Global Neuromodulation Market Segmentation, By Technology (Internal Neuromodulation, External Neuromodulation), Application (Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Gastric Electrical Stimulation, Transcutaneous Electrical Nerve Stimulation, Repetitive Transcranial Magnetic Stimulation, Respiratory Electrical Stimulation), Biomaterial (Ceramics Biomaterials, Metallic Biomaterials, Polymeric Biomaterials), End-User (Hospitals, Clinics, Home Healthcare) – Industry Trends and Forecast to 2031.
Global Neuromodulation Market Analysis
The market for neuromodulation is estimated to increase rapidly over the forecast period. Neuromodulation devices are one of medicine's fastest-growing fields, involving a wide range of professionals and affecting hundreds of thousands of patients with a wide range of illnesses around the world. Neuromodulation devices have become more important in the treatment of chronic pain patients. These devices are designed to alleviate the unpleasant sensory experience of pain and the functional and behavioral consequences of pain. Therefore, these factors will enhance the demand for neuromodulation technology in the market.
Global Neuromodulation Market Size
Global neuromodulation market size was valued at USD 8.06 billion in 2023 and is projected to reach USD 19.39 billion by 2031, with a CAGR of 11.60% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Neuromodulation Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Key Market Players
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Medtronic (Ireland), Boston Scientific Corporation (US), NEVRO CORP (US), Cyberonics, Inc. (US), Inspire Medical Systems, Inc. (US), SPR Therapeutics (US), ALEVA NEUROTHERAPEUTICS SA (Switzerland), Bioness Inc. (US), ReShape Lifesciences, Inc. (US), LivaNova PLC (UK), NeuroPace, Inc. (US), Synapse Biomedical Inc. (US), Soterix Medical Inc. (US), Accellent Technologies, Inc. (US), Abbott (US), Bioventus (US), Soterix Medical Inc. (US), Integer Holdings Corporation (US), NEVRO CORP. (US), NeuroSigma, Inc. (US), NeuroPace, Inc. (US), Neuronetics (US), BioControl Medical (Israel)
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Neuromodulation Market Definition
Neuromodulation is an intracranial electrical neuromodulation therapy that the FDA has approved for the treatment of most neurological diseases, including bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most common in the elderly population. Many newcomers to the neuromodulation business are looking into using technology to treat obesity, depression, leg pain, treatment-resistant hypertension, sexual dysfunction, urinary tract diseases, heart failure, and drug addiction, among other conditions.
Neuromodulation Market Dynamics
Drivers
- Increasing incidences of neurological diseases
The rising incidences of neurological diseases will cushion the market's growth rate. Along with this, the increase in variety of headache and brain diseases patients will enhance the demand for neuromodulation market.
- Rise in the growth of neurostimulators
The neuromodulation market is being driven by the increase in growth of neurostimulators within the treatment of depression and sleep apnea.
Furthermore, the rising awareness about neurodegenerative diseases will be a major factor influencing the growth of the neuromodulation market. Along with this, increasing urbanization and the rising geriatric population are also the driving factors accelerating the growth of the neuromodulation market. Also, the rise in the changing lifestyle and increasing expenditure on healthcare infrastructure are the major market drivers that will further escalate the growth of neuromodulation market. Another significant factor that will cushion the neuromodulation market's growth rate is the rising gastric, chronic and nerve disability conditions.
Opportunities
- Growing number of R&D activities
Moreover, the rising number of research and development activities will provide beneficial opportunities for the neuromodulation market growth. Along with this, increase in extensive new indications and target applications linked with robust product pipeline offered by various market players will flourish the growth rate of neuromodulation market.
Moreover, growing focus of manufacturers on the adoption of advanced technologies and increase in the number of emerging markets will further provide beneficial opportunities for the neuromodulation market growth during the forecast period.
Restraints/Challenges
- High cost associated with neuromodulation devices
However, the high cost associated with neuromodulation devices and procedures will impede the neuromodulation market's growth rate.
