Market Trends of North America Neurostimulation Devices Industry
This section covers the major market trends shaping the North America Neurostimulation Devices Market according to our research experts:
Pain Management Segment is Expected to Witness Considerable Growth Over the Forecast Period
Pain is an unpleasant sensation in the body due to ongoing or impending tissue damage. Pain management includes therapies, drugs, and devices that help alleviate the pain. The approval of products by the regulatory authorities is propelling the growth of the segment. For instance, according to the PLOS research study published in February 2021, the ReActiv8 implantable neurostimulation system from Mainstay Medical is designed to treat chronic low back pain and was approved by the Food and Drug Administration in June 2020. Furthermore, according to the CDC update published in October 2021, in the United States, about 58.5 million people have doctor-diagnosed arthritis, and arthritis is more common in women (23.5%) compared with men (18.1%). The same source also stated that the prevalence of arthritis increases with age, and with the growing population of geriatric population in the country, the burden of arthritis is further expected to increase, which is expected to drive the growth of the segment.
Moreover, technological advancements in the pain management sector, increasing investment in neuroscience sectors, and various strategies adopted by the key market players are also expected to drive segment growth. For instance, in January 2021, Abbott launched NeuroSphere myPath, a digital health app designed to track and report on patient-perceived pain relief and general well-being associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy. The device trial period is required before the permanent implant, and the app allows patients to record their outcomes on pain and well-being while trialing their neurostimulation therapy. Similarly, in November 2022, Brandon Capital announced its investment into neuroscience company NRG Therapeutics as part of its USD 20.17 million series A financing. Thus, owing to product launches, increasing investment in the neuroscience sector, and increasing cases of pain-related diseases, considerable segment growth is anticipated over the forecast period.
United States is Expected to Witness Considerable Growth Over the Forecast Period
The United States is expected to hold a significant share over the forecast period in the North America neurostimulation devices market due to the high prevalence of neurological diseases, new product launches, growing geriatric population, and the presence of robust healthcare infrastructure for neurological diagnostics and treatment. The growing burden of the geriatric population is one of the major factors propelling the growth of the market, as with increasing age, the risk of neurological diseases and conditions increases. For instance, as per the United States Census Bureau, 2021 Statistics, in the United States, the proportion of males aged 65 years or above was 7.61%, and that of females was 9.21%. Thus, a high proportion of the geriatric population is expected to positively impact the market growth over the forecast period.
Furthermore, product launches and approval by regulatory authorities are anticipated to drive market growth in the country. For instance, in March 2021, Abbott launched the NeuroSphere Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed. Similarly, in June 2021, Medtronic received United States Food and Drug Administration (FDA) approval for its Percept PC Deep Brain Stimulation (DBS) system. Thus, owing to the above-mentioned factors, considerable market growth is anticipated over the forecast period.
