Neuromodulation Devices Market to Hit $14.16 Billion by 2030, Growing at a CAGR of 10.29%

New York, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The Worldwide Neuromodulation Devices Market value was USD 6.10 Billion in 2021 and will reach USD 14.16 Billion in 2030 with a 10.29% CAGR. Neuromodulation refers to the process of modifying, regulating, or therapeutically altering electrical or chemical activities in the central, peripheral, or autonomic nervous systems. Several factors expediting the market growth are the continuous rise in neurological disorder cases, respiratory problems, the rise of funding by the government for the technological developments of neuromodulation devices, etc. 

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Neuromodulation Devices Market Insights: 

• The Spinal-Cord Stimulators segment significantly dominated with a share of 40.78% for the Product Type sector. 
• The Parkinson's disease segment of the Application section dominated comprehensively with a share of 30.12%.
• For the End-User section, the ASCs and Hospital segment dominated with a share of 81.23%.
• For the Regional section, North America dominated with a 45.22% market share.  

Factors expediting the Neuromodulation Devices Market Growth: 

(Increasing cases of neurological disorders, respiratory problems, and substantial funding by the government towards the technological developments of neuromodulation devices are fuelling its growth rate worldwide)

• A continuous surge in the increasing number of neurological disorders worldwide is the main reason augmenting the market growth. WHO reported that nearly 1.1 Billion people (i.e., around 13.75% of the worldwide population) are currently suffering from neurological disorders ranging from Parkinson's disease to Alzheimer, sclerosis, stroke, migraine, etc. SMR's study revealed that Ischemic Strokes are the most common neurological disorder all over the world. Almost 87% of the total strokes that occur worldwide are ischemic type strokes.
  
  
• Apart from the increase in neurological disorders, the rising number of cases of respiratory problems is expediting the market growth. NCBI reported that currently, around 545.44 million people worldwide (i.e., almost 7.41% of the world's population) are suffering from NCDs or chronic respiratory diseases. Furthermore, the rise in investments by governments towards the technological advancements of neuromodulation devices is augmenting the market growth extensively. 
  
  

Neuromodulation Devices Market: A thorough Segmentation Analysis

The worldwide Neuromodulation Devices Market segmentation has been performed based on Product Type, Application, End-User & Geography. 

For Product Type:

• Spinal Cord Stimulators
• Deep Brain Stimulators
• Vagus Nerve Stimulators
• Sacral Nerve Stimulators
• Transcranial Magnetic Stimulators
• Others

For Application 

• Chronic Pain
• Parkinson's Disease
• Epilepsy
• Migraine
• Depression
• Tremor
• Faecal and Urinary Incontinence 
• Others

For End-User 

• Hospitals
• ASCs
• Clinics
• Others 

For Geography
North-America

• Canada
• United States
• Mexico
• Rest of North-America

Asia-Pacific 

• Australia
• Japan
• Vietnam
• South Korea
• Singapore
• China
• India
• Rest of Asia-Pacific

Europe Continent

• Greece
• Poland
• Italy
• UK
• Finland
• Portugal
• Netherlands
• Germany
• Russia
• France
• Rest of the Europe 
  
  

ROW

• Saudi Arab
• Argentina
• Kuwait
• Brazil
• Qatar
• South Africa
• Algeria
• UAE

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The Spinal-Cord Stimulators segment significantly dominated with a share of 40.78% for the Product Type sector due to its growing usage in the treatment of nerve and chronic pain. As per the International Neuro-Modulation Society, each year, almost 34k patients worldwide undergo spinal surgery by means of spinal-cord stimulators. Additionally, according to the CDC, in 2021, an estimated 20.4% (50.0 million) individuals in the USA suffered from chronic pain, of which 8.0% (19.6 million) were suffering from serious chronic conditions.

The Parkinson's disease segment of the Application section dominated comprehensively with a share of 30.12%. Parkinson's disease is a long-lasting neurodegenerative brain condition that impairs movement. GBD/Global Burden Diseases Survey reported that in 2020, approximately 6.21 million people worldwide suffered from Parkinson's disease. 

For the End-User section, the Hospitals segment dominated the market with a share of 81.23%. For patients with neurological problems, hospitals offer highly-efficient implanted device therapies and neuromodulation surgeries. Spinal cord stimulation is the most common neuromodulation therapy offered by hospitals to the patients suffering from neurological diseases. SMR's research studies figured out that each year around 50k spinal-cord stimulators are implanted around hospitals worldwide.

For the Regional section, North America dominated with a 45.22% market share. Continuous rising cases of people suffering from neurological disorders is increasing the demand for neuromodulation devices in this region. SMRs research survey delineated that currently, around 25 million Americans have neurological disorders, out of which Huntington's disease & amyotrophic lateral sclerosis are regarded as the most common diseases, followed by frontotemporal dementia, myasthenia gravis, etc.

Pivotal players of the Neuromodulation Devices Market:

• Medtronic PLC
• Boston Scientific Corp
• LivaNova
• Abbott 
• Nevro Corp
• NeuroSigma,
• Synapse Biomedical.
• Neuronetics
• NeuroPace
• Bioness
• BioControl Medical
• Integer Holdings Corp
• Soterix Medical
  
  

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Recent Developments

• On August 23rd, 2022, Abbott launched its brand new Proclaim Plus SCS system to enhance the level of efficacy of its neuromodulation therapies. The system is designed based on the concept of BurstDR stimulation, which works by imitating natural patterns that are found in the brain to deliver pain relief therapy. Moreover, this method of using the concept of BurstDR stimulation has been preferred by almost 87% of patients worldwide till date. 
  
  
• On July 12th, 2022, the first neuromodulation device in the world to receive FDA approval, the Barostim Programmer, was introduced by CVRx, to treat various signs and symptoms of heart failure. This second-generation Barostim programmer has a very advanced cellular network and incorporates a highly sophisticated user interface that aids in streamlining IPG programming.
  
  
• On July 5th, 2022, Orchestra BioMed and Medtronic joined hands to develop a highly advanced cardiac neuromodulation therapy, BackBeat CNT. It is created in such a manner that it works automatically without any reliance on patient compliance and is integrated with a variety of antihypertension medications. Additionally, it is easily adaptable to cardiac rhythm control devices, such as pacemakers, using a conventional implant and lead implantation methods.
  
  

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