North America Internal Neurostimulation Devices Market, By Product Type (Spinal Cord Stimulation (SCS), Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation and Gastric Electric Stimulation), Distribution Channel (Direct Tender and Third Party Service Provider) - Industry Trends and Forecast to 2029.
North America Internal Neurostimulation Devices Market Analysis and Insights
The rise in demand for internal neurostimulation devices as add-on therapy, increase in prevalence and incidence of neurological diseases, increased funding for the neurostimulation devices, technological advancements in the internal neurostimulation devices, and rise in product approvals are expected to drive market growth.
The strategic initiatives by market players and increased funding by public and private market players for internal neurostimulation devices are expected to create opportunities for market growth. However, the lack of skilled and trained experts in internal neurostimulation devices is expected to restrain the segment's growth. The availability of alternate imaging devices is expected to challenge the market growth.
Data Bridge Market Research analyzes that the North America internal neurostimulation devices market will grow at a CAGR of 20.5% and USD 9,898.11 Million during the forecast period of 2022 to 2029.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2024)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Product Type (Spinal Cord Stimulation (SCS), Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation and Gastric Electric Stimulation), Distribution Channel (Direct Tender and Third Party Service Provider)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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Medtronic, LivaNova PLC, Abbott, ONWARD, Sequana Medical NV, CIRTEC, Valencia Technologies, Nalu Medical, Inc., NEVRO CORP., Stimwave LLC, MicroTransponder Inc., Newronika S.p.A., Microsemi (a subsidiary of Microchip Technology Inc.), Boston Scientific Corporation, Inspire Medical Systems, Inc, Integer Holdings Corporation, BlueWind Medical, Micro-Leads, Axonics, Inc., among others
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Market Definition
An internal neurostimulation device is a surgically placed device. It delivers mild electrical signals to the epidural space near your spine through one or more thin wires called leads. Neurostimulation provides pain relief by disrupting the pain signals traveling between the spinal cord and the brain.
Neurostimulation devices include invasive and noninvasive approaches involving electrical stimulation to drive neural function within a circuit. The increased demand for internal neurostimulation devices is due to next-generation technological progressions in the neurostimulation devices, providing much-needed therapeutic relief to an unprecedented number of people affected by debilitating neurologic and psychiatric disorders worldwide. The rise of modern-day neuromodulation therapies has increased over half a century, rich with serendipitous discoveries and technological advances that have led to different neurostimulation strategies. Within the past two decades, innovation in medical device technology has begun to drive the evolution of these neurostimulation systems at a more accelerated pace.
The convenient internal neurostimulation device used by the patients is vagus nerve stimulation. The vagus neurostimulation device uses a device to stimulate the vagus nerve with electrical impulses. An implantable vagus nerve stimulator is currently FDA-approved to treat epilepsy and depression. There's one vagus nerve on each side of the body, running from the brainstem through the neck to the chest and abdomen. In the future, software advancements such as closed-loop stimulation and remote programming will enable internal neurostimulation devices to be a more personalized and accessible technology. The future of internal neurostimulation devices is expected to improve quality of life further.
North America Internal Neurostimulation Devices Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Increased Awareness About Treatment of Chronic Urinary Incontinence
Increasing awareness among patients and health care providers and greater access to continence services were key factors in improving care delivery. Urinary incontinence (UI) and lower urinary tract symptoms (LUTS) are common and cause distress for many women and men of all ages. The increased awareness of implant internal neurostimulation devices in neurology signifies the increase in research and development-related investments for the discovery and development of advanced, pain-free internal neurostimulation devices, which is expected to boost market growth.
- Technological Advancements in the Internal Neurostimulation Devices
The technological developments in internal neurostimulation devices utilize neuromodulation technology, which directly delivers the electrical or pharmaceutical agents to a target area. The neuromodulation and internal neurostimulation devices and treatments are life-changing. Technological developments modulate neural functions in a programmable manner and regulate disordered neural activity. The results can be delivered with minimum error.
For instance,
- In May 2022, ONWARD introduced the ARC implantable pulse generator (IPG) to stimulate the spinal cord to restore movement and autonomic function for people with SCI and other conditions that impact mobility
The approval for the internal neurostimulation devices would result in the device being declared safe to use and ready for post-marketing approval. It would result in the supply and distribution of MRI machines to the developing markets in the U.S. demographics. Hence, the rise in product approvals is expected to propel the North America internal neurostimulation devices market growth.
Opportunities
- Recent Product Developments in the Internal Neurostimulation Devices
The growth curve for the North America internal neurostimulation devices market is following an upward trend due to the demand for effective neurovascular therapies is steadily increasing due to the increasing prevalence of neurovascular diseases (such as epilepsy, brain stroke, and cerebral aneurysm) and the severity of diseases (such as discharge and surrounding disorders) in target patients. Due to the rising prevalence and increasing awareness about the seriousness of these diseases, various equipment or devices are manufactured or are under clinical trials.
Thus, product development in recent years has shown the potential of these technologies, and the companies working in this market are trying to get more advanced products, which will act as an opportunity for market growth.
