Neuromodulation Market projected to reach USD 15.3 Billion by 2030, growing at a CAGR of 13.0% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study

The Neuromodulation market was valued USD 6.5 Billion in 2023 and projected to reach USD 15.3 Billion by 2030, growing at a CAGR of 13.0% during the forecast period of 2023-2030.

Richmond, March 05, 2024 (GLOBE NEWSWIRE) — According to a research report “Neuromodulation Market, by Product Type, Application, Movement Disorders, Epilepsy, Psychiatric Disorders, Functional Restoration, Cardiovascular Disorders, Gastrointestinal Disorders, End User and Region – Global Forecast to 2030.

Global Neuromodulation Market Report Scope:

Report Details
Market size value in 2023 USD 6.5 Billion
Market size value in 2030 USD 15.3 Billion
CAGR (2023-2030) 13.0%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Product Type, Application, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Abbott
 
  • Bioventus
Sample of Companies Covered
  • Boston Scientific Corporation
 
  • LivaNova PLC
 
  • Medtronic

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TOC Covers in Depth & Breath on Neuromodulation Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.             

Market Overview

The neuromodulation market is a rapidly developing sector within the healthcare industry, characterized by the application of medical devices and procedures aimed at modulating neural activity to alleviate symptoms and improve the quality of life for patients suffering from various neurological disorders. This market encompasses a diverse range of neuromodulation technologies, including spinal cord stimulation, deep brain stimulation, and vagus nerve stimulation, among others. The increasing prevalence of neurological conditions such as chronic pain, epilepsy, Parkinson’s disease, and psychiatric disorders has fueled the demand for neuromodulation therapies. Technological advancements, with a growing understanding of neural circuitry and the potential benefits of neuromodulation, have driven innovation in the development of more effective and targeted therapies.

The market is competitive, with key players, Abbott, Boston Scientific Corporation, And Medtronic focusing on research and development to create advanced neurostimulators. Key factors influencing the neuromodulation market include a rising aging population, a surge in chronic neurological disorders, and an increasing acceptance of neuromodulation as a viable treatment option. Moreover, ongoing research and development activities, as well as collaborations between medical device companies and research institutions, are contributing to the expansion of the market. The market is also observing a change towards minimally invasive and personalized neuromodulation solutions, reflecting a growing emphasis on patient-centric approaches. However, challenges such as regulatory hurdles, reimbursement issues, and the high cost associated with neuromodulation devices constrain market growth. As healthcare continues to grow, the neuromodulation market is expected to witness further advancements, focusing on improving treatment outcomes, reducing side effects, and expanding the range of neurological conditions that can be effectively addressed through neuromodulation therapies.

Major vendors in the global Neuromodulation market:

  • Abbott
  • Bioventus
  • Boston Scientific Corporation
  • Helius Medical Technologies, Inc.
  • Integer Holdings Corporation
  • LivaNova PLC
  • Medtronic
  • MicroTransponder Inc.
  • Neuronetics
  • NeuroPace, Inc.
  • NeuroSigma, Inc.
  • NEVRO CORP

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Increasing preference for minimally invasive procedures in healthcare

One of the primary drivers for the global neuromodulation market is the increasing preference for minimally invasive procedures in healthcare. This shift in preference is a desire to provide patients with effective treatments while minimizing trauma, reducing recovery times, and lowering the overall healthcare burden. In neuromodulation, which involves the modulation of neural activity through medical devices, this trend is particularly significant. Traditional surgical interventions for neurological disorders often involve substantial risks, prolonged hospital stays, and extensive recovery periods. As a response, neuromodulation techniques offer an attractive alternative, allowing healthcare providers to address conditions such as chronic pain, Parkinson’s disease, and epilepsy with reduced invasiveness. Minimally invasive neuromodulation procedures, like spinal cord stimulation and deep brain stimulation, involve the implantation of devices through smaller incisions, leading to shorter recovery times and decreased postoperative complications. The trend towards minimally invasive procedures is further driven by advancements in technology, enabling more precise targeting and delivery of neuromodulation therapies.

