment of chronic conditions, which is driving the neuromodulation devices market trends. According to the Centers for Disease Control and Prevention (CDC) statistics, an estimated 50 million people in the U.S. suffer from chronic pain each year, in addition to around 19 million suffering from high impact chronic pain. Epilepsy, treatment resistant depression, and other chronic conditions also exert a huge economic burden on countries for treatment of patients. The limited pharmacological outcomes provided by medications in treating these conditions have led to a shift of preference of healthcare providers towards neurostimulation techniques. Most prominently preferred techniques include spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and others.

MARKET DRIVERS

Increasing Number of Clinical Applications to Fuel the Demand

Spinal cord stimulation is among the most preferred techniques in treatment of chronic back pain, predominantly due to anatomical and functional capabilities of nerves in spinal cord in management of pain sensation. Vagus nerve stimulation is primarily associated for the treatment of neurological conditions including epilepsy. However, despite the presence of well-established treatment algorithms for these devices, various universities along with market players are conducting clinical trials to establish efficacy of these devices for treatment of other conditions. For instance, Huashan Hospital in Shanghai, China is conducting trials for establishing treatment of disorder of consciousness (DOC) using spinal cord stimulation. Also, in 2017, USFDA approved Inspire 3028 – an upper airway stimulation device by Inspire Medical Systems Inc., for treatment of sleep apnea. The device is intended to treat sleep apnea in patients who are CPAP resistant.

Constant focus of market players towards R&D to establish clinical effectiveness and expand the clinical applications of these devices is one of the prominent factors propelling the neuromodulation devices market growth. This, combined with increasing preference of healthcare providers for these devices, is further anticipated to augment the market growth during the forecast period.  

Growing Prevalence of Neurological, Respiratory, and Other Conditions to Drive the Market

According to Centers for Disease Control and Prevention (CDC), an estimated USD 50 billion are spent each year for treatment of chronic lower back pain in North America. Chronic back pain, epilepsy, treatment resistant depression, and migraine are among few chronic conditions associated with high economic burden globally. According to the Epilepsy Foundation of America and World Health Organization (WHO), an estimated 50 million people globally were suffering from epilepsy.

Increasing incidence of these conditions and growing awareness and diagnosis rates globally are presenting a large patient pool demanding treatment. This, along with limited clinical outcomes offered by medications and growing preference towards neuromodulation techniques, is driving the neuromodulation devices market demand globally. Introduction of advanced neurostimulation devices by market players, including non-invasive devices, is anticipated to drive the adoption of these devices, further fuelling the demand for these techniques. 

MARKET RESTRAINT

Lower Diagnosis and Treatment Rates in Emerging Countries to Restrain Market Growth

Prevalence of neurological conditions including epilepsy, depression, and others is significantly higher in emerging countries such as China, Brazil, and India. However, despite having significantly higher prevalence, lower diagnosis rates in emerging countries is limiting the number of patients requiring treatment. Various factors including lack of awareness among general population and limited access to diagnostic facilities due to inadequate healthcare infrastructure are responsible for lower diagnosis rates in these countries. This is further worsened by a proportion of the diagnosed population not undergoing treatment due to various factors. These are some of the major factors limiting the number of patients undergoing treatment, which is restraining the neurostimulation devices market growth.

SEGMENTATION

By Product Type Analysis

Spinal Cord Stimulators to Dominate the Neurostimulation Devices Market

Based on product type, the market is segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, transcranial magnetic stimulators, and others. Spinal cord stimulators dominated the neurostimulation devices market share in 2018. Rising prevalence of chronic back pain in developed and developing countries, along with increasing preference of healthcare providers towards spinal cord stimulators over traditional medications, is primarily driving the growth of the segment. Growing prevalence of neurological disorders including depression, epilepsy, Parkinson’s disease, and others is driving the growth of the deep brain stimulators and vagus nerve stimulators segments in the global market. Development of innovative devices and growing prevalence of urinary incontinence are fueling the demand for sacral nerve stimulators, aiding the growth of the market.

Growing number of patients undergoing non-invasive treatment for psychiatry disorders in developed countries, along with growing awareness among patients in developing countries towards TMS techniques, is fueling the growth of transcranial magnetic stimulators segment. 

By Type Analysis

Preference for Non-invasive Devices to Drive the Growth of the Segment

By type, the market is segmented as invasive and non-invasive. Neurostimulation techniques are primarily based on electrical stimulation of different nerves including sacral, vagus, and others. This requires the device to be implanted and placed near the desired nerve and leads to be placed on the nerve. Implantable devices have been the most preferred type, as they allow clinicians and healthcare providers to obtain maximum efficiency in stimulation of desired nerve. Spinal cord stimulators, vagus nerve stimulators, sacral nerve stimulators, and deep brain stimulators are predominantly implantable in nature. These, along with new implantable devices being introduced by market players, are some of the factors responsible for dominant share of the invasive segment in this market.

Transcranial magnetic stimulation technique involves a non-invasive device used for sending electrical impulses in treatment of psychiatry and other disorders. However, as compared to other techniques in neuromodulation, this technique has limited applications. There is significant increase in number of clinical trials and R&D focus for development of non-invasive devices for treatment of various conditions. New entrants such as electroCore, Inc., and Parasym Ltd. have entered the vagus nerve stimulation segment with non-invasive devices. Other market players are currently conducting trials in different applications, which when approved, are anticipated to positively impact the market growth.

By Application Analysis

Higher Prevalence of Chronic Back Pain to Aid the Dominance of the Pain Management Segment 

In terms of application, the market is segmented into pain management, neurological disorders, respiratory disorders, and others. Other clinical applications include treatment of migraine, obstructive sleep apnea, overactive bladder, urinary incontinence, fecal incontinence, headache, and acute heart failure. Established clinical efficiency of neurostimulation devices in treatment of chronic back pain, along with rising prevalence of the condition, is primarily responsible for dominance of the pain management segment in the market. The neurological disorders segment accounted for the second largest share in 2018, owing to higher adoption of these devices for treatment of epilepsy, depression, psychiatry disorders, and others.

Increasing prevalence of urinary incontinence and higher adoption of sacral nerve stimulators in treatment of urinary disorders is driving the growth of the others segment in the market. Recent approvals for treatment of respiratory disorders including sleep apnea are anticipated to drive the growth of the segment during the forecast period.

By End User Analysis

Adoption of Advanced Instruments by Specialty Clinics for Implantation of Neuromodulation to Drive Growth of the Segment

There is a marked shift of patient treatment in outpatient settings, globally. The primary reasons for this shift include over-occupancy of hospital inpatient settings and decline in number of hospitals and hospital beds in developed countries. The regional and national agencies are emphasizing on treatment of patients either at home or in outpatient clinics. The emergence of specialty clinics for neurology, cardiology, and other conditions in developed and developing countries is attracting a large patient pool suffering from chronic and acute conditions. This, along with adoption of advanced instruments, skilled staff, and adequate reimbursement policies for treatment in these settings, has led to increasing number of patients visiting specialty clinics for treatment of chronic pain, epilepsy, and other conditions. Hospitals segment is projected to lose market share during forecast period, predominantly attributable to introduction of non-invasive devices.

REGIONAL ANALYSIS

The neuromodulation market size in North America stood at USD 2.10 billion in 2018. Primary factors responsible for dominance of the region include higher diagnosis and treatment rates among patient population and higher adoption of neuromodulation devices for treatment of chronic conditions. This is further augmented by higher prevalence of chronic conditions in the U.S. and adequate reimbursement policies for these devices in the country.

Europe accounted for second largest share of the market in 2018. A well-developed healthcare infrastructure, coupled with growing approvals for non-invasive devices in the region, is fueling the demand for these devices. New entrants and regional players have received CE mark approvals for their non-invasive devices during 2017-2018. This is anticipated to bolster the growth of the market in Europe during 2019-2026.

Asia-Pacific is projected to register comparatively higher CAGR during forecast period. Developing healthcare infrastructure, coupled with increasing per capita healthcare expenditure and improving diagnosis and treatment rates, are factors anticipated to drive the market growth.

Latin America and Middle East & Africa are underpenetrated markets, with significant potential for neurostimulation devices. Entry of market players through direct and indirect presence in these regions is projected to drive the growth of the neurostimulation devices market during forecast period.

KEY INDUSTRY PLAYERS

Medtronic, Abbott, and LIVANOVA PLC, dominated the Market in 2018

The neuromodulation devices market is a consolidated market, with top 3-4 players accounting for more than 90% share of the market in 2018. A diverse portfolio by Medtronic, coupled with strong brand presence, widespread geographic presence, and strong distribution network, are responsible for propelling the company to leading market position in 2018. Delay in innovative product launches in spinal cord stimulation and other leading segments by Abbott and Boston Scientific Corporation has led to both players losing market share during the past few years.

LivaNova PLC, has maintained its leadership position in the sparsely contested vagus nerve stimulation devices segment through core focus and diversified product offerings. Other players in the market include electroCore, Inc., Respicardia, Inc., Inspire Medical Systems, Inc., Cefaly Technology, Neuronetics, Nuvectra, Stimwave LLC, ReShape Lifesciences, Inc., and NeuroPace, Inc., among others.

A few new entrants are engaged in clinical trials for establishing the clinical efficiency of their products in the strongly contested market. Some of these companies include Deep Brain Innovations LLC, Scion NeuroStim, and ALEVA NEUROTHERAPEUTICS SA, among others.

LIST OF KEY COMPANIES PROFILED:

• LivaNova PLC


• Medtronic


• electroCore, Inc.


• Boston Scientific Corporation


• Abbott


• Inspire Medical Systems, Inc.


• Neuronetics


• ReShape Lifesciences, Inc.


• NeuroPace, Inc.


• Others

KEY INDUSTRY DEVELOPMENTS:

• November 2018 – electroCore Inc., a commercial stage medical devices company, received US FDA approval for its non-invasive vagus nerve stimulation (nVNS) device named “gammaCore”. The device received approval as an adjunct therapy for treatment of cluster headache in the U.S.


• October 2017 – SenTiva, a vagus nerve stimulation device from LivaNova PLC, received US FDA approval for treatment of epilepsy. The device is approved for drug resistant epilepsy patients aged four years and above.

REPORT COVERAGE

The neuromodulation devices market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.

Report Scope & Segmentation