Neuromodulation Market to Reach Valuation of USD 14.8 Billion by 2030 – Increasing Prevalence of Neurological Disorders and Nerve Injuries Drives the Market

In terms of revenue, the Global Neuromodulation Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 12.2% from 2023 to 2030.

Neuromodulation is the process of modifying nerve activity by applying a stimulus such as chemicals or electrical stimulation to particular body neurological locations. When no other treatment options are available, this technique addresses movement abnormalities and persistent discomfort. The growth of the Neuromodulation market is fuelled by various factors, including the rising occurrence of neurological disorders and nerve injuries, advancements in Neuromodulation technology, an increase in brain disorders, the adoption of Neuromodulation devices in developed nations, the prevalence of treatment-resistant chronic conditions, the expanding number of clinical applications, the rise in lifestyle diseases like chronic pain and depression, and increased investment in research and development of neurological disorders by private entities.

Furthermore, there has been an increasing demand for Neuromodulation due to multiple studies suggesting that COVID-19 patients have experienced benefits from using Neuromodulation devices. One research study published in July 2021 in the European Pharmaceutical Review journal demonstrated the use of Neuromodulation in treating a group of patients with chronic COVID-19 symptoms, and all participants reported significant improvements in their symptoms within 14 days of starting the treatment. As a result, the adoption of Neuromodulation procedures grew during the later stages of the pandemic. Furthermore, with the emergence of various strains of the SARS-CoV-2 virus and related post-COVID symptoms, the use of Neuromodulation technologies is expected to continue increasing and contribute to the market's growth in the forecast period.  

Key Highlights from the Report

• Based on the Type segmentation, the Internal Neuromodulation segment dominates the Neuromodulation market owing to the growing prevalence of Parkinson’s disease and the rise in product approval for neurological disease treatment.
• Based on the segmentation of Application, the Deep Brain Stimulation Market segment accounted for the substantial growth of the market in 2022 owing to the increased focus on neurological diseases, psychosurgery, and even systemic diseases.
• Based on Region, North America holds the significant market share within the Neuromodulation market in 2022 owing to the increase in the prevalence of neurological diseases, the occurrence of key players for the development of Neuromodulation devices, and well-established infrastructure in the region. 

Market Dynamics

The global increase in populations suffering from dementia and other neurological disorders is expected to lead to many opportunities for the development and adoption of Neuromodulation technologies and procedures. A high prevalence and increasing global burden of diseases like dementia, Alzheimer's disease, multiple sclerosis, Parkinson's disease, and motor neuron diseases were found in 195 countries during the study period, according to a study published in the Neuroscience Insights journal in August 2022. The study looked at epidemiological data from multiple countries. Therefore, the market for Neuromodulation devices is expected to expand as a result of the prevalence of neurological disorders.

Furthermore, the growing prevalence of neurological diseases has spurred the focus of various market players towards advancing Neuromodulation products. As a result, a highly competitive atmosphere is emerging within the studied market. For instance, Functional Neuromodulation was granted the Breakthrough Device designation by the United States Centre for Devices and Radiological Health in January 2021 for their Vercise Deep Brain Stimulation (DBS) Systems. This leading company has developed the BDS-f DBS system, specifically designed for the treatment of Alzheimer's disease. Patients who are 65 years of age or older with mild probable Alzheimer's disease are eligible for this therapy. It is anticipated that this approach will not only receive widespread adoption but also become increasingly influential, given its already-established efficacy. 

North America dominated the Neuromodulation market in 2022 and is projected to maintain its growth in the upcoming years, primarily driven by the United States. Furthermore, during the analysis period, Canada and Mexico are predicted to mentioned a noteworthy market share as well. The presence of well-established market players and thriving pharmaceutical and biopharmaceutical industries, coupled with increased investments in advanced technologies in the United States, are anticipated to foster market growth. For example, according to the Parkinson's Foundation's updated data for 2022, the number of annual Parkinson's disease diagnoses in the United States has increased by 50% to approximately 90,000, compared to the previously estimated rate of 60,000 diagnoses per year. 

The Global Neuromodulation Market is Segmented as follows

• Type
  • Internal Neuromodulation
  • External Neuromodulation
• Application
  • 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
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Neuromodulation Market is

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) 

The Global Neuromodulation Market Scope can be Tabulated as below