The global neuromodulation market was valued at $2,480.2 million in 2020, and is projected to reach $4,342.5 million by 2030, registering a CAGR of 6.2% from 2021 to 2030. Epilepsy, Alzheimer disease, cerebrovascular diseases, and Parkinson's disease are the most common neurological disorder, which affect the central and peripheral nervous system. These neurological disorders are caused by genetic disorders, congenital abnormalities or disorders, infections, lifestyle or environmental health problems, including malnutrition, and brain injury, spinal cord injury or nerve injury. Bacterial, viral, and fungal infections also responsible for neurological disorders.
The increase in prevalence of neurological diseases globally drives the growth of the neuromodulation market. For instance, according to the Epilepsy Action organization, which is the British charity providing information for population with epilepsy, in February 2022, around 600,000 population are diagnosed with epilepsy, in UK, which is around one in every 100 population. In addition, increase in geriatric population propels the growth of neuromodulation market. The increase in R&D activities in the pharmaceutical sector and rise in number of clinical trials in the neuromodulation devices by manufacturers and researchers also contribute in the growth of market. Furthermore, surge in awareness for use of neuromodulation devices further boosts the market growth. The rise in number of hospitals and well-developed healthcare infrastructure further contributes in market growth.
In addition, increase in advancement in technology for neuromodulation devices and rise in product launch in the field of neuromodulation devices contribute in the growth of the neuromodulation market. However, the high cost of neuromodulation devices are expected to limit the growth of market.
The neuromodulation market is segmented on the basis of technology, application, biomaterial, and region. By technology, the market is mainly categorized into internal neuromodulation and external neuromodulation. By application, it is categorized in chronic pain, urinary and fecal incontinence, migraine, failed back syndrome, Parkinson disease, epilepsy, tremor, depression, and other applications. On the basis of biomaterial, it is divided into, metallic biomaterials, polymeric biomaterials, and ceramic biomaterials. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Abbott, Aleva, Neurotherapeutics SA., Boston Scientific Corporation, LivaNova, Medtronic, MicroTransponder, Neuronetics, NeuroPace Inc., NeuroSigma, and Nevro Corporation.
The increase in prevalence of neurological diseases globally drives the growth of the neuromodulation market. For instance, according to the Epilepsy Action organization, which is the British charity providing information for population with epilepsy, in February 2022, around 600,000 population are diagnosed with epilepsy, in UK, which is around one in every 100 population. In addition, increase in geriatric population propels the growth of neuromodulation market. The increase in R&D activities in the pharmaceutical sector and rise in number of clinical trials in the neuromodulation devices by manufacturers and researchers also contribute in the growth of market. Furthermore, surge in awareness for use of neuromodulation devices further boosts the market growth. The rise in number of hospitals and well-developed healthcare infrastructure further contributes in market growth.
In addition, increase in advancement in technology for neuromodulation devices and rise in product launch in the field of neuromodulation devices contribute in the growth of the neuromodulation market. However, the high cost of neuromodulation devices are expected to limit the growth of market.
The neuromodulation market is segmented on the basis of technology, application, biomaterial, and region. By technology, the market is mainly categorized into internal neuromodulation and external neuromodulation. By application, it is categorized in chronic pain, urinary and fecal incontinence, migraine, failed back syndrome, Parkinson disease, epilepsy, tremor, depression, and other applications. On the basis of biomaterial, it is divided into, metallic biomaterials, polymeric biomaterials, and ceramic biomaterials. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Abbott, Aleva, Neurotherapeutics SA., Boston Scientific Corporation, LivaNova, Medtronic, MicroTransponder, Neuronetics, NeuroPace Inc., NeuroSigma, and Nevro Corporation.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the global neuromodulation market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of the region assists to understand the regional market and facilitate strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global neuromodulation market growth.
Key Market Segments
By Technology
- Internal Neuromodulation
- External Neuromodulation
By Application
- Chronic Pain
- Urinary And Fecal Incontinence
- Migraine
- Failed Back Syndrome
- Parkinson Disease
- Epilepsy
- Tremor
- Depression
- Other Applications
By Biomaterial
- Metallic Biomaterials
- Polymeric Biomaterials
- Ceramic Biomaterials
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Turkey
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- LivaNova PLC
- Nevro Corporation
- Medtronic
- NeuroSigma
- Neuronetics
- Bioventus Inc.
