Neuromodulation Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Neuromodulation Market Analysis
The neuromodulation market is expected to register a CAGR of 11% during the forecast period, 2022-2027.
The COVID-19 situation prevented the government from scheduling elective operations and procedures, despite the fact that neuromodulation needs surgical interventions. It contributes significantly to the income of a health system. There will surely be financial repercussions for these banks if these procedures are delayed. Patients are encouraged to switch to medications, particularly for pain and occasionally even for epilepsy, as a result of these postponed procedures. As a result, the heavily taxed healthcare systems won't have doctors available for delayed surgeries, which could discourage people from buying neuromodulation equipment.
The major factor rising the market growth is the rising prevalence of neurological disorders coupled with an increase in the aging population, new indications, and expanded target applications. For instance, according to data from World Population Prospects 2022, globally, there will be 771 million seniors in 2022, which is three times as many as there were in 1980. By 2030, there will be 994 million older people in the world, and by 2050, there will be 1.6 billion. The percentage of the world's population that is 65 or older is expected to increase from 10% in 2022 to 16% in 2050.
According to the World Health Organization fact sheet published in June 2022, in the last 25 years, the prevalence of Parkinson's disease (PD) has doubled. According to 2019 estimates, there were approximately 8.5 million people worldwide who had PD. According to current estimates, PD caused 329 000 deaths in 2019, a rise of over 100% since 2000, and 5.8 million disability-adjusted life years, an increase of 81 percent since 2000.
According to the European Academy of Neurology (EAN) 2019, in European nations, neurological illnesses are prevalent to a degree of 307,859,199. A greater risk of negative health outcomes, such as mortality, disability, institutionalization, and hospitalization, is connected to them. Elderly persons with neurological illnesses typically have strokes, headaches, and degenerative diseases including dementia and Parkinson's disease.
The United States Food and Drug Administration has approved the intracranial, electrical neuromodulation therapy known as neuromodulation for the treatment of the majority of neurological diseases, including those most frequently found in the elderly population, including bladder control, headache, tremors, chronic pain, stroke, and minimally conscious states. Numerous businesses that are relatively new to the neuromodulation market are looking into the use of technology to treat a variety of conditions, such as drug addiction, treatment-resistant hypertension, treatment-resistant hypertension, obesity, depression, leg pain, and sexual dysfunction.
Functional neuromodulation has developed a deep brain stimulator BDS-f DBS system designed to treat Alzheimer’s. In January 2021, Functional Neuromodulation received Breakthrough Device designation from the Center for Devices and Radiological Health, the United States for the Vercise Deep Brain Stimulation (DBS) Systems, in the treatment of patients 65 years and older with mild probable Alzheimer's disease. The proven efficacy and improving acceptance of this technology are expected to lead to a surge in market demand, during the forecast period.
However, inconsistent reimbursement policies and a lack of trained professionals are expected to hinder the market growth during the forecast period.
Neuromodulation Industry Segmentation
Technology that affects nerves directly is known as neuromodulation. It is the modification of nerve activity through the direct delivery of electrical or pharmacological substances to a specified location. The tools and therapies used in neuromodulation are revolutionary. They have an impact on every part of the body and are effective in treating almost all illnesses and symptoms, including headaches, tremors, spinal cord injury, and urine incontinence. It is not unexpected that neuromodulation is positioned to be a substantial growth business for the coming ten years given its wide therapeutic range and considerable continuous scientific advancements. The Neuromodulation Market is segmented by Technology (Internal Neuromodulation (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Gastric Electrical Stimulation), and External Neuromodulation (Transcutaneous Electrical Nerve Stimulation Transcranial Magnetic Stimulation, and Others)), Application (Parkinson's Disease, Epilepsy, Depression, Dystonia, Pain Management, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
Neuromodulation Market Trends
This section covers the major market trends shaping the Neuromodulation Market according to our research experts:
Deep brain stimulation (DBS) Holds the Significant Market Share During the Forecast Period
Deep brain stimulation (DBS) uses electrodes connected to a pulse generator that is implanted in the patient's body to continuously administer low bipolar or monopolar electric impulses to a tiny region of the brain. DBS is recommended for the treatment of chronic pain, epilepsy, movement disorders like Parkinson's disease, dystonia, and tremors, as well as for some psychiatric conditions like Tourette syndrome, obsessive-compulsive disorder, and depression.
