Neuromodulation Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

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.

Report scope can be customized per your requirements. Click here.

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

To understand key trends, Download Sample Report