The global Neuromodulation Devices Market size was estimated to be USD 5.37 billion in 2023 and is expected to reach USD 15.69 billion by 2034 with a CAGR of 10.24% during the forecast period 2024-2034. The increasing prevalence of neurological disorders, innovations in neuromodulation technology, growing acceptance of neuromodulation therapies, increasing aging population, and regulatory approvals and reimbursements will drive the market growth.
Innovations in neuromodulation technology, such as improved electrode designs and wireless communication, enhance the efficacy and usability of devices. For instance, in August 2023, Medtronic received CE Mark clearance for their Inceptiv spinal cord stimulator (SCS), which uses closed-loop sensing technology to treat chronic pain. This cutting-edge gadget automatically changes stimulation in response to real-time spinal cord signals, increasing therapeutic efficacy throughout daily activities. The Inceptiv is the world's thinnest SCS device and is compatible with MRI scans, indicating a significant leap in neuromodulation technology. The launch of such technologically superior neuromodulation devices, combined with ongoing research efforts by major industry players, is likely to propel market expansion throughout the projection period.
By product, the spinal cord stimulators segment accounted for the highest revenue-grossing segment in the global neuromodulation devices market in 2023 owing to the increasing prevalence of chronic pain conditions and the effectiveness of spinal cord stimulators in managing pain, leading to higher patient adoption and favorable clinical outcomes. For instance, in May 2023, Abbott got FDA approval for its spinal cord stimulation (SCS) systems to treat persistent back pain in non-surgical patients. This novel technique provides effective therapy options for people with few surgical options. Additionally, the deep brain stimulators segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing prevalence of neurological disorders such as Parkinson’s disease and epilepsy, coupled with advancements in technology that enhance the efficacy and safety of deep brain stimulation therapies.
By application, the Parkinson’s disease segment accounted for the highest revenue-grossing segment in the global neuromodulation devices market in 2023 owing to the increasing incidence of Parkinson’s disease and the rising adoption of neuromodulation therapies to manage its symptoms effectively. For instance, in November 2023, Boston Scientific Corporation announced the completion of its acquisition of Relievant Medsystems Inc., the firm behind the Intracept Intraosseous Nerve Ablation System. This device is the only FDA-approved treatment for vertebrogenic pain, a kind of chronic lower back pain. Additionally, the chronic pain segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of chronic pain conditions and a growing preference for non-opioid pain management solutions, including neuromodulation therapies.
By end-user, the hospitals & ambulatory surgical centers (ASC) segment accounted for the highest revenue-grossing segment in the global neuromodulation devices market in 2023 owing to the increased patient volumes, advanced surgical infrastructure, and the rising adoption of outpatient procedures in these facilities. For instance, in January 2024, the FDA authorized the Medtronic Percept RC Deep Brain Stimulation (DBS) system for the treatment of Parkinson's disease and other movement disorders such essential tremor, epilepsy, and dystonia. This device, which includes special BrainSense capabilities, promises to improve patients' quality of life by reducing debilitating tremors and making daily activities easier. Additionally, the clinics and physiotherapy centers segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing demand for non-invasive treatment options and the increasing focus on rehabilitation services for neurological and pain management.
North American region is anticipated for the highest revenue share during the forecast period owing to the high prevalence of neurological disorders, advanced healthcare infrastructure, and significant investments in research and development of neuromodulation technologies. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to rising healthcare expenditures, increasing awareness of neuromodulation therapies, and a growing population suffering from neurological disorders. According to the Brain Aneurysm Foundation, about 6.8 million people in the United States have unruptured brain aneurysms, with roughly 30,000 ruptures occurring each year. The increasing prevalence of neurological illnesses is likely to boost market expansion in the country. Furthermore, a favorable reimbursement system and rising healthcare expenditures are major factors driving the growth of the neuromodulation devices market in the United States.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Innovations in neuromodulation technology, such as improved electrode designs and wireless communication, enhance the efficacy and usability of devices. For instance, in August 2023, Medtronic received CE Mark clearance for their Inceptiv spinal cord stimulator (SCS), which uses closed-loop sensing technology to treat chronic pain. This cutting-edge gadget automatically changes stimulation in response to real-time spinal cord signals, increasing therapeutic efficacy throughout daily activities. The Inceptiv is the world's thinnest SCS device and is compatible with MRI scans, indicating a significant leap in neuromodulation technology. The launch of such technologically superior neuromodulation devices, combined with ongoing research efforts by major industry players, is likely to propel market expansion throughout the projection period.
By product, the spinal cord stimulators segment accