Neuromodulation Devices Market Size and Forecasts 2020 - 2030, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, Application, Biomaterial, and End User

According to our latest study on "Neuromodulation Devices Market Forecast to 2030 - Global and Regional Share, Trend, and Growth Opportunity Analysis - by Type, Application, Biomaterial, and End User," the market was valued at US$ 5.73 billion in 2022 and is expected to reach US$ 11.61 billion by 2030; it is estimated to register a CAGR of 9.2% from 2022 to 2030.

Neuromodulation devices are advanced medical instruments that can adjust the activity of the nervous system. The technology is used to treat movement disorders such as dystonia, Parkinson’s disease, and tremor; tinnitus; obsessive-compulsive disorder; sensory disabilities; epilepsy; bladder control; headache; chronic pain; stroke; minimally conscious state; spasticity; and spinal cord injury.

According to the WHO, in 2022, the US recorded 50 million epilepsy cases, 1 billion migraine cases, and 400,000 spinal cord injury cases. Spinal cord stimulation is one of the most preferred techniques in treating chronic back pain, primarily due to the anatomical and functional abilities of the spinal cord nerves to control the sensation of pain. The incidence of spinal cord injuries has grown over the past decade. The National Spinal Cord Injury Statistical Center (NSCISC) 2021 fact sheet states that the annual incidence of spinal cord injuries is 60 cases per million. According to the article titled "Epidemiology of traumatic spinal cord injuries: a large population-based study," published in April 2022, the overall age-sex standardized incidence rate of traumatic spinal cord injuries was 26.5 per 1 million population, and the rates were related to age in both sexes. According to the same source, in elderly (≥ 65 years) population, the rate is 59.2 and 23.3 per 1 million in males and females, respectively. Spinal cord stimulators can be useful in managing postoperative pain associated with spinal surgery. An increase in number of spinal cord surgeries propels the demand for spinal cord stimulators. Therefore, high incidence of spinal cord injuries in old age and adults stimulates the demand for neuromodulation devices.

By Application, Neuromodulation Devices Market-Based Insights

The neuromodulation devices market, by application, is segmented into deep brain stimulation (DBS), sacral nerve stimulation (SNS), gastric electrical stimulation (GES), spinal cord stimulation (SCS), and vagus nerve stimulation (VNS). The spinal cord stimulation segment held the largest market share in 2022 and is expected to record the highest CAGR in the market during 2022-2030. Spinal cord stimulation has been used for years and is advised for a growing number of conditions. Cervical and lumbar radiculitis, failed back surgery syndrome, complex regional pain syndrome, and neuropathy are a few conditions that the therapy can assist. Spinal cord stimulation is efficacious, safe, and cost effective in chronic pain management. Newer spinal cord stimulation technologies are expanding clinical indications such as visceral and ischemic pain, with potential for further improved efficacy.

By Biomaterial, Neuromodulation Devices Market -Based Insights

Based on biomaterial, the neuromodulation devices market is segmented into metallic, polymeric, and ceramic. In 2022, the metallic segment dominated the market share. However, the polymeric segment is likely to register the highest CAGR during 2022-2030. In neuromodulation devices, metallic biomaterials are frequently utilized, especially in electrodes and other parts that need to be highly durable and electrically conductive. Owing to their great strength-to-weight ratio and exceptional biocompatibility, titanium and its alloys are frequently used in neuromodulation devices.

Center for Disease Control and Prevention, and Brazilian Institute of Neuroscience and Neurotechnology are a few of the major primary and secondary sources referred to while preparing the report on the neuromodulation devices market.