Neuromodulation devices are incredible devices that are used for regulating the nervous system to alleviate pain, or control the symptoms of Parkinson’s, urinary urge incontinence or gastroparesis, among several others. Within this blog, the neuromodulation devices/systems discussed consist of an implantable pulse generator (IPG) connected to one or more leads, which have electrodes on their opposite ends. Recently, iData published the 2022 U.S. neurological devices market report and interestingly, neuromodulation devices comprised the largest segment. Because of this, we wanted to compose a complete guide that illustrates how neuromodulation devices are performing in 2022. Continue reading below to get a grasp on the U.S. neuromodulation device market.
Question #1: What segments are the largest and second-largest in the U.S. neuromodulation market?
In 2021, the largest market segment was the spinal cord stimulation (SCS) market. Alongside being the largest market segment, the SCS segment generated approximately half of the overall market value. SCS devices have had immense improvement in battery life and technological advancements that have allowed the SCS segment to overachieve. Nevro, Abbott, and Boston Scientific have developed stimulators with high-frequency stimulation, burst stimulation, and targeted stimulation.
Following the SCS segment is the sacral nerve stimulation (SNS) market segment. SNS devices are used for the treatment of urge incontinence, urinary retention, fecal incontinence, and urinary frequency symptoms. It is projected that the SNS market segment will become the second-largest segment by the end of the forecast period, being by 2028. In 2021 the SNS market experienced double-digit growth due to many patients opting to get replacement, which continues to drive unit sales.
Question #2: What factors are currently working to drive growth within the U.S. neuromodulation market?
One of the biggest factors contributing to growth within the U.S. neuromodulation device market surrounds low market penetration. As mentioned above, the spinal cord stimulation (SCS) market generated around half of the overall market value. Despite being the first type of neuromodulation device to gain approval for use, the market is not saturated. Because of this, there is a lot of room for growth both overall and in terms of units sold. Additionally, several segments within the neuromodulation market are expanding their indications of use. To be specific, deep brain stimulation (DBS) devices are now able to treat epilepsy and obsessive-compulsive disorder. Increases in indications essentially increases the patient pool of those who require these devices and assists market growth.
Question #3: What factors are currently limiting growth within the U.S. neuromodulation market?
As you may have already guessed, one factor that continues to limit the neuromodulation market surrounds the invasive nature of the procedures. Spinal cord stimulation devices require an extensively invasive procedure which are becoming more frowned upon as minimally invasive procedures emerge. Additionally, deep brain stimulation procedures are highly invasive and can take a neurosurgeon many hours to complete. Invasive procedures carry additional costs to them as well such as risks of infection and other negative implications. Because of the hesitancy surrounding invasive procedures, the market does not perform to its full potential as it would if there were less risks associated with the procedures.
Question #4: What companies are competing for market share in the U.S. neuromodulation market and what products do they offer?
Many competitors are present within the U.S. neuromodulation market. In 2021, Medtronic earned the title of market leader within the total market. Medtronic was able to hold impressive shares in the deep brain stimulation (DBS) and sacral nerve stimulation (SNS) segments with a complete monopoly in the gastric electric stimulation (GES) segment. Luckily enough, Medtronic was the first company to release a spinal cord stimulation (SCS) product and therefore the company received impressive brand recognition, contributing to its success.
Abbott ranks as the second-most market share leader in the U.S. neuromodulation market. Impressively, Abbott remains the leading competitor in the spinal cord stimulation (SCS) segment, a strong competitor in the deep brain stimulation (DBS) segment, and the other competitor in the dorsal root ganglion stimulation (DRG) segment.
Last but not least, Boston Scientific follows Abbott and ranks as the third-most market share leader. Boston Scientific offers four different products in the spinal cord stimulation (SCS) segment and has launched devices in the deep brain stimulation (DBS) market segment as well.
As clearly outlined above, the neuromodulation market is an exciting market with lots of potential growth opportunities. Our latest report provides significant insights including average selling prices (ASPs), growth trends, units sales, market shares, a complete COVID-19 impact analysis, market drivers, market limiters, and more. If you would like to explore the subsequent segments included within the U.S. neurological devices market report, follow the form below. Additionally, if you would like a complimentary executive summary of our latest report, fill-out the form below at no cost.