Sedentary Lifestyle Increasing Chronic Pain; Leading to Increased Use of Neurostimulation Devices for Treatment
Neurostimulation has been practiced for a long time. It was in 1970 that it gained some acceptance among patients suffering from Parkinson’s disease.
Neurostimulation therapies include invasive and non-invasive methods that comprise the application of electrical stimulation to drive neural functions. Implantable neurostimulation devices target specific spinal, cranial, and peripheral nerve structures to modulate neuronal activity, providing therapeutic effects for a myriad of neuropsychiatric disorders. The use of neurostimulation devices can compensate for lost nerve functions, improve quality of life, and lower the cost of the treatment.
Additionally, advancements in neural stimulation technology accompanied by the nervous system are anticipated to pave pathways for the development of novel therapeutics aimed at early diagnosis, treatment monitoring, and avoiding the progression of advanced stages of neurological disorders.
As per the recent market study by BIS Research, the global neurostimulation devices market is expected to continue to grow with a CAGR of 9.23% during the forecast period, 2019–2024. The market growth is attributed to driving factors including the growing incidence of neurological disorders, increasing side-effects of pain management medications in the geriatric population, limited success rate of drugs targeting specific disease, excessive sedentary lifestyle resulting massive burden of chronic pain, and growing concerns pertaining to pelvic health of geriatric population.
Over the years, neuromodulation technologies have progressed significantly to enable the fabrication of portable neuromodulation devices and so that they are more easily implanted and removed. Neuromodulation devices are the fastest-growing segment of the overall medical device industry. According to a report by the NeuroInsights Neuroethology Industry, the number of novel neuromodulation devices approved by the U.S. FDA grew up to 35% in 2007.
The neurostimulation devices market on the basis of product type is categorized into invasive and non-invasive type. The invasive type segment is further classified into deep brain stimulation, motor cortex stimulation, responsive neurostimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, and others (gastric stimulation, perineal stimulation, tibial nerve stimulation, transcutaneous nerve stimulation, auditory brainstem implant, hypoglossal nerve stimulation).
The non-invasive type segment is further categorized into transcranial magnetic stimulation (TMS), intradiscal electrothermal therapy (IDET), transcutaneous electric nerve stimulation (TENS), others (transcranial magnetic stimulation, pulsed electromagnetic field therapy).
Lastly, the global neurostimulation devices market consists of various leading manufacturers, small-medium enterprises, and emerging start-ups. With the increasing demand for neuromodulation technologies, companies have the opportunity to expand their services in the market through different strategic approaches. Several small-medium enterprises such as Neurometrix, Inc. and Stimwave LLC, are venturing into the market and sustaining the competition with the help of the development of several novel neurostimulation devices catering to different prevalent medical indications.