On the other hand, the dearth of skilled professionals in under-developed nations will challenge the neuromodulation market. Additionally, emergence of unfavourable conditions due to COVID-19 outbreak and lack of awareness will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.
This neuromodulation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the neuromodulation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Neuromodulation Market
The fast spread of coronavirus caused the COVID-19 pandemic outbreak. The transmission of this virus has a significant impact on many parts of the globe. Countries have yet to recover from this infection, and a new form of the virus has emerged as a big issue for them. The global economy is causing issues for businesses and governments alike. Apart from the healthcare industry, the pandemic has significantly impacted many sectors. The healthcare sector is experiencing a surge in demand as a result of the pandemic, and the reason is clear. With the rising number of health problems caused by the pandemic, the healthcare sector will grow even more. Neuromodulation devices are used to treat a wide range of illnesses. Many people have encountered serious health difficulties as a result of the virus; as a result, demand for neuromodulation devices will increase. However, the enforcement of lockdown is expected to cause problems in the manufacturing industry for neuromodulation devices.
Neuromodulation Market Scope
The neuromodulation market is segmented on the basis of technology, application, biomaterial, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Internal Neuromodulation
- External Neuromodulation
On the basis of technology, the neuromodulation market is segmented into internal neuromodulation and external neuromodulation.
Application
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Sacral Nerve Stimulation
- Vagus Nerve Stimulation
- Gastric Electrical Stimulation
- Transcutaneous Electrical Nerve Stimulation
- Repetitive Transcranial Magnetic Stimulation
- Respiratory Electrical Stimulation
On the basis of application, the neuromodulation market is segmented into spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, gastric electrical stimulation, transcutaneous electrical nerve stimulation, repetitive transcranial magnetic stimulation, and respiratory electrical stimulation.
Biomaterial
- Ceramics Biomaterials
- Metallic Biomaterials
- Polymeric Biomaterials
On the basis of biomaterials, the neuromodulation market is segmented into ceramics biomaterials, metallic biomaterials, and polymeric biomaterials.
End-User
- Hospitals
- Clinics
- Home Healthcare
On the basis of end-user, the neuromodulation market is segmented into hospitals, clinics, and home healthcare.
Neuromodulation Market Regional Analysis
The neuromodulation market is analysed and market size insights and trends are provided by country, technology, application, biomaterial, and end-user as referenced above.
The countries covered in the neuromodulation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the neuromodulation market because of the presence of major key players in this region. Additionally, the growing acceptance of advanced technologies will flourish the market's growth rate in this region.
Asia-Pacific is expected to grow during the forecast period due to the rising occurrence of established players in this region. Along with this, increasing awareness about mental health and surging prevalence of neurological diseases will flourish the market's growth rate in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Neuromodulation Market Share
The Neuromodulation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to neuromodulation market.
Neuromodulation Market Leaders Operating in the Market Are:
- Medtronic (Ireland)
- Boston Scientific Corporation (US)
- NEVRO CORP (US)
- Cyberonics, Inc. (US)
- Inspire Medical Systems, Inc. (US)
- SPR Therapeutics (US)
- ALEVA NEUROTHERAPEUTICS SA (Switzerland)
- Bioness Inc. (US)
- ReShape Lifesciences, Inc. (US)
- LivaNova PLC (UK)
- NeuroPace, Inc. (US)
- Synapse Biomedical Inc. (US)
- Soterix Medical Inc. (US)
- Accellent Technologies, Inc. (US)
- Abbott (US)
- Bioventus (US)
- Soterix Medical Inc. (US)
- Integer Holdings Corporation (US)
- NEVRO CORP. (US)
- NeuroSigma, Inc. (US)
- NeuroPace, Inc. (US)
- Neuronetics (US)
- BioControl Medical (Israel)
Latest Developments in Neuromodulation Market
- In March 2021, Helius Medical's Portable Neuromodulation Stimulator was approved by the US Food and Drug Administration for the short-term therapy of gait deficits caused by multiple sclerosis
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