Neuromodulation Market Global Demand, Technology Advancement and Top Manufacturers 2021 – 2030

The Global Neuromodulation Market size was valued at USD 5.90 billion in 2019 and is predicted to reach USD 22.19 billion by 2030, with a CAGR of 12.8% from 2020-2030.

Neuromodulation is controlled electric simulation of the central nervous system or the peripheral nerve, to manage neural activity in the patient’s suffering from neurological disorders such as cerebrovascular diseases, Alzheimer disease, epilepsy, Parkinson's, as well as those caused by bacterial, viral, and fungal infections. The electrodes are directly placed in the brain or peripheral nerves or spinal cord, and pulse generators are implanted under the skin for better results.

Neuromodulation are controlled, reversible, and targeted therapies; as a result, they have minimal to no side-effects on human body as compared to irreversible treatment options used to treat neurological disorders. There are no drug dependencies associated with neuromodulation therapies, hence there is no fear for drug addiction. Furthermore, in some cases, neuromodulation has proved to be more cost-effective than conventional treatment options. These benefits offered by neuromodulation, are projected to propagate the growth of global neuromodulation market, in coming future.

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Top Companies: Abbott, Medtronic, Boston Scientific Corporation, Cochlear Ltd., Cyberonics Inc., Sonova, Nevro Corp., Advanced Bionics AG, Integer Holdings Corporation, Neuronetics, NeuroPace Inc., Synapse Biomedical Inc., Magstim, NeuroSigma Inc., LivaNova PLC, Soterix Medical Inc., ALEVA NEUROTHERAPEUTICS SA, ReShape Lifesciences Inc., Bioness Inc., DynaMD, BioAlps, MED-EL, The Axonics SNM System, Johnson & Johnson Services Inc., LABORIE, Stimwave LLC, Functional Neuromodulation Ltd., and Biegler GmbH among others.

Market Dynamics and Trends

According to the Public Health Challenges report presented by the World Health Organization in 2019, approximately 6.8 million people die every year due to neurological disorders. 1 billion people are affected by neurological disorder worldwide, of which 50 million people suffer from epilepsy and 24 million from Alzheimer disease.

The increasing prevalence of neurological disorders worldwide, augments the demand for proper healthcare facilities and advanced treatment options to cope with neurological disorders, thereby propelling the growth of global neuromodulation market.

However, factors such as strict policies for product approval, and lack of skilled healthcare professionals are expected to impede the growth of neuromodulation market.

Moreover, factors such as increasing geriatric population prone to neurological disorders, growing awareness regarding safety and efficiency of neuromodulation, as well as increasing investments by public and private sectors in clinical R&D activities for technological advancements, are expected to propagate the growth of global neuromodulation market throughout the forecast period.

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Market Segmentations and Scope of the Study:

The global neuromodulation market share has been analyzed based on technology, application, biomaterial, and geography.

Based on technology, the neuromodulation market is classified into internal neuromodulation and external neuromodulation. The internal neuromodulation segment is sub segmented into Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation, and other. The external neuromodulation segment is further divided into Transcutaneous Electrical Nerve Stimulation and Transcranial Magnetic Stimulation. Based on application, the neuromodulation market is fragmented into chronic pain management, failed back syndrome, epilepsy, tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson's disease, Obsessive-Compulsive Disorder, migraine, and other. Based on biomaterial, the neuromodulation market is divided into metallic biomaterials, polymeric biomaterials, and ceramic biomaterials. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is anticipated to account for major market share in the global neuromodulation market throughout the forecast period, owing to well-established healthcare infrastructures and medical laboratories, increased prevalence of neurological disorders leading to higher adoption of the neuromodulation and upsurge in clinical trials aimed at technological advancements.

Asia Pacific is estimated to show tremendous growth in the global neuromodulation market with substantially increasing market share over the forecast period, owing to rise in government initiatives to treat chronic neurological disorders, and increase in the number of product launches.

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