Market Trends of Neurotechnology Industry
Neurostimulation Devices Segment is Expected to Witness Significant Growth during the Forecast Period
Neurostimulation devices deliver electrical or magnetic stimulation to specific nerves or areas of the nervous system in order to modulate neural activity, which can be used for various therapeutic purposes, including pain management, treatment of neurological disorders, neuromodulation, and rehabilitation. These devices can be implanted or be used as external gadgets. They are designed to provide targeted and personalized therapy to patients suffering from chronic pain, movement disorders, psychiatric conditions, and other neurological conditions.
The major factors that are driving the growth of this market segment include rapidly rising technological advancements, patients' preferences for non-invasive and minimally invasive treatments, and the rising number of product launches. Neurostimulation devices are being increasingly used for a broader range of indications beyond traditional neurological disorders. They are now being explored for applications in pain management, obesity treatment, addiction therapy, and psychiatric disorders such as depression and anxiety, thereby expanding the addressable market and contributing to its rapid growth.
According to an article published by the American Academy of Neurology Journal in January 2022, neurostimulation devices are being approved for the treatment of movement disorders, epilepsy, pain, and depression. As per the same source, by 2035, advancements in the understanding of neuroanatomical networks, the mechanism of action in stimulation, the expanding scope of material science, miniaturization, energy storage facilities, and better delivery will lead to a higher usage of neurostimulation devices, which will significantly drive the growth of this market segment during the forecast period.
In addition, an increase in strategic activities by the key players, such as product launches and collaborations, and a surge in product approvals by the regulatory authorities will bolster the growth of the market. In January 2022, TensCare showcased its latest in transcutaneous electrical nerve stimulation at Arab Health 2022. This device is widely used for drug-free pain relief for the long-term treatment of chronic pain conditions such as diabetic neuropathy, backache, sciatica, osteoarthritis, and post-childbirth trauma.
In November 2022, ElectroCore Inc., a commercial-stage bioelectronic medicine company, received a unique national product code number from the Belgian Pharmaceutical Association for its gamma-core sapphire non-invasive vagus nerve stimulator (nVNS). Furthermore, in August 2022, Medtronic Private Limited launched the SenSight directional lead system for deep brain stimulation (DBS) therapy to treat symptoms associated with movement disorders and epilepsy in India.
Factors such as the rising number of product launches and rapid technological advancements are expected to drive the growth of the market during the forecast period.
North America is Expected to Witness Significant Growth during the Forecast Period
The North American market is likely to witness healthy growth, owing to factors like the rising geriatric population, increasing neurological disorders, and strategic product launches by the key players.
A significant number of people in the region are suffering from various neurological disorders, which is estimated to create a high demand for neurotechnology devices during the forecast period. According to the data updated by the Parkinson’s Foundation in January 2024, approximately 90,000 people in the United States are diagnosed with Parkinson's disease every year, and around 1.2 million people across the country are expected to live with Parkinson's disease by the end of 2030.
According to the data published by Statistics Canada in January 2024, approximately 750,000 Canadians suffer from Alzheimer's disease or other forms of dementia. In an article published by The Journal of Prevention of Alzheimer's Disease in October 2022, Alzheimer’s disease and other dementia-related diseases were ranked second among all neurological disorders that result in disability-adjusted life years (DALY) in Mexico. The rising number of neurological disorders in North America is projected to fuel the development of innovative neurotechnologies aimed at diagnosing and treating neurological disorders. These developments are expected to drive the growth of the North American market.
Furthermore, the rising number of product developments is projected to accelerate the growth of the market during the forecast period. In January 2024, Abbott received approval from the FDA to launch the Liberta RC DBS system, one of its smallest rechargeable deep brain stimulation (DBS) devices with remote programming, to treat people living with movement disorders.
In January 2022, Nevro Corp. received the FDA's approval for expanded labeling of its Senza Spinal Cord Stimulation (SCS) system for treating non-surgical refractory back pain (NSRBP). In January 2022, Medtronic received the FDA's approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for treating chronic pain associated with diabetic peripheral neuropathy (DPN).
Thus, factors such as the rising instances of neurological disorders and the increasing number of product developments are projected to drive the growth of the regional market during the forecast period.
