Neuromodulation Market Forecasts to 2030 - Global Analysis By Type, Biomaterial, Technology, Application, End User and By Geography

According to Stratistics MRC, the Global Neuromodulation Market is accounted for $6.8 billion in 2023 and is expected to reach $16.8 billion by 2030 growing at a CAGR of 13.8% during the forecast period. Neuromodulation is a medical procedure involving implanted devices to deliver electrical or chemical stimulation to specific areas of the nervous system. It is used to treat a variety of neurological and psychiatric conditions. Numerous neuromodulation methods don't involve surgery or significant physical intervention because they are non-invasive or minimally invasive. This enables quicker recovery times and lowers the risks related to invasive procedures.

According to Centers for Disease Control and Prevention (CDC), stroke is a leading cause of death in the U.S., killing 150,000 Americans in 2019.

Market Dynamics:

Driver:

Rising acceptance of neuromodulation therapies

The use of neuromodulation therapies as secure and efficient substitutes for conventional medical procedures like surgery and opioids is growing. Compared to conventional treatments, these therapies have been demonstrated to have fewer side effects and a lower risk of addiction while providing long-term relief for neurological disorders such as chronic pain. Furthermore, an abundance of clinical research and trials have substantiated the efficacy and safety of neuromodulation treatments. The market for neuromodulation devices is anticipated to rise as long as neuromodulation therapies are acknowledged as safe and effective forms of treatment, particularly in light of the rising incidence of neurological disorders. The market is expected to grow as a result of the growing need for neuromodulation therapies.

Restraint:

Preference of drug therapies

While treating neurological disorders, patients frequently favor drug therapies over neuromodulation. This is because of patients' lack of knowledge regarding the availability of neuromodulation device-based alternative surgical treatments. In certain countries, surgeons also exhibit this lack of awareness. The lack of awareness about the benefits of using biomaterials or neuromodulation devices to treat several neurological disorders is expected to restrain the growth of this market during the forecast period.

Opportunity:

Technological advancements

Technological developments offer enormous potential for market expansion and advancement and have greatly impacted the field of neuromodulation. The development that has been made has led to the creation of increasingly complex and efficient devices, enhanced patient outcomes, and broadened the scope of uses for neuromodulation treatments. Devices that are more compact and implantable have been created, improving patient comfort and enabling less invasive procedures. These developments have improved patient acceptance, broadened the range of applications for neuromodulation therapies, and decreased the degree of invasiveness.

Threat:

High cost

The high cost of these devices and therapies is often cited as a barrier to their adoption and use, as it can limit access for patients and healthcare providers. Neuromodulation devices can be costly to develop and produce, and this expense is frequently borne by patients, hospitals, and insurance companies. Patients who cannot afford neuromodulation devices and therapies may not be able to receive them, particularly in nations with inadequate healthcare resources. Therefore, high cost is a significant barrier for the market expansion.

COVID-19 Impact

The COVID-19 pandemic is expected to hinder the neuromodulation market's expansion since most hospitals are closed as a result of the ongoing lockdowns in many nations. The COVID-19 pandemic has caused a serious problem for public health. On the other hand, a great number of clinics and hospitals around the world underwent structural changes to boost hospital capacity and offer better healthcare facilities.

The internal segment is expected to be the largest during the forecast period

The internal segment is estimated to hold the largest share, due to increase in the number of patients suffering from heart-related diseases, depression, and various headache disorders. Neuromodulation devices are vital in the treatment of chronic pain because they employ non-invasive or minimally invasive technology. Internal neuromodulation is a more effective way to treat the condition because the devices are made to electrically stimulate a specific nerve at the pain site in order to alter nerve activity.

The chronic pain segment is expected to have the highest CAGR during the forecast period

The chronic pain segment is anticipated to have lucrative growth during the forecast period. Chronic pain management helps relieve pain with the use of drugs, therapies, and lifestyle changes. Since electrical stimulation devices were initially designed to relieve various forms of acute and chronic pain, they have a significant impact on pain management. A sedentary lifestyle, an aging population, and the prevalence of chronic conditions are a few risk factors that could lead to chronic pain. Thus, during the projected period, the growing incidence of chronic pain is anticipated to propel the segment's growth.

Region with largest share:

North America commanded the largest market share during the extrapolated period. The large pharmaceutical and biopharmaceutical industries, along with the presence of well-established market players and growing investments in the United States for the adoption of cutting-edge technologies, are anticipated to drive the market's growth in this country. Furthermore, during the past decade, PD has become more common in North America than multiple sclerosis, muscular dystrophy, and Lou Gehrig's disease combined. Therefore, in order to treat these neurological disorders, the nation's researchers investigate neuromodulation in great detail. This is expected to create new avenues for the development of cutting-edge neuromodulation devices and contribute to the region's overall market growth.

Region with highest CAGR:

Asia Pacific is expected to witness profitable growth over the projection period, due to the large patient population, increasing healthcare expenditure, and rising awareness about neuromodulation therapies. Considerable funds are also being invested in the region's research and development of neuromodulation therapies and devices. Because of their sizable patient populations and rising use of neuromodulation treatments, China and Japan presently hold the top two positions in the region. However, the market is expanding significantly in other nations in the region as well, including Australia, South Korea, India, and South Korea.

Key players in the market

Some of the key players in the Neuromodulation Market include: Nevro Corporation, NeuroSigma, Bioventus Inc., Medtronic, NeuroPace Inc, Neuronetic, Boston, Scientific Corporation, LivaNova PLC, MicroTransponder, Abbott, Synapse Biomedical Inc, Nuvectra and Soterix Medical.

Key Developments:

In February 2022, Medtronic (Ireland) received FDA approval for its InterStim X System, a next-generation personalized sacral nerve stimulation therapy for bladder and bowel control.

In June 2021, NeuroSigma (US) and KT Corporation (South Korea) signed a memorandum of understanding for a strategic partnership to develop and commercialize, inside and outside of Korea, electronic therapies treating neurological and neuropsychological disorders, including ADHD, depression, and epilepsy.

In January 2020, Medtronic Plc (Ireland) acquired Stimgenics, LLC (US), a privately held US-based company. This acquisition helped strengthen Medtronic's portfolio of spinal cord stimulation systems.

Types Covered:

• Transcutaneous Electrical Nerve Stimulation
• Respiratory Electrical Stimulation
• Transcranial Magnetic Stimulation
• Deep Brain Stimulation
• Spinal Cord Stimulation
• Sacral Nerve Stimulation
• Vagus Nerve Stimulation
• Gastric Electrical Stimulation

Biomaterials Covered:

• Metallic Biomaterial
• Polymeric Biomaterial
• Ceramic Biomaterial

Technologies Covered:

• External
• Internal

Applications Covered:

• Migraine
• Parkinson Disease
• Urinary And Fecal Incontinence
• Chronic Pain
• Failed Back Syndrome
• Tremor
• Epilepsy
• Depression
• Other Applications

End Users Covered:

• Clinics & Physiotherapy Centers
• Hospitals & Ambulatory Surgery Centers

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
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