- NeuroPace Inc
- MicroTransponder
- MicroTransponder
- Boston Scientific Corporation
- Abbott
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: NEUROMODULATION MARKET, BY TECHNOLOGY
CHAPTER 5: NEUROMODULATION MARKET, BY APPLICATION
CHAPTER 6: NEUROMODULATION MARKET, BY BIOMATERIAL
CHAPTER 7: NEUROMODULATION MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Neuromodulation Market,' The neuromodulation market size was valued at $2,480.21 million in 2020, and is estimated to reach $4.3 Billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030. Neuromodulation devices stimulate nerves with pharmaceutical agents, electrical signals, or other forms of energy by modulating abnormal neural pathway behavior caused by the disease process. Neuromodulation devices include, deep brain stimulation (DBS), sacral nerve stimulation (SNS), vagus nerve stimulation (VNS), and spinal cord stimulation (SCS). These neuromodulation devices are used in treatment of neurological disorders, such as epilepsy, tremor, urinary and fecal incontinence, depression, and dystonia.Factors that drive the growth of the neuromodulation market trends include, the rise in number of hospitals, increase in prevalence of neurological diseases, and rise in number of geriatric population. According to the Journal of Aging in the United States, in July 2019, it was reported that a number of Americans aged 65 and older, is projected to increase more than double from 52 million in 2018 to over 95 million by 2060, and is expected to rise to around 23% from 16%. Furthermore, increase in R&D activities in the healthcare sector and new product launch of neuromodulation devices contribute in the neuromodulation market growth. For instance, in July 2021, Nevro Corporation, a medical device company, received FDA approval for its 10 kHz high frequency spinal cord stimulation therapy for the treatment of chronic pain associated with painful diabetic neuropathy (PDN).
The neuromodulation market is segmented on the basis of technology, application, biomaterial, and region. By technology, the market is divided into internal neuromodulation and external neuromodulation. The internal neuromodulation segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to the advancement in deep brain stimulation (DBS) systems.
On the basis of application, the market is categorized into chronic pain, urinary and fecal incontinence, migraine, failed back syndrome, Parkinson disease, epilepsy, tremor, depression, and other applications. The chronic pain segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in prevalence of chronic disorder and increase in R&D activities in the pharmaceutical sector.
By biomaterial, the market is divided into metallic biomaterials, polymeric biomaterials, and ceramic biomaterials. The metallic biomaterials segment dominated the market in 2020, and this trend is expected to continue during the forecast period, due to advantages of metallic biomaterials.
North America accounted for a majority of the global neuromodulation market share in 2020, and is anticipated to remain dominant during the forecast period, due to the rise in prevalence of neurological diseases, presence of key players for development of neuromodulation devices, and well-established infrastructure in the region. Asia-Pacific is anticipated to witness lucrative growth of neuromodulation Industry, owing to an increase in the number of hospitals, prevalence of epilepsy and high geriatric population.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the neuromodulation market as most hospitals are not operating due to the ongoing lockdowns in many countries. The spread of COVID-19 led to a major public health issue. However, a huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity to provide better healthcare facility. According to the Livanova, a medical technology company, it was reported that the neuromodulation sale decrease due to decline in both new patient and service implant procedure, across the globe.
KEY FINDINGS OF STUDY
- On the basis of technology, the internal neuromodulation segment was the highest contributor to the market in 2020.
- On the basis of application, the chronic pain segment was the highest contributor to the market in 2020
- Depending on biomaterial, metallic biomaterials segment dominated the market in 2020.
- On the basis of region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- LivaNova PLC
- Nevro Corporation
- Medtronic
- NeuroSigma
- Neuronetics
- Bioventus Inc.
- NeuroPace Inc
- MicroTransponder
- MicroTransponder
- Boston Scientific Corporation
- Abbott
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | March 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 2480.2 million |
| Forecasted Market Value ( USD | $ 4342.5 million |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
