Description
The Global Neuromodulation Market size was USD 2,480.0 million in 2023 and is projected to reach USD 4,342.40 million by 2031, with a CAGR of 6.2% during the forecast period.
Global Neuromodulation Market: Overview
Recent years have seen amazing enhancements in the neuromodulation marketplace, driven by an increasing emphasis on modern technologies. Companies that include Saluda Medical have launched closed-loop deep brain stimulation, or DBS, and spinal cord stimulation (SCS) devices that can record neurological activity while offering patients with customised treatment. Active Neuromodulation is focusing on concentrating on deep stimulation of the brain for symptoms that appear Alzheimer’s, which represents a possible treatment path.
Neuromodulation techniques, such as Deep Brain Stimulators (DBS) as well as Vagus Nerve Stimulators (VNS), are being increasingly used to treat epilepsy, offering novel seizure management methods. Non-invasive treatments like Transcutaneous Electrical Nerve Stimulation (TENS) and Transcranial Magnetic Stimulation (TMS) are additionally broadening the therapeutic range for disorders including depression and migraine. Furthermore, the introduction of stomach stimulation devices offers hope for addressing gastroparesis and obesity, further expanding the horizons of neuromodulation.
Global Neuromodulation Market: Covid-19 Impact
The COVID-19 pandemic had an important impact on the neuromodulation sector, with interruptions in manufacturing, supply chains, and patients access to care. Despite the challenges, the marketplace witnessed continued creativity in remote monitoring of patients and videoconferencing systems. Patients sought alternatives to established treatments, which drove up requirements for neuromodulation medical treatment. However, uncertainty exists as as a consequence of persistent global health crises as well as economic instability, which have an impact on market development as well as investment strategies.
Global Neuromodulation Market: Growth Drivers
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Technological Advancements:
The continuous advancements in neuromodulation technologies, such as improved electrode designs, miniaturization, and wireless connectivity, are driving market growth. These advancements enhance the effectiveness, safety, and usability of neuromodulation devices, expanding their applications across various medical conditions.
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Increasing Prevalence of Chronic Diseases:
The rising prevalence of chronic diseases like chronic pain, Parkinson’s disease, epilepsy, and depression is a significant driver for the neuromodulation market. Neuromodulation therapies offer effective alternatives or adjuncts to traditional pharmaceutical treatments for these conditions, driving demand for neuromodulation devices.
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Growing Aging Population:
With the global population aging, there is a higher prevalence of age-related neurological disorders and chronic pain conditions. Neuromodulation therapies are increasingly being adopted to manage these conditions, contributing to market growth.
Global Neuromodulation Market: Restraining Factors
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High Cost of Devices:
Neuromodulation devices can be costly, limiting their availability, especially in developing nations or for individuals without sufficient insurance. The high initial costs of devices and continuing upkeep fees might be a barrier to adoption, limiting the industry’s expansion.
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Stringent Regulatory Approval Process:
The regulatory approval process for neuromodulation devices can be lengthy and complex, requiring extensive clinical trials and evidence of safety and efficacy. Delays or failures in obtaining regulatory approval can hinder market entry for new devices and limit market growth.
Global Neuromodulation Market: Opportunity Factors
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Expansion into New Indications:
There is significant potential for neuromodulation therapies to expand into new indications beyond traditional applications like chronic pain and movement disorders. Opportunities exist in areas such as obesity management, addiction treatment, and neurological rehabilitation, where neuromodulation could offer novel therapeutic solutions.
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Emerging Markets:
Emerging markets present untapped opportunities for the neuromodulation market due to improving healthcare infrastructure, increasing disposable income, and growing awareness about advanced medical treatments. Expanding into these markets can drive revenue growth for neuromodulation device manufacturers.
Global Neuromodulation Market: Challenges
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Limited Long-Term Efficacy Data:
While neuromodulation therapies have demonstrated efficacy in managing various conditions, there is a need for more long-term clinical data to assess their sustained benefits and safety over extended periods. Generating robust long-term efficacy data poses a challenge due to the complexity of neurological conditions and the variability of patient responses.
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Competition from Alternative Therapies:
Neuromodulation faces competition from alternative therapies, including pharmaceuticals, surgery, and non-invasive treatments like transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS). Market players need to differentiate their products and demonstrate superior efficacy, safety, and cost-effectiveness to maintain a competitive edge.
Global Neuromodulation Market: Segmentation
- Based on Technology: The market is segmented into Internal Neuromodulation, External Neuromodulation.
- Based on Application: The market is segmented into Chronic Pain, Urinary And Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson Disease, Epilepsy, Tremor, Depression, Other.
- Based on Biomaterials: The market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials Applications.
Global Neuromodulation Market: Regional Insights
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North America:
The neuromodulation market in North America is rapidly expanding, owing to advancements in technology and rising demand for novel treatments for neurological illnesses and chronic pain. Medtronic, Abbott, and Nevro are among the market leaders, introducing revolutionary products such as deep stimulation of the brain systems and recharge-free spinal cord stimulation systems on frequently.
North America is a powerhouse for neuromodulation innovation, thanks to its strong healthcare infrastructure and extensive investment in research and development. The market is predicted to rise over the next five years, driven by increased awareness, favourable reimbursement policies, and an ageing population looking for effective pain management options.
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Asia Pacific:
The Asia Pacific neuromodulation market is expanding rapidly, owing to reasons such as increased prevalence of neurological illnesses, technological improvements, and an ageing population. Neuromodulation techniques, such as spinal cord stimulation, deep brain stimulation, and sacral nerve stimulation, are gaining popularity for treating chronic pain, movement difficulties, and other neurological illnesses.
China, Japan, and India are important contributors to market increase because to their enormous patient population and expanding healthcare infrastructure. Furthermore, favourable reimbursement policies and increased awareness among healthcare professionals and patients are driving market expansion. However, difficulties such as high treatment costs and restricted access in rural areas impede market penetration. Nonetheless, ongoing research and development activities to invent novel neuromodulation techniques and technologies are projected to drive further market expansion.
Competitive Landscape
- Abbott, LivaNova PLC,
- MicroTransponder,
- NeuroSigma,
- Neuronetics,
- Boston Scientific Corporation,
- MicroTransponder,
- Medtronic,
- NeuroPace Inc,
- Nevro Corporation, Bioventus Inc.
Global Neuromodulation Market: Recent Developments
- Jan. 18, 2024 — Nevro Corp. announced that Carelon Healthcare will publish a new policy expanding spinal cord stimulation coverage for painful diabetic neuropathy, enhancing comprehensive, life-changing chronic pain treatments.
- March 01, 2023 — NeuroSigma introduced a telehealth option for the Monarch eTNS System, an FDA-cleared non-pharmaceutical treatment for pediatric ADHD. The Los Angeles-based company’s eTNS technology addresses neurological and neuropsychiatric disorders, enhancing accessibility for patients and caregivers.