Market Dynamics

Drivers:

  • Increasing prevalence of chronic pain conditions worldwide
  • Growing awareness of neurological disorders and the availability of neuromodulation treatments
  • Increasing preference for minimally invasive procedures in healthcare
  • Continued investments in research and development

Opportunities:

  • Ongoing advancements in neuromodulation technologies
  • Growing shift towards personalized medicine
  • Increasing acceptance of neuromodulation therapies among healthcare professionals and patients

Increasing acceptance of neuromodulation therapies among healthcare professionals and patients

The increasing acceptance of neuromodulation therapies among healthcare professionals and patients represents a significant opportunity for the growth and advancement of the neuromodulation market. Healthcare professionals, including neurologists, pain specialists, and surgeons, are increasingly recognizing the efficacy and potential of neuromodulation as a viable treatment option for a spectrum of neurological disorders. This acceptance is driven by a growing form of clinical evidence supporting the positive outcomes of neuromodulation in managing conditions such as chronic pain, Parkinson’s disease, epilepsy, and psychiatric disorders. As healthcare providers observe the benefits of neuromodulation therapies in improving patient outcomes and enhancing the quality of life, there is a heightened willingness to incorporate these interventions into standard treatment protocols. The change in patient attitudes is further fueled by increased awareness, information dissemination, and positive testimonials from those who have experienced the benefits of neuromodulation firsthand. As acceptance grows, there is a parallel rise in demand for neuromodulation procedures, creating opportunities for market expansion and diversification.

North America dominates the market for neuromodulation.

North America stands out as the dominating region in the global neuromodulation market, driven by factors such as a well-established healthcare infrastructure, a high prevalence of neurological disorders, and a proactive approach to adopting innovative medical technologies. The region’s sophisticated reimbursement frameworks and strong research and development activities contribute to the rapid integration of advanced neuromodulation therapies. A growing aging population and increasing awareness among both healthcare professionals and patients about the benefits of neuromodulation propel market expansion.

Asia Pacific region presents a dynamic and evolving landscape for the Neuromodulation market. The market’s growth is influenced by rising healthcare expenditure, improving healthcare infrastructure, and an escalating burden of neurological disorders. Governments in several Asia Pacific countries are investing in healthcare reforms, creating opportunities for the adoption of neuromodulation therapies.

The Middle East and Africa (MEA) neuromodulation market, accounting for the lowest market share that can be attributed to several challenges such as variable healthcare infrastructure and cultural factors. Overcoming these involves targeted education, collaboration with local stakeholders, and customizing technologies for regional needs. 

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The deep brain stimulators segment is anticipated to hold the largest market share during the forecast period

The deep brain stimulators (DBS) segment is an essential component of the neuromodulation market, providing a transformative approach to managing movement disorders like Parkinson’s disease and essential tremors. DBS involves implanting electrodes in specific brain regions connected to a pulse generator, modulating neural activity through electrical impulses. Advances in electrode design and targeting accuracy enhance its precision, contributing to improved therapeutic outcomes. The segment’s growth is fueled by its efficacy in cases where medication alone may be insufficient. Ongoing research is expanding its application to psychiatric disorders. The DBS segment is composed for continued expansion, promising enhanced therapeutic outcomes for neurological and psychiatric conditions, and thereby contributing significantly to the overall growth of the Neuromodulation market.

Segmentations Analysis of Neuromodulation Market: –

  • By Product Type
    • Spinal Cord Stimulators
    • Deep Brain Stimulators
    • Sacral Nerve Stimulators
    • Vagus Nerve Stimulators
    • Dorsal Root Ganglion Stimulator
    • Peripheral Nerve Stimulators
    • Intrathecal Drug Delivery
    • Transcutaneous Electrical Nerve Stimulators
    • Closed Loop Stimulators
    • Transcranial Magnetic Stimulators
    • Cochlear Nerve Stimulators
    • Cortical Stimulators
    • Functional Electrical Stimulators
    • Subcutaneous Peripheral Field Stimulators
    • Gastric Stimulators
    • Pudendal Nerve Stimulators
    • Intestinal Stimulators
    • Others
  • By Application
    • Chronic Pain
      • Headache
      • Complex Regional Pain Syndrome
      • Neuropathy
      • Peripheral Neuralgia
      • Ischemic Pain
      • Failed Back Surgery Syndrome
      • Trigeminal Neuralgia
    • Movement Disorders
      • Spasticity
      • Parkinson’s Disease
      • Tremor
      • Dystonia
      • Tourette Syndrome
      • Camptocormia
      • Hemifacial Spasm
      • Meige Syndrome
    • Epilepsy
    • Psychiatric Disorders
      • Depression
      • Obsessive Compulsive Disorder
      • Drug Addiction
      • Anorexia/Eating Disorders
    • Functional Restoration
      • Traumatic Brain Injury
      • Hearing Impairment
      • Blindness
    • Cardiovascular Disorders 
      • Stroke
      • Peripheral Vascular Disorders
      • Angina
      • Heart Failure
      • Hypertension
    • Gastrointestinal Disorders
      • Painful Disorders
      • Obesity
      • Dysmotility
    • Others
  • By End User
    • Hospitals & Clinics
    • ASCs
    • Physiotherapy Centers
    • Others
  • By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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