Neuromodulation Market size is set to grow by USD 6.21 billion from 2024-2028, Growing geriatric population to boost the market growth, Technavio

NEW YORK, June 20, 2024 /PRNewswire/ — The global neuromodulation market  size is estimated to grow by USD 6.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.57%  during the forecast period.  Growing geriatric population is driving market growth, with a trend towards increasing funding for neurology. However, high cost of neuromodulation devices  poses a challenge. Key market players include Abbott Laboratories, Axonics Inc., BioWave Ltd., Boston Scientific Corp., BrainsWay Ltd., Cognito Therapeutics, electroCore Inc., Evren Technologies Inc., LivaNova PLC, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., Nevro Corp., OMRON Corp., PathMaker Neurosystems Inc., Saluda Medical Pty Ltd., ShiraTronics, Theranica Bio Electronics Ltd., Thync Global Inc., and Ziv HealthCare Ltd..

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Key Market Trends Fueling Growth

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The neurology research sector has experienced substantial growth due to the rising prevalence of neurological disorders. Notable investments include Canada’s USD38.3 million allocation for brain health research in March 2023 and the National Institute on Aging’s USD25 million grant in 2022. The NIHR invested USD1.6 billion in 2021 to support neurological disorder studies and training. Neuromodulation, a sector focusing on chronic pain, epilepsy, depression, and other neurological conditions, is a significant area of research. Technologies like deep brain stimulation (DBS), spinal cord stimulation (SCS), and functional neuromodulation are being explored. Miniaturized devices and personalized treatment options are key trends. Governmental backing, insurance coverage, and patient-centric solutions are shaping the market landscape. Neurodegenerative conditions, mental health disorders, and lifestyle diseases are primary applications. 

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Market Challenges

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•         The neuromodulation market is experiencing significant growth, yet affordability remains a challenge. In developed and developing countries, the high cost of neuromodulation devices, including pulse generators, Deep Brain Stimulation (DBS) surgeries, and Spinal Cord Stimulation (SCS) systems, hinders widespread adoption. Neurodegenerative conditions, mental health disorders, and lifestyle diseases are primary therapeutic areas for neuromodulation technology. Healthcare professionals and insurance coverage play crucial roles in patient access. Technological strides, such as miniaturized devices and rechargeable implants, offer potential cost savings. Neuromodulation therapies, including Self-Administered Neuromodulation (SANS) and Sacral Nerve Stimulation (SNS), provide patient-centric solutions for refractory patients. Venture companies and research landscape advancements contribute to the sector’s progress.

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Segment Overview 

This neuromodulation market report extensively covers market segmentation by

Product 1.1 Implantable neuromodulation devices1.2 External neuromodulation devicesEnd-user 2.1 Hospitals2.2 ASCs2.3 OthersGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 Implantable neuromodulation devices-  The Neuromodulation market is segmented by product into various types based on surgical invasiveness and technological advancements. These include Functional Neuromodulation, such as Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS), and Interventional Neuromodulation, like Deep Brain Stimulation (DBS) and Vagus Nerve Stimulation (VNS). SCS is used for chronic pain treatment, delivering low-voltage electrical currents to specific nerves to block pain signals, while DBS targets neurological disorders like depression, dystonia, and early-onset Alzheimer’s in the deep brain. Technological strides in Neuromodulation technology have led to the development of closed-loop systems, miniaturized devices, and improved leads, catering to an early-onset patient population with lifestyle diseases. Governmental backing, insurance coverage, and healthcare professionals’ acceptance are crucial factors driving the growth of this sector. Neuromodulation therapies, including VNS and DBS, are used for mental health disorders and neurodegenerative conditions, with venture companies and medical device markets playing significant roles in their development and commercialization.

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Research Analysis

The Neuromodulation Market encompasses innovative technologies and therapies designed to alleviate chronic pain and various lifestyle diseases, including depression, dystonia, early-onset Alzheimer’s, epilepsy, and essential tremor. Neuromodulation sector focuses on Neuromodulation technology, which includes Deep Brain Stimulation (DBS) and non-invasive techniques. Closed-loop systems are a significant advancement in this field, enabling real-time monitoring and adjustment of therapy. Insurance coverage, such as Medicaid and Medicare, plays a crucial role in expanding access to these therapies for the early-onset patient population suffering from mental health disorders and neurological conditions. The medical device markets continue to invest in Neuromodulation therapies, driving growth and innovation in this sector.

The Neuromodulation market refers to the development, production, and implementation of devices and techniques that alter the function of the nervous system. These interventions aim to treat various neurological and psychiatric conditions, including chronic pain, epilepsy, Parkinson’s disease, and depression. Neuromodulation therapies include Transcranial Magnetic Stimulation (TMS), Electrical Convulsive Therapy (ECT), Spinal Cord Stimulation (SCS), and Deep Brain Stimulation (DBS). These therapies work by delivering electrical or magnetic pulses to specific areas of the brain or nervous system, modifying the activity of neurons and improving symptoms. Neuromodulation is a rapidly growing field due to its potential to offer effective treatments for debilitating conditions with fewer side effects than traditional methods. The market is expected to expand significantly in the coming years due to increasing research and development efforts and the rising prevalence of neurological disorders.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductImplantable Neuromodulation DevicesExternal Neuromodulation DevicesEnd-userHospitalsASCsOthersGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio