Chronic pain is the most common problem faced by millions across the world and at the same time is left untreated in most of the cases. Lower back pain, migraine, stroke, traumatic brain injury, epilepsy, spinal cord injury, and multiple sclerosis are the most prevalent neurological disorders. Approximately 3.97 billion people were diagnosed with chronic pain and neurological disorders, in the U.S., in 2017.
These growing incidences of neurological disorders are resulting in loss of work productivity and are further contributing to the global economic burden. Additionally, prolonged chronic pain also increases the risk of disability, depression, and anxiety. Performing everyday activities such as cleaning, bathing, and fitness and sports activities also becomes a challenge for people with chronic pain.
Opioids, a type of narcotic pain medication, have gained much traction owing to the increasing number of chronic pain cases. Opioids are very powerful drugs and may seem the ideal medicine for treating chronic pain. However, a long list of side-effects and the risk of addiction is associated with their use. The abuse of opioids has led to stringent governmental regulations imposed on their use and sale.
This has shifted the focus of the medical industry toward the neuromodulation technologies for the treatment of chronic pain and neurological disorders. Neurostimulation devices are being manufactured and adopted across the globe at a robust rate, owing to their specific, efficient, and safe approach to treat such diseases.
Rise of the Global Neurostimulation Devices Market
In recent years, the market for neurostimulation devices has witnessed significant growth and has attracted attention from established industry players. Changes in lifestyle, sleep patterns, and dietary habits along with the increased stress and anxiety levels have led to the multiplication of neurological disorder incidences, thus propelling the growth of the global neurostimulation devices market.
As per the insights by BIS Research in their latest market intelligence report titled “Global Neurostimulation Devices Market – Analysis and Forecast (2019 – 2024),” the market is anticipated to grow at a CAGR of 9.23% during the forecast period, 2019 – 2024 and generate $11.97 billion by 2024.
Several prominent players are investing in the market and are focusing on developing advanced devices to address concerns with neurological disorders. At present, Medtronic PLC is the dominant player in the market, however, other companies such as Abbott Laboratories, NeuroPace, Inc., Synapse Biomedical Inc., Nuvectra Corporation, and Inspire Medical Systems, Inc., are also coming up with new products and strategies, contributing to the market growth.
Neurostimulation Devices Market – Segmentation
Based on the study by BIS Research, all the segments of the neurostimulation devices market are expected to generate high revenue in the coming years. Broadly, the market is fragmented on the basis of application, product, and region.
Neurostimulation devices can be both implantable and non-implantable. Some examples of the implantable devices include spinal cord stimulation devices, auditory brainstem implant, and deep brain stimulation.
Further, the devices are most widely being used for chronic pain management owing to the global increase in chronic pain incidences. Additionally, they also find their applications in the treatment of hearing loss, epilepsy, depression, Parkinson’s disease, and urinary and fecal incontinence.
Despite discussed factors leveraging the market growth, there are certain challenges that pose as restraints in the market. The primary challenges are the sky-high cost of neuromodulation devices, limited pain specialists, and the lack of favorable policies.