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The forecast for the global Neuromodulation Market indicates it is poised to reach $22 Billion by 2030, with a Compound Annual Growth Rate (CAGR) of 13% from 2023 to 2030. The rising incidence of neurological disorders worldwide is driving the need for enhanced healthcare infrastructure and innovative treatment methods for managing such conditions. Consequently, this surge in demand is fueling the expansion of the global neuromodulation market.
Overview
The projected value of the worldwide Neuromodulation Market is expected to hit $22 Billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 13% from 2023 to 2030. Neuromodulation is controlled electric stimulation of the central nervous system or the peripheral nerve, to manage neural activity in patients suffering from neurological disorders such as cerebrovascular diseases, Alzheimer's disease, epilepsy, Parkinson's, and those caused by bacterial, viral, and fungal infections. The electrodes are directly placed in the brain's peripheral nerves or spinal cord, and pulse generators are implanted under the skin for better results.
The increasing prevalence of neurological disorders worldwide augments the demand for proper healthcare facilities and advanced treatment options to cope with such conditions. Consequently, this drives the growth of the global neuromodulation market.
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However, factors such as strict policies for product approval and the need for more skilled healthcare professionals are expected to impede the market's growth.
Moreover, factors such as the increasing geriatric population, which is more prone to neurological disorders, growing awareness regarding the safety and efficiency of neuromodulation techniques, and increasing investments by both public and private sectors in clinical research and development activities for technological advancements, are expected to foster the growth of the global neuromodulation market throughout the forecast period.
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The global neuromodulation market share has been analyzed based on technology, application, biomaterial, and geography.
Based on technology, the neuromodulation market is classified into internal neuromodulation and external neuromodulation. The internal neuromodulation segment is sub-segmented into Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation, and others. The external neuromodulation segment is further divided into Transcutaneous Electrical Nerve Stimulation and Transcranial Magnetic Stimulation.
Based on application, the neuromodulation market is fragmented into chronic pain management, failed back syndrome, epilepsy, tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson's disease, Obsessive-Compulsive Disorder, migraine, and others.
Based on biomaterials, the neuromodulation market is divided into metallic biomaterials, polymeric biomaterials, and ceramic biomaterials.
Geographic breakdown and analysis of each previously mentioned segment include regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to dominate the global neuromodulation market throughout the forecast period. This is primarily attributed to its well-established healthcare infrastructures and medical laboratories, as well as the heightened prevalence of neurological disorders. These factors drive greater adoption of neuromodulation technologies and contribute to the increase in clinical trials aimed at technological advancements.
On the other hand, Asia Pacific is projected to witness significant growth in the global neuromodulation market, with a substantial increase in market share expected over the forecast period. This growth can be attributed to the rise in government initiatives aimed at addressing chronic neurological disorders, as well as the growing number of product launches in the region.
The neuromodulation market is highly competitive and consists of various market players. Some of the major market players include Abbott, Medtronic, Boston Scientific Corporation, Cochlear Ltd., Cyberonics Inc., Sonova, Nevro Corp., Advanced Bionics AG, Integer Holdings Corporation, Neuronetics, NeuroPace Inc., Synapse Biomedical Inc., Magstim, NeuroSigma Inc., LivaNova PLC, Soterix Medical Inc., ALEVA NEUROTHERAPEUTICS SA, ReShape Lifesciences Inc., Bioness Inc., DynaMD, BioAlps, MED-EL, The Axonics SNM System, Johnson & Johnson Services Inc., LABORIE, Stimwave LLC, Functional Neuromodulation Ltd., and Biegler GmbH among others.
An upsurge in R&D activities and advancement in product technologies along with an increasing number of FDA approvals stimulate the growth of the global neuromodulation market.
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