Neuromodulation Market

The global Neuromodulation Market is valued at USD 5.9a Billion in 2022 and is projected to reach a value of USD 14.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 12.2% between 2023 and 2030.

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Disorders affecting the brain, spinal cord, and body's nerves collectively are referred to as neurological disorders. Some of the frequent neurological ailments include acute spinal cord injury, Alzheimer's disease, amyotrophic lateral sclerosis (ALS), ataxia, bell's palsy, brain tumors, cerebral aneurysms, epilepsy, and seizures. Memory loss, mental impairment, lack of coordination, and sudden or persistent headaches are just a few of the symptoms brought on by structural, biochemical, or electrical abnormalities in the spinal cord, brain, or other nerves. Innovations in neurostimulation techniques have been made possible by the rising prevalence of chronic conditions and the limits of pharmaceutical therapy in effectively treating these diseases. As a result, new methods and tools for identifying and treating chronic illnesses have emerged. These methods cover anything from spinal cord stimulation for the treatment of pain to vagus nerve stimulation for the treatment of epilepsy and other diseases. The market is characterized by the introduction of customized devices and methods for treating particular illnesses as well as ongoing advancements in neurostimulation methods.

• The rise in Neurological Disorders will notably increase the Neuromodulation market projection period from 2023 to 2030.
• The Deep Brain Stimulation segment will continue to assert its dominance by application, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, North America exhibited its market prowess, achieving the highest revenue share of 36.90%.
• The Asia Pacific region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. Neuromodulation market growth is the market participants' ongoing commitment to R&D to establish clinical efficacy and broaden the clinical applications of these devices.
2. A sizable patient base in need of treatment is being created by the rising prevalence of various illnesses, rising awareness levels, and rising diagnostic rates on a global scale. This is fueling the need for Neuromodulation devices internationally, together with the limited clinical outcomes provided by pharmaceuticals and increasing preference for Neuromodulation treatments.
3. Globally, the prevalence of dementia and other neurological illnesses is increasing, and this trend is anticipated to present considerable prospects for the adoption and advancement of Neuromodulation techniques. Thus propelling the Neuromodulation market.
4. The rise in prevalence of various neurological conditions, including Alzheimer's disease, dementia, stroke, and brain tumors, is a prominent factor driving the expansion of the global Neuromodulation market size.
5. The prevalence of neurological disorders and nerve injuries is rising, which is driving up demand for a wide range of medical devices—solutions that can identify and cure serious illnesses and nervous system-related problems. This is creating growth in the market.
6. The industry's stakeholders' continued dedication to research and development in order to validate clinical efficacy and expand the therapeutic applications of these Neuromodulation devices. Because of this and the rising demand for these Neuromodulation devices from healthcare providers. Thus promoting the growth of the market.

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Economic Insights

Economic situations can impact insurance coverage and reimbursement practices. Patients heavily rely on insurance coverage to make Neuromodulation treatments affordable because these treatments are frequently pricey. Financial strains on healthcare budgets and insurance companies may result in tighter reimbursement guidelines or less coverage for Neuromodulation therapies, limiting patient access and market expansion. Neuromodulation devices, such as deep brain stimulators and spinal cord stimulators, need considerable amounts of research, development, and manufacturing costs to develop and implement. Economic downturns can result in lower healthcare spending, making it difficult for consumers and healthcare providers to pay for these pricey therapies. The demand for Neuromodulation treatments may fall in such circumstances.

Market Segmentation

The Global Neuromodulation Market is categorized into the segments as mentioned below:

The global Neuromodulation market can be categorized into Type, Application, Region. The Neuromodulation market can be categorized into Internal Neuromodulation, External Neuromodulation based on Type. The Neuromodulation market can be categorized into Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Gastric Electrical Stimulation, Transcutaneous Electrical Nerve Stimulation, Transcranial Magnetic Stimulation, Respiratory Electrical Stimulation based on Application. The Neuromodulation market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Type

Internal Neuromodulation to Lead Maximum Market Share Due To The Increase Of Number Of Patients With Various Headache Conditions

In 2022, the internal Neuromodulation segment was poised to dominate the global market for Neuromodulation due to an increase in the number of patients with depression, heart-related illnesses, and various headache types. Due to their use of minimally or non-invasive technology, Neuromodulation devices are essential in the treatment of chronic pain. The internal Neuromodulation devices are designed to target the pain site specifically, altering nerve activity by applying electrical stimulation to a specific nerve, making the disease more effectively treated. It is a more effective method of treating the condition since internal Neuromodulation devices are made to target the pain spot directly and affect nerve activity by electrically stimulating a particular neuron. Internal Neuromodulation is thus increasing segment.

Based on Application

Deep Brain Stimulation Segment Expects Dominion Owing to the Technological Advancement

In 2022, the Deep Brain Stimulation segment will dominate the Neuromodulation market. Chronic pain, movement disorders, epilepsy, like Parkinson's disease (PD), dystonia, and tremors, as well as various psychiatric illnesses like obsessive-compulsive disorder, Tourette syndrome, and depression, are all indicated for treatment with DBS.

DBS has a number of benefits, and as a result, end users are adopting the technology at an increasing rate. Even if the use of DBS for certain disorders, such as essential tremor, Parkinson's disease, dystonia, and obsessive-compulsive disorder, is permitted. However, the use of DBS is beginning to take off as a result of technological breakthroughs.

Based on Region

North American Region Forecast to Grow Exponentially in the Projected Period

In 2022, the North American region emerged as the dominant player in the Neuromodulation market. The market growth in North America is being fueled by an increase in patients with neurological disorders, which is driving up increased competition among market players, demand for Neuromodulation devices, 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. Nearly 500,000 Americans have recently been diagnosed with Parkinson's disease, according to the National Institute of Neurological Disorders and Stroke, which is anticipated to fuel revenue growth in the Neuromodulation market. The publication of diverse clinical research inspires manufacturers. Higher rates of diagnosis and treatment among patients and greater uptake of Neuromodulation devices for the management of chronic illnesses are the main causes of the region's dominance. In addition, the United States has adequate reimbursement policies for these devices and a higher frequency of chronic diseases. The factors mentioned above are increasing the growth in this region.

The Neuromodulation industry in Asia Pacific is rapidly growing in popularity. Increased population, increased disposable money, and increased awareness are predicted to lead to an increase in the prevalence of serious and diverse diseases in this area. It is encouraged for manufacturers to provide new tools, items, and remedies that can address the escalating health problems. For instance, Theranica, a firm that specializes in digital therapies, recently revealed the creation of Nerivio. This cutting-edge Neuromodulation device may treat migraine and a number of other pain ailments. The market is expected to rise as a result of factors including developing healthcare infrastructure, rising per capita healthcare spending, and better diagnostic and treatment rates.

Competitive Landscape

The global Neuromodulation market is highly competitive, with various key players operating in the industry. Some of the major companies in the market include Boston Scientific Corporation, Bioventus Inc., MicroTransponder, NeuroPace Inc., Abbott, Nevro Corporation, NeuroSigma, MicroTransponder, LivaNova PLC, Neuronetics, and Medtronic. To create cutting-edge and environmentally friendly products, these businesses are concentrating on research and development operations. Aiming to diversify their product portfolios and market presence, companies frequently enter into strategic partnerships, mergers, and acquisitions.

The key players in the global Neuromodulation market include - Boston Scientific Corporation (U.S.), Bioventus Inc. (U.S.), MicroTransponder Inc. (U.S.), NeuroPace Inc. (U.S.), Abbott Laboratories (U.S.), Nevro Corporation (U.S.), NeuroSigma Corporation (U.S.), MicroTransponder (U.S.), LivaNova PLC (UK), Neuronetics (U.S.), Medtronic PLC (Ireland) among others.

Recent Market Developments

• In January 2023, the release of miniature neurostimulation implants by Nalu Medical Inc. for peripheral nerve stimulation (PNS) and spinal cord stimulation (SCS) to treat intractable pain is anticipated to lead to a significant increase in the demand for Neuromodulation in this area. In December 2022, The Eterna spinal cord stimulation (SCS) system from Abbott Laboratories, the most miniature implantable, rechargeable spinal cord stimulator currently on the market for the management of chronic pain, won FDA approval. The Neuromodulation tool uses low-dose BurstDR stimulation, an Abbott-exclusive technology.
• In September 2022, the FDA authorized DAXXIFY (DaxibotulinumtoxinA-lane), the first and only neuromodulator stabilized with Peptide Exchange Technology (PXT), for the temporary treatment of moderate to severe frown lines (glabellar lines) in adults.

Segmentation of the Global Neuromodulation Market