Chicago, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Neuromodulation market in terms of revenue was estimated to be worth $6.2 billion in 2023 and is poised to reach $11.0 billion by 2028, growing at a CAGR of 12.0% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The neuromodulation market is driven by increasing focus on the development of advanced neuromodulation and neurostimulation technologies, rising prevalence of neurological disorders and nerve injuries, government support for research on neurological disorders, availability of reimbursement of neuromodulation devices, collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices.
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Neuromodulation Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $6.2 billion |
| Estimated Value by 2028 | $11.0 billion |
| Growth Rate | Poised to grow at a CAGR of 12.0% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, application, and region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Large population and increasing healthcare expenditure in emerging countries |
| Key Market Driver | Increasing focus on the development of advanced neuromodulation and neurostimulation technologies |
The rising incidences of neurological diseases across the globe have increased significantly. Neuromodulation is used to treat and improve the quality of life of individuals suffering from chronic illness.
On the basis of type, neuromodulation market is segmented into internal neuromodulation and external neuromodulation. In 2022, internal neuromodulation accounted for the largest share of the global neuromodulation market. This growth can be mainly attributed to reduction of post-surgical complications, reduced hospitalizations, and long-term cost savings associated with internal neuromodulation devices.
The internal neuromodulation market is further categorized into sacral nerve stimulation, spinal cord stimulation, vagus nerve stimulation, deep brain stimulation, and gastric electrical stimulation. The spinal cord stimulation segment accounted for the largest share of the neuromodulation market in 2022, owing to the increasing number of people suffering from failed back surgery syndrome, ischemia, and chronic pain as well as the favorable reimbursement scenario for spinal cord stimulation.
The external neuromodulation market is segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES). In 2022, transcutaneous electrical nerve stimulation will dominate the external neuromodulation market. This is mainly due to the higher prevalence of depression, its chronic and recurrent nature, and the life-shortening effects of this disease, which have created a demand for TENS therapy.
Based on application, the neuromodulation market has been segmented into vagus nerve stimulation, spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, gastric electrical stimulation, transcutaneous electrical nerve stimulation, and transcranial magnetic stimulation. The neuromodulation market for Spinal cord stimulation by application is further segmented into chronic pain, failed back syndrome and ischemia. In 2022, chronic pain applications dominated neuromodulation market. This growth can mainly be attributed to the growing aging population and subsequent increase in prevalence of neurological disorders.
The neuromodulation market is categorized into four major regions: North America, Europe, the Asia Pacific, and Rest of the World. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the increasing public and private investments, increasing incidence of neurological disorders and ongoing research.
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Neuromodulation market major players covered in the report, such as:
- Medtronic (Ireland)
- Boston Scientific Corporation (US)
- Abbott Laboratories (US)
- LivaNova (UK)
- NeuroPace (US)
- Neuronetics (US)
- Helius Medical Technologies (US)
- Renishaw (UK)
- GTX Medical (Netherlands)
- Bioinduction (UK)
- Axonics (US)
- Nevro Corporation (US)
- Nalu Medical (US)
- Aleva Neurotherapeutics (Switzerland)
- GiMer Medical (Taiwan)
- Magtism (UK)
- NeuroSigma (US)
- BioWaveGo USA (US)
- Synapse Biomedical (US)
- BIOTRONIK (Germany)
- Theranica Bio-Electronics (Israel)
- MicroTransponder (US)
- Soterix Medical (US)
- Saluda Medical (US)
- Electrocore Inc. (US)
- tVNS Technologies (Germany)
- and Among Others
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This report categorizes the neuromodulation market into the following segments and subsegments:
By Type
- Internal Neuromodulation
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Gastric Electrical Stimulation
- External Neuromodulation
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Transcranial Magnetic Stimulation (TMS)
- Respiratory Electrical Stimulation (RES)
By Application
- Spinal Cord Stimulation Market, By Application
- Failed Back Syndrome
- Chronic Pain
- Ischemia
- Deep Brain Stimulation Market, By Application
- Parkinson’s Disease
- Tremor
- Depression
- Other DBS Applications
- Sacral Nerve Stimulation Market, By Application
- Urine Incontinence
- Fecal Incontinence
- Vagus Nerve Stimulation Market, By Application
- Epilepsy
- Other VNS Applications
- Gastric Electrical Stimulation Market, By Application
- Gastroparesis
- Obesity
- Transcutaneous Electrical Nerve Stimulation Market, By Application
- Treatment-resistant Depression
- Other TENS Applications
- Transcranial Magnetic Stimulation Market, By Application
- Depression
- Migraine Headache
- Respiratory Electrical Stimulation Market, By Application
- Spinal Cord Injury
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East and Africa (Excluding GCC countries)
- GCC Countries
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Key Market Stakeholders:
- Manufacturers and distributors of neuromodulation products
- Pharmaceutical and Biotechnology Companies
- R & D centers
- Diagnostic laboratories
- Hospitals and clinics
- Academic institutes
- Research institutes
- Market research and consulting firms
Report Objectives:
- To define, describe, segment, and forecast the global neuromodulation market by type, sample, application, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, challenges, and trends)
- To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall neuromodulation market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product excellence
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