Neuromodulation devices are medical devices that are used to modulate or stimulate the nervous system to treat a variety of medical conditions. These devices work by delivering electrical or chemical signals to specific areas of the nervous system, either through implanted electrodes or non-invasive external stimulation. There are several different types of neuromodulation devices, including Spinal cord stimulators (SCS), Deep brain stimulators (DBS), Vagus nerve stimulators (VNS), and Sacral nerve stimulators (SNS).
In 2021, the market for neuromodulation was worth USD 6.09 billion, and by 2030, it will be worth USD 14.17 billion, growing at a 10.28% CAGR during the forecast period.
The global neuromodulation devices market has been growing steadily in recent years and is expected to continue to grow in the coming years. Factors driving this growth include an increasingly aging population, chronic disease prevalence, and increasing awareness and acceptance of neuromodulation therapy.
Market Dynamics
Drivers
- Increasing prevalence of neurological disorders: As the global population ages, there is a growing incidence of neurological disorders like epilepsy, chronic pain, and Parkinson’s disease. This is driving demand for neuromodulation devices, which are often used to manage these conditions.
- Growing awareness and acceptance of neuromodulation therapy: There has been a rising awareness and acceptance of neuromodulation therapy as a safe and effective treatment option for various medical conditions. This is driving demand for neuromodulation devices as patients and healthcare providers become more familiar with the technology.
- Technological advancements in neuromodulation devices: The field of neuromodulation is rapidly advancing, with new technologies and devices being developed all the time. This is creating new opportunities for growth in the neuromodulation devices market as patients and healthcare providers seek out the latest and most effective treatment options.
- Increasing healthcare expenditure: With rising healthcare expenditure worldwide, more funding is available for medical research and development. This is driving innovation in the neuromodulation devices market as companies invest in developing new and better devices to meet growing demand.
Restraints
The market for neuromodulation devices is restrained due to factors including the high cost of these devices and the low incidence of diagnosis and treatment.
OpportunityÂ
In the United States, neuromodulation devices have previously been given FDA approval for the treatment of significant neurological conditions such as epilepsy, depression, movement disorders, and others. By the end of 2035, considerable improvements in the field of neuroanatomical networks, together with significant advancements in miniaturization, material science, & energy storage, would cater to a wide range of market growth potential. According to a recent WHO report, middle- and low-income countries are home to about 50 million of the world’s epilepsy sufferers.
Market Segmentation
By product
In 2021, the spinal cord stimulators led the entire market with 40.0% of the revenue share. It is due to the growing usage of spinal cord stimulators for the treatment of nerve pain and chronic pain.
The deep brain stimulators will increase at the quickest rate of 10.8% during the forecast period. It is due to their increasing use in treating a range of neurological illnesses, including essential tremors, Parkinson’s disease, dystonia, and epilepsy.
By Technology
Internal neuromodulation technology held a revenue share of over 55.0% in 2021 as more people began to experience various sorts of headaches, depression, and heat-related illnesses. Neuromodulation devices are essential in treating chronic pain due to their use of non-invasive or minimally invasive technology. The internal neuromodulation devices are design to target the pain site specifically and change nerve activity by electrically stimulating a specific nerve, making it more efficient for treating the condition.
By Application
Parkinson’s disease held the majority of the market, with a revenue share of over 25.0% in 2021. This is due to the absence of effective treatments for the disease and the high product efficacy in treating epilepsy. Parkinson’s disease is a long-lasting neurodegenerative brain condition that impairs movement.
Regional AnalysisÂ
In 2021, North America was the largest market contributor, with a revenue share of 45.0%. The market growth in North America is fuel by an increase in patients with neurological disorders. Which is driving up demand for neuromodulation devices, increased competition among market players, and significant investment in research and development to create new therapeutic options. The continual increase in patients with neurological illnesses from different states in the U.S. And Canada has fueled the market for neuromodulation devices.
Asia Pacific will rapidly expand by 10.6% due to the increased rate of neurological illnesses. The region’s booming healthcare infrastructure, growing government support, and an increasing number of startups.
Key players
- Nevro Corporation
- Boston Scientific Corporation
- Medtronic
- LivaNova
- Abbott Laboratories
- Synapse Biomedical
- NeuroPace, Inc.
- Neuronetics, Inc.
- NeuroSigma, Inc.
- Bioness
- BioControl Medical
- Soterix Medical
- GiMer Medical
- Integer Holdings Corporation
- Bioinduction
- GTX Medical
- Neuronano
- Helius Medical Technologies
- MicroTransponder
- BlueWind
In 2021, the market for neuromodulation was worth USD 6.09 billion. And by 2030 it will be worth USD 14.17 billion, growing at a 10.28% CAGR during the forecast period. The neuromodulation devices market is stimulate by factors such as the increasing frequency of neurological illnesses. An older population, novel indications, and expanded target applications.
Related Reports:
Air Compressor Market Report – The global air compressor market will witness a robust CAGR of 3.74%. Valued at $39.10 billion in 2021, and expected to appreciate and reach $51.59 billion by 2030, confirms Strategic Market Research.