- Strategic Initiatives by the Key Market Player
The demand for internal neurostimulation devices is increasing in the market owing to the increased levels of research and development along with the growth of the North America internal neurostimulation devices market aided by the desire for innovative medications. Thus, the top market players have implemented a new strategy by developing new devices and equipment, collaborating with other players in the market, and improving business operations and profitability.
- In January 2021, Boston Scientific began shipping their Wave Writer Alpha spinal line trigger frameworks to the U.S.
Thus, the companies operating globally in the neurostimulation devices market are adopting collaboration to increase their product portfolio with advanced technology-rich products to boost their business in various dimensions. Thus, strategic initiatives by key market players are expected to offer significant opportunities for the market players operating in the North America internal neurostimulation devices market.
Restraints/Challenges
- Risks Associated with the Implantation of these Devices
Medical implants carry several hazards, including those related to surgery during installation or removal, infection, and implant failure. The materials used in implants can potentially cause responses in some persons. Every surgical procedure carries some risk. These include bruising, discomfort, swelling, and redness at the surgery site. Thereby will proportionally hamper the growth of implant devices. The increasing awareness about the rising risks related to neurostimulation implants, therefore, may hamper the market's growth.
For instance,
- Implant failure
- Surgical risks during placement or removal
- Risk of implantable device hijacking
- Rising infections
- Materials used in implants might show adverse reactions in patients
The risks mentioned above may hamper the growth of the internal neurostimulation devices market as the risks concerned with the patients are of keen importance. Thus, the awareness of the potential risks of implantable devices is a challenge for the North America internal neurostimulation devices market.
- Lack of Skilled Healthcare Professionals
Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to specific parts of the patient's brain, spinal cord, or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy, and Parkinson's disease. These powerful technologies require a high-cost developmental procedure and skilled professionals to handle sensitive devices. The replacement should be done every 3-6 years after implantation, which is a cost burden and is typically out of pocket for most patients.
Only a relatively small number of patients in poorer nations can afford neurological therapy due to high prices, a weak reimbursement environment, and a lack of skilled healthcare resources. As a result, healthcare facilities are hesitant to spend money on novel or cutting-edge technology, limiting the expansion of the market. Thus, these challenges may hamper the growth of the market.
COVID-19 Impact on the North America Internal Neurostimulation Devices Market
During the pandemic, the North America Internal neurostimulation devices sector focuses on using a combination of biology and information technology. During the COVID-19 pandemic, new therapeutic challenges have been added to the usual ones in the internal neurostimulation devices. Patients with an implantable device for intrathecal infusion need a refill of the pump to avoid abstinence syndrome. Patients with neurostimulation implants can need checkups in case of infection, wound dehiscence, or lead migration.
Recent Developments
- In January 2022, Medtronic received product approval from the Food and Drug Administration (FDA) for Intellis rechargeable neurostimulator, a spinal cord stimulation therapy for treating chronic pain resulting from diabetic peripheral neuropathy. The product approval received resulted in the addition of a new product in the spinal cord stimulation product category. The approval is expected for post-market approval in the U.S. market
- In July 2022, Abbott received approval from the Food and Drug Administration (FDA) for the Infinity deep brain stimulation system to treat depression. The approval received resulted in the rise in the initiation of pre and post-marketing approval and the addition of a new product to the product portfolio
North America Internal Neurostimulation Devices Market Scope
North America internal neurostimulation devices market is categorized into product type and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Spinal Cord Stimulation (SCS)
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Gastric Electric Stimulation
On the basis of product type, the North America internal neurostimulation devices market is segmented into spinal cord stimulation (SCS), deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, gastric electric stimulation.
Distribution Channel
- Direct Tender
- Third Party Service Provider
On the basis of distribution channel, the North America internal neurostimulation devices market is segmented into direct tender and third party service provider.
North America Internal Neurostimulation Devices Market Regional Analysis/Insights
North America internal neurostimulation devices market is analyzed, and regions provide market size insights and trends by country, product type, and distribution channel, as referenced above.
Some countries covered in the North America Internal neurostimulation devices market are the U.S., Canada, and Mexico. U.S. is expected to dominate the market due to a rise in research and development activity, integrated internal neurostimulation device requirements in neurology and urinary incontinence treatment, and a rise in public-private sector funding for neurostimulation devices.
The country section of the report also provides individual market-impacting factors and changes in regulations in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North American brands and their challenges faced due to large or scarce competition from local and domestic brands impact sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Internal Neurostimulation Devices Market Share Analysis
North America internal neurostimulation devices market competitive landscape provides details on the competitor. Details include company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, the North American presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the North America internal neurostimulation devices market.
Some of the major players operating in the North America internal neurostimulation devices market are Medtronic, LivaNova PLC, Abbott, ONWARD, Sequana Medical NV, CIRTEC, Valencia Technologies, Nalu Medical, Inc., NEVRO CORP., Stimwave LLC, MicroTransponder Inc., Newronika S.p.A., Microsemi (a subsidiary of Microchip Technology Inc.), Boston Scientific Corporation, Inspire Medical Systems, Inc, Integer Holdings Corporation, BlueWind Medical, Micro-Leads, Axonics, Inc., among others.
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