Neuromodulation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The neuromodulation market is expected to register a CAGR of 11% during the forecast period.

Neuromodulation requires surgical interventions but due to the current COVID-19 scenario, the government postponed elective surgeries and procedures. It accounts for a significant percentage of a health system’s revenue. Postponing these procedures will undoubtedly have financial ramifications for these institutions. Due to these postponed surgeries, patients are advised to switch to drugs, especially in pain and sometimes even in epilepsy. Therefore, the highly burdened healthcare systems will not have healthcare professionals free for non-immediate surgeries, which may deter the purchase of neuromodulation devices.

The major factor rising the market growth are the rising prevalence of neurological disorders coupled with increase in the aging population, and new indications and expanded target applications. For instance, according to data from world population prospects: the 2019 revision, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). By 2050, one in four persons living in Europe and Northern America may be aged 65 or over. In 2018, for the first time in history, persons aged 65 or above outnumbered children under five years of age, globally. The number of persons aged 80 years or over is projected to triple from 143 million in 2019 to 426 million, in 2050.

According to a study by the Parkinson’s disease Foundation in 2019, the number of new cases of the disease has increased over the last 30 years. Across the world, over 10 million people are living with Parkinson's Disease, according to the statistics of Parkinson’s Foundation. The incidence of Parkinson’s increases with age, but an estimated 4% of people with the disease are diagnosed before the age of 50 years.

According to the European Academy of Neurology (EAN) 2019, the prevalence of neurological diseases is around 307,859, 199 in the European countries. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization. Degenerative diseases, like dementia and Parkinson’s disease, as well as strokes and headaches, are frequently encountered by neurological diseases in elderly patients.

Neuromodulation is an intracranial, electrical neuromodulation therapy that has FDA approval for the treatment for most of the neurological diseases, such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population. Many companies new to the neuromodulation market are investigating the use of technology to treat a range of disorders, including obesity, depression, leg pain, treatment-resistant hypertension, sexual dysfunction, urinary tract disorders, heart failure, and drug addiction.

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, 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 the market demand, during the forecast period.

Scope of the Report

Neuromodulators are a subset of neurotransmitters. Unlike neurotransmitters, the release of neuromodulators occurs in a diffuse manner. This means that an entire neural tissue may be subject to the neuromodulator’s action due to exposure. This, in turn, may tune the neural circuitry of an entire brain region, and not just of an individual neuron. 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.

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Key Market Trends

Deep brain stimulation (DBS) Holds the Significant Market Share During the Forecast Period

Deep brain stimulation (DBS) delivers low bipolar or monopolar electric impulses, stimulating a small region of the brain, constantly, via electrodes that are connected to a pulse generator, which are implanted in the patient’s body. DBS is indicated for pain relief, epilepsy, movement disorders, such as tremors, Parkinson’s disease, and dystonia, and certain psychiatric disorders, like Tourette syndrome, obsessive-compulsive disorder, and depression.

Currently, manufacturers are improving their existing DBS systems, while developing the next generation of devices. The researchers are targeting DBS to different areas of the brain and studying the treatment in different populations of people living with Parkinson’s. In July 2019, Medtronic PLC received US Food and Drug Administration (FDA) approval for its advanced Patient Programmer technology for deep brain stimulation (DBS) therapy. In addition, in August 2018, Abbott received US Food and Drug Administration (FDA) approval of new software upgrade for its Infinity DBS system. 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.

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