Redding, California, March 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Neuromodulation Systems Market by Type (Spinal Cord, Sacral Nerve, Vagus Nerve, Deep Brain Stimulation), Application (Parkinson's Disease, Tremor, Depression, Epilepsy, Gastroparesis, Obesity, Psychiatry, Neurology, Pediatry) - Global Forecast to 2030,’ published by Meticulous Research®, the neuromodulation systems market is projected to reach $10.29 billion by 2030, at a CAGR of 8.2% from 2023 to 2030.
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Neuromodulation devices are medical devices that alter the activity of specific nerve fibers by delivering electrical, chemical, or other forms of stimulation to target areas in the body. These devices are used to treat various conditions, such as chronic pain, movement disorders, depression, and others, by changing the activity of nerve cells (neurons) in a specific area.
Neuromodulation devices can be implantable or external and include, for example, spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, sacral nerve stimulators, and transcutaneous electrical nerve stimulators (TENS). Neuromodulation aims to modify neural activity in a controlled and reversible manner to alleviate symptoms or improve function.
The factors driving the growth of this market are the high prevalence of neurological disorders and nerve injuries, advancements in neuromodulation & neurostimulation technologies, and expanding applications of neuromodulator systems due to clinical trials.
Furthermore, emerging economies and the increasing demand for non-invasive devices are expected to offer growth opportunities for market expansion. However, the shortage of skilled healthcare professionals and regulatory barriers and recall of neuromodulator systems pose a major challenge to the growth of the neuromodulation systems market.
Advancements in Neuromodulation Systems to Drive the Growth of the Neuromodulation Systems Market
The advancements in neuromodulation technology have been largely driven by the miniaturization of devices, the increasing complexity of tasks they can perform, and the improved understanding of neural responses to stimulation. As technology in integrated circuits and batteries has improved, the size of neuromodulation devices has decreased; however, the functional requirements for these devices have become more complex.
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Key factors driving the development of neuromodulation therapies are the growing need for improved surgical procedures, increased control over programming parameters, and easier patient interactions. However, there is a growing recognition that future advancements must focus on meeting the needs of patients outside of clinical settings while also keeping healthcare providers informed. This has led to a focus on advancements in diagnostics, therapy, and disease management within the field of neuromodulation, which enables the seamless integration of digital technology with these therapies for improved patient care.
The neuromodulation systems market is segmented by Type (Internal Neuromodulation {Spinal Cord Stimulation (SCS) [Failed Back Surgery Syndrome (FBSS), Post-surgical Pain, Arachnoiditis, Other SCS Applications], Deep Brain Stimulation (DBS) [Parkinson's Disease, Essential Tremor, Depression, Other DBS Applications], Sacral Nerve Stimulation (SNS) [Urine incontinence, Fecal incontinence], Vagus Nerve Stimulation (VNS) [Epilepsy, Depression], Gastric Electrical Stimulation [Gastroparesis, Obesity]}, External Neuromodulation {Transcranial Magnetic Stimulation (TMS) [Psychiatry, Neurology, Pediatry, Other TMS Applications], Transcutaneous Electrical Nerve Stimulation [Deperession, Other TENS Applications], Respiratory Electrical Stimulation}) and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
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Based on type, the neuromodulation systems market is segmented into internal neuromodulation and external neuromodulation. In 2023, the internal neuromodulation segment is expected to account for the largest share of this market. The factors contributing to the large market share of this segment are effectiveness, long-term use, durability, increased safety, and improved patient compliance offered by internal neuromodulation systems. Internal neuromodulation systems do not require patients to wear or carry external equipment, making them more convenient and comfortable. The internal neuromodulation segment is further subsegmented into spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and gastric electrical stimulation. In 2023, the spinal cord segment is expected to account for the largest share of the market. Spinal cord stimulators are used to treat and manage chronic pain, failed back surgery syndrome, arachnoiditis, post-surgical pain, heart pain, injuries to the spinal cord, and other conditions. The increasing prevalence of these target diseases among the aging population contributes to the high demand for spinal cord stimulators.
In 2023, North America is expected to account for the largest share of the neuromodulation systems market due to the well-established healthcare system, significant investments in healthcare, high prevalence of neurological disorders among the geriatric population, and availability of advanced treatment options.
The report also includes an extensive assessment of the key growth strategies adopted by major market players between 2020 and 2023. The neuromodulation systems market has recently witnessed several product launches, collaborations, and acquisitions.
Some of the key players operating in the neuromodulation systems market are LivaNova PLC (U.K.), Nevro Corp. (U.S.), Medtronic plc (Ireland), Abbott Laboratories (U.S.), NeuroSigma, Inc. (U.S.), Neuronetics, Inc. (U.S.), NeuroPace, Inc. (U.S.), Bioventus Inc. (U.S.), MicroTransponder, Inc. (U.S.), Soterix Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Synapse Biomedical Inc. (U.S.), and Aleva Neurotherapeutics SA (Switzerland).
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Scope of the Report:
Neuromodulation Systems Market, by Type
- Internal Neuromodulation
- Spinal Cord Stimulation (SCS), by Application
- Failed Back Surgery Syndrome
- Post-surgical Pain
- Arachnoiditis
- Other SCS Applications
- Deep Brain Stimulation (DBS), by Application
- Parkinson's Disease
- Essential Tremor
- Depression
- Other DBS Applications
- Sacral Nerve Stimulation, by Application
- Urine incontinence
- Fecal incontinence
- Vagus Nerve Stimulation (VNS), by Application
- Epilepsy
- Depression
- Other VNS Applications
- Gastric Electrical Stimulation, by Application
- Gastroparesis
- Obesity
- Spinal Cord Stimulation (SCS), by Application
- External Neuromodulation
- Transcranial Magnetic Stimulation (TMS), by Application
- Psychiatry
- Neurology
- Pediatry
- Other TMS Applications
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Depression
- Other TENS Applications
- Respiratory Electrical Stimulation
- Transcranial Magnetic Stimulation (TMS), by Application
Note: *Other SCS Applications include heart pain (angina), injuries to the spinal cord, nerve-related pain, peripheral vascular disease, and complex regional pain syndrome.
*Other DBS Applications include Dystonia and obsessive-compulsive disorder (OCD) or Tourette disorder.
*Other VNS Applications include stroke and migraine
*Other TMS Applications include anxiety and generalized anxiety disorder (GAD).
* Other TENS Applications include acute pain and chronic pain.
Neuromodulation Systems Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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