WASHINGTON, Nov. 22, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Neuromodulation Market is estimated to be valued at USD 14.8 Billion by 2030 at an exponential growth of 12.2% in the next seven years.
The Neuromodulation industry is expected to experience significant growth in recent years due to several factors, including the rising occurrence of neurological disorders, a greater acceptance of Neuromodulation therapies, increased investment in research and development of neurological disorders by private companies, and higher utilization of rechargeable implants.
The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players.
- Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The growth of the Neuromodulation market is supported by various factors, including the increase in the occurrence of lifestyle diseases like chronic pain and depression, advancements in Neuromodulation technology, a rise in awareness about neurodegenerative diseases, and expanded research for exploring the applications of Neuromodulation.
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Factors Affecting the Growth of the Neuromodulation Industry
- The increasing occurrence of neurological disorders is fueling the need for Neuromodulation therapies, as evidenced by the 60,000 annual diagnoses of Parkinson's disease in the U.S.
- Advances in Neuromodulation technologies are driving market growth through miniaturized devices and improved stimulation techniques, including closed-loop systems that enhance treatment outcomes for conditions like epilepsy.
- Neuromodulation therapies are gaining acceptance and adoption due to increased awareness among patients and healthcare professionals, with Deep Brain Stimulation being widely accepted for treating Parkinson's disease, essential tremor, and dystonia.
- The expansion of insurance coverage and government support for Neuromodulation therapies fuel market expansion, as seen in the U.S., where Medicare and Medicaid cover specific procedures such as spinal cord stimulation for chronic pain.
Key Highlights
- By the Type segmentation, the Internal Neuromodulation segment registered an enormous market growth in 2022.
- By the segmentation of Application, the Deep Brain Stimulation Market segment accounted for the largest market share in 2022.
- The market was ruled by North America in 2022, with a revenue share of 36.9%.
- The Asia Pacific region is expected to witness maximum market growth during the forecast period.
Prominent Players in The Global Neuromodulation Market Report Scope:
- 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)
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Key Trends
- Non-invasive Neuromodulation techniques, like TMS, are being embraced by patients and healthcare professionals to minimize surgical invasiveness and post-operative complications in the treatment of mental health disorders such as depression.
- Technological advancements enable patients to self-administer Neuromodulation therapies at home, minimizing hospital visits and allowing pain management through devices like TENS or TSCS units.
- Investments in research and development are boosting the Neuromodulation market, with companies focusing on personalized treatment options, such as Neuropace's development of real-time responsive neurostimulation systems for epilepsy patients.
Key Strategies in the Global Neuromodulation Market
- Neuromodulation companies actively invest in R&D to introduce advanced products like Medtronic's DBS system that alleviates Parkinson's symptoms through brain stimulation.
- Companies are expanding into emerging markets to meet the rising demand for Neuromodulation therapies, such as Boston Scientific's acquisition of a Chinese company to gain access to a large patient population and enhance its market position.
- Manufacturers in the Neuromodulation space are collaborating to enhance their offerings and expand their clientele; this is exemplified by Abbott Laboratories and Mayo Clinic's joint venture to provide cutting-edge treatments.
- Companies are trying to break into established markets by collaborating with insurance and healthcare providers to offer Neuromodulation therapies at a reasonable cost.
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Recent Development of the Global Neuromodulation Market
- 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.
Neuromodulation Market Segmentation
By Type
- Internal Neuromodulation
- External Neuromodulation
By Application
- Spinal Cord Stimulation Market
- Deep Brain Stimulation Market
- Sacral Nerve Stimulation Market
- Vagus Nerve Stimulation Market
- Gastric Electrical Stimulation Market
- Transcutaneous Electrical Nerve Stimulation Market
- Transcranial Magnetic Stimulation Market
- Respiratory Electrical Stimulation Market
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 185 Pages and in-depth TOC on Neuromodulation Market Forecast Report (2023-2030).
Highlights from Segments
Type Analysis
- The internal Neuromodulation segment accounted for the most significant market growth in 2022 due to the increasing prevalence of Parkinson's disease and the approval of more products for treating neurological diseases.
- On the other hand, the external Neuromodulation segment is anticipated to experience significant growth during this period due to technological advancements in external Neuromodulation devices.
Application Analysis
- Deep Brain Stimulation Market applications have the potential market growth in 2022.
- Neurological disorders such as Parkinson's disease, essential tremor, dystonia, and obsessive-compulsive disorder (OCD) affect millions of people worldwide.
- DBS has shown to be a very successful treatment option, providing patients with various illnesses with increased quality of life and symptom reduction.
- The development of high-precision neuroimaging techniques, implantable pulse generators, and electrode leads has significantly contributed to the growth of DBS applications.
Regional Analysis
- North America led the market growth in 2022 owing to the surge in the prevalence of neurological diseases in the region.
- The demand for Neuromodulation devices is growing in North America due to an increasing number of patients with neurological disorders.
- Increased competitiveness in the market and large investments in research and development for new therapeutic solutions are the results of this trend.
- The need for Neuromodulation devices has been fueled by a steady increase in the number of individuals with neurological illnesses in both the United States and Canada.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.9 Billion |
| Revenue Forecast by 2030 | USD 14.8 Billion |
| CAGR | 12.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Boston Scientific Corporation, Bioventus Inc., MicroTransponder Inc., NeuroPace Inc., Abbott Laboratories, Nevro Corporation, NeuroSigma Corporation, MicroTransponder, LivaNova PLC, Neuronetics, Medtronic PLC |
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