According to Global Market Insights, the Neurostimulation Devices Market is projected to be worth over $13 billion by 2023. Research suggests that the pain management segment of Neurostimulation Devices Market will rapidly grow to exceed $9 billion by 2023. This growth projection is driven by the high frequency of chronic pain ailments worldwide and the growing adoption rate with high therapeutic value in pain management. With the introduction of new, cutting-edge devices, nuerostimulation manufacturers are poised to make groundbreaking medical advancements in the coming years.
Neurostimulation encompasses any therapy that modifies the electrical signals sent to the nervous system to illicit a therapeutical response. Today, there are over 600 diseases of the nervous system including epilepsy, seizures, tremors, uncontrolled bladder, and many more. Neurostimulators are becoming an ideal treatment for many patients who are suffering from various medical ailments such as failed surgeries, vascular diseases, and even deep brain diseases such as Alzheimer’s, dementia, and depression. Symptoms associated with nerve dysfunction have been controlled or treated with surgery, pharmacotherapy, and other behavior modifications. While these approaches can help relieve a patient of a lot or almost all of his or her issues, these treatments have the common risk of introducing undesired side effects.
Neurostimulation uses pacemaker-like technology via both invasive and noninvasive solutions to deliver electricity directly to nervous system, spinal cord, or parts of the brain. When you disrupt, change, improve, or restart these electrical signals, function restores, and quality-of-life can be maintained. It is this new technology that is paving the way for the next generation of clinical therapy.
Neurostimulation devices are showing the largest revenue growth among all medical devices in the coming years. With increased interest from industry leaders such as Elon Musk from Neurolink, and companies such as Microsoft and Facebook, the industry realizes the benefits of nuerostimulation as it relates to pain management. While the technology is still relatively new, the competition is certainly heating up. Hospitals and research centers remain at the forefront of the industry, but smaller companies are beginning to gain traction.
As electronics continue to become an integral part in product design, more and more companies are becoming a player in the industry. Sigenics has electronic expertise in a variety of medical devices, and we are poised to become one of the many leaders in the neurostimulation device industry. Our wireless neurostimulation technology allows you to stimulate the nervous system and record the corresponding signals. The technology is useful for many neural science research applications, and it will pave the way for new clinical therapy practices.