Wilmington, Delaware, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global neuromodulation market to generate $4,342.50 million by 2030, witnessing a value of $2,480.21 million in 2020, exhibiting a CAGR of 6.2% from 2021 to 2030. This market report provides an in-depth analysis of leading investment pockets, top-performing strategies, market dynamics, market size and forecasts, competitive analysis, and forecast timeframe. It is an essential resource for the emerging market players, and stakeholders to strategically plan and strengthen their competitive edge.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2021-2030 |
| Base Year | 2020 |
| Market Size in 2020 | $2480.21 Million |
| Market Size in 2030 | $4,342.50 Million |
| CAGR | 6.2% |
| No. of Pages in Report | 220 |
| Segments Covered | Technology, Application, Biomaterial, and Region |
| Drivers | An increase in the incidence of several neurological disorders |
| Neuromodulation device therapies offer advantages over prevailing drug therapies | |
| Neuromodulation devices and new product approvals by the Food and Drug Administration (FDA) | |
| Restraints | The high price of equipment |
| A lack of awareness about the neuromodulation equipment |
Recent Developments in the Neuromodulation Market
- In September 2023, Boston Scientific Corporation has entered into an agreement to acquire Relievant Medsystems, Inc. Relievant Medsystems, Inc commercialize the Intracept Intraosseous Nerve Ablation System. This acquisition will help the company to expand its neuromodulation portfolio.
- In May 2023, Abbott Laboratories, a global medical device company has received the U.S. Food and Drug Administration (FDA) approval for its spinal cord stimulation (SCS) device. This device is used for the treatment of chronic back pain.
- In February 2023, LivaNova PLC, one of the global leader in medical technology and innovation industry, has launched its SenTiva DUO, an implantable pulse generator (IPG) with a dual-pin header to provide VNS Therapy. This device is used for the treatment of drug-resistant epilepsy.
- In September 2022, Aleva Neurotherapeutics SA a global leader in Deep Brain Stimulation industry has received the CE approval for its directSTIM DBS System, which is used in a full-body magnetic resonance imaging. This system is used for the treatment of Parkinson’s disease by providing targeted electrical stimulation in the brain.
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The global neuromodulation market is categorized into various segments based on technology, application, biomaterial, and region. It is offered in both tabular and graphical form, allowing an individual or a commercial organization to benefit perception into the highly profitable and swiftly expanding segments.
By technology, the internal neuromodulation segment held the major share in 2020, contributing to more than four-fifths of the global neuromodulation market, and is expected to maintain its leadership status for the duration of the forecast timeframe. On the other hand, the external neuromodulation segment is expected to witness the highest CAGR of 6.9% from 2021 to 2030.
By biomaterial, the metallic biomaterials segment held the major market share in 2020, holding more than four-fifths of the global neuromodulation market revenue, and is projected to rule the roost by 2030. On the other hand, the ceramic biomaterials segment would display the fastest CAGR of 6.9% from 2021 to 2030.
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By region, North America held the major share in 2020, accounting for more than two-fifths of the global neuromodulation market revenue, and is anticipated to retain its dominance during the forecast period. On the other hand, the Asia-Pacific region would cite the fastest CAGR of 7.5% from 2021 to 2030.
The prominent players that have been analyzed and identified in the global neuromodulation market include NeuroPace Inc., Micro Transponder, LivaNova PLC, Bioventus Inc., Abbott, Boston Scientific Corporation, Nevro Corporation, Medtronic, NeuroSigma, and Neuronetics.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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