Neuromodulation Market Size

Neuromodulation Market Analysis

The Neuromodulation Market size is estimated at USD 6.12 billion in 2024, and is expected to reach USD 9.26 billion by 2029, growing at a CAGR of 11.20% during the forecast period (2024-2029).

• The onset of the COVID-19 pandemic significantly impacted the studied market during the initial phases of 2020. Elective surgeries and other treatments were postponed in accordance with government restrictions, including neuromodulation procedures. As neuromodulation requires surgical interventions for the treatment of target patients, postponing neuromodulation procedures created obstruction in the demand and supply of the devices used during the procedures. This hampered the adoption and sales of the systems and devices and adversely impacted the market studied.
• However, in 2021, the need for neuromodulation increased as a result of numerous studies that suggested COVID-19 patients have benefited from using neuromodulation devices. For instance, as per a research study published in the European Pharmaceutical Review journal in July 2021, neuromodulation was used to treat a group of patients with chronic COVID-19 symptoms, and all of them reported significant improvements in their symptoms within 14 days of beginning the treatment. 
• Hence, such instances fueled the adoption of neuromodulation procedures during the later phases of the pandemic. Meanwhile, with the onset of various strains of the SARS-CoV-2 virus and associated post-COVID symptoms, the application of neuromodulation technologies is increasing and is anticipated to contribute to the growth of the studied market during the forecast period.
• Factors such as the rising prevalence of neurological disorders, the increase in the aging population, and new indications and expanded target applications are primarily anticipated to drive the overall market growth during the analysis period.
• The number of populations suffering from dementia and other neurological disorders is rising globally, and it is expected to create numerous opportunities for the adoption and development of neuromodulation technologies and procedures. According to a research study published in the Neuroscience Insights journal in August 2022, when the epidemiological data from several countries across the globe were analyzed, the prevalence and increasing global burden of dementia, Alzheimer's Disease, Parkinson's disease, multiple sclerosis, and motor neuron diseases was reported to be high in 195 countries worldwide, during the study period. Hence, this burden of neurological diseases is anticipated to create opportunities for neuromodulation devices, further driving the overall growth of the market.
• Moreover, the burden of neurological diseases has led many market players to focus on the development of neuromodulation products. This is creating a competitive environment in the market studied. For instance, in January 2021, Functional Neuromodulation received the Breakthrough Device designation from the Centre for Devices and Radiological Health, the United States, for the Vercise Deep Brain Stimulation (DBS) Systems. Functional Neuromodulation has developed a deep brain stimulator BDS-f DBS system designed to treat Alzheimer's. Patients with mild probable Alzheimer's disease who are 65 years of age or older are eligible for therapy. With this approach, the established effectiveness and expanding adoption of this technology are expected.
• In addition, in July 2022, Abbott Laboratories received FDA Breakthrough Device Designation recognition, which allows them to investigate the use of deep brain stimulation (DBS) in managing severe treatment-resistant depression. 
• Therefore, the availability of various products is 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.