Major players in the neurostimulation devices market are Medtronic, Cyberonics, Boston Scientific Corporation, St. Jude Medical, and Nevro Corporation. The global neurostimulation devices market is expected to grow from $5.
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77 billion in 2020 to $6.59 billion in 2021 at a compound annual growth rate (CAGR) of 14.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.92 billion in 2025 at a CAGR of 10.8%.
The neurostimulation devices market consists of sales of surgically or externally placed neurostimulators and related services.The neurostimulation devices are designed to deliver electrical stimulation to specific parts of the patient’s brain, spinal cord, or peripheral nervous system for the treatment of various conditions such as chronic pain, movement disorders, epilepsy, and Parkinson’s disease.
The neurostimulation devices include spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and cortical stimulators.
In 2020, Medtronic, an Irish medical device company has acquired Stimgenics for an undisclosed amount.This acquisition is expected to boost the chronic pain treatment portfolio of Medtronic.
Stimgenics is a private company based in Bloomington, that is pioneered in new spinal cord stimulation (SCS) waveform know as Differential Target Multiplexed (DTM) spinal cord stimulation. After the completion of the acquisition, the new proprietary DTM SCS waveform will be available on the Medtronic Intellis Platform.
The rising geriatric population across the globe is driving the growth of the neurostimulation device market.An increasing number of the population is aging and this geriatric population is falling prey to different neurobiological disorders.
For instance, according to the World Population Ageing Report, in 2019, there were an estimated 702.9 million people aged 65 or over globally. According to the population reference bureau, the number of Americans aging 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060. According to the StastsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of the Canadian population.
The high cost associated with the neurostimulation Devices will impede the growth of the market.For example, the average price of neuromodulation devices for chronic pain management range from $13920 to $17940, and the average price of neuromodulation devices for epilepsy ranges from $25420 to $25970.
Although the device construction between neurostimulation and cardiac rhythm management devices is similar, neuromodulation generators are 67 percent more expensive than cardiac rhythm management devices.
USFDA strictly regulates the approval of medical devices depending on their class which is based on the risk associated with the device.There is relatively few class I neurological devices.
The majority of the neurological devices are classified under Class II and Class III.Class II devices include neurostimulators, aneurysm clips, and blood clot retrievers.
Examples of Class III devices are deep brain stimulators and medical devices for the treatment of brain tumors.Approval of class III medical devices is complicated and requires clinical trials.
The time taken for the trials can be 36 months or more, depending on the extent of clinical trials and additional information that the FDA might request. Also, the European Union has recently taken steps to strengthen its regulatory approval process significantly, and this is expected to delay approvals in Europe. The delay in regulatory approvals and the high cost of interventional devices are the major challenges faced by the companies involved in the manufacture of neurological devices.
Minimally invasive treatments are being developed for the treatment of various neurological disorders.The neurostimulation devices are being innovated in a way to cause minimum invasion during the neurological treatments.
For example, Deep Brain Stimulation (DBS) is a minimally invasive surgical procedure to treat neurological symptoms of Parkinson’s disease, including tremors, rigidity, and movement control.DBS uses a neurostimulation device, similar to a heart pacemaker, to deliver electrical pulses to a very precise location in the brain circuits that influence Parkinson’s disease symptoms.
The electrical pulses from the DBS device block the activity of these circuits so the rest of the brain can function more normally.
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