Manufacturers are currently developing the following generation of devices while enhancing their current DBS systems. Different regions of the brain are being targeted by DBS, and the treatment is being examined in various populations of Parkinson's patients. In July 2019, Medtronic PLC received the United States Food and Drug Administration (FDA) approval for its advanced Patient Programmer technology for deep brain stimulation (DBS) therapy. Moreover, in July 2022, Abbott received the United States Food and Drug Administration (FDA) Breakthrough Device Designation to investigate the use of its deep brain stimulation (DBS) system in treatment-resistant depression (TRD). Hence, all these new advancements in the technologies have led to the increase in the adoption of DBS driving the growth of the market studied.
Thus, the segment is anticipated to witness significant growth over the forecast period due to the abovementioned factors.
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North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the overall neuromodulation market with the United States accounting for the major contributor to the market.
The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, are expected to boost the regional growth of the market, over the forecast period. According to the Parkinson's Foundation, nearly one million people were expected to be living with Parkinson's disease in the United States in 2020, which is more than the combined number of people diagnosed with multiple sclerosis, muscular dystrophy, and Lou Gehrig's disease. The number is expected to rise to 1.2 million by 2030. Approximately 60,000 Americans are diagnosed with Parkinson's disease each year, with a collective direct and indirect cost of Parkinson’s, including treatment, social security payments, and lost income, estimated to be nearly USD 52 billion per year in the United States alone. More than 10 million people worldwide are living with PD. Hence, neuromodulation is extensively researched in the country, for the management of chronic diseases.
The Food and Drug Administration is working to enhance the transparency and predictability of the regulatory process for developers and innovators of neurological medical devices. For instance, in January 2022, Medtronic plc received United States Food and Drug Administration approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN). Moreover, in March 2022, Saluda's spinal cord stimulation system received the United States Food and Drug Administration approval for chronic pain. Hence, these regulatory approvals and the ongoing development of neuromodulation technologies are spurring the growth of the neuromodulation market in North America.
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Neuromodulation Industry Overview
The Neuromodulation market is moderately competitive. The major industry players in the market include Medtronic PLC, Boston Scientific Corporation, Abbott Laboratories, Synapse Biomedical Inc., and Nevro Corporation, among others. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.
Neuromodulation Market Leaders
Boston Scientific Corporation
Synapse Biomedical Inc.
*Disclaimer: Major Players sorted in no particular order
Neuromodulation Market News
- In July 2022, Helius Medical Technologies, Inc. received the United States Food and Drug Administration for its PoNSTM which provides electrical pulses to the tongue for use along with physical therapy as a short-term treatment for mild to moderate walking (gait) problems in people.
- In July 2022, Abbott received the United States Food and Drug Administration (FDA) Breakthrough Device Designation to investigate the use of its deep brain stimulation (DBS) system in treatment-resistant depression (TRD).
Neuromodulation Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Neurological Disorders
4.2.2 Increase in the Aging Population
4.2.3 New Indications and Expanded Target Applications
4.3 Market Restraints
4.3.1 Inconsistent Reimbursement Policies
4.3.2 Lack of Trained Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Technology
5.1.1 Internal Neuromodulation
188.8.131.52 Spinal Cord Stimulation (SCS)
184.108.40.206 Deep Brain Stimulation (DBS)
220.127.116.11 Vagus Nerve Stimulation (VNS)
18.104.22.168 Sacral Nerve Stimulation (SNS)
22.214.171.124 Gastric Electrical Stimulation (GES)
5.1.2 External Neuromodulation (Non-invasive)
126.96.36.199 Transcutaneous Electrical Nerve Stimulation (TENS)
188.8.131.52 Transcranial Magnetic Stimulation (TMS)
5.2 By Application
5.2.1 Parkinson's Disease
5.2.5 Pain Management
5.2.6 Other Applications
5.3 By Geography
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Medtronic PLC
6.1.4 Nevro Corporation
6.1.5 Neuropace Inc.
6.1.6 Neurosigma Inc.
6.1.7 Neuronetics Inc.
6.1.8 LivaNova PLC
6.1.10 Synapse Biomedical Inc.
6.1.12 Soterix Medical
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Neuromodulation Market Research FAQs
What is the study period of this market?
The Neuromodulation Market is studied from 2018 - 2028.
What is the growth rate of Neuromodulation Market?
The Neuromodulation Market is growing at a CAGR of 11% over the next 5 years.
Which region has highest growth rate in Neuromodulation Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Neuromodulation Market?
North America holds highest share in 2021.
Who are the key players in Neuromodulation Market?
Boston Scientific Corporation, Abbott Laboratories, Synapse Biomedical Inc., Medtronic PLC, Nevro Corporation are the major companies operating in Neuromodulation Market.
Global Neuromodulation Industry Report
Statistics for the 2023 Global Neuromodulation market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Neuromodulation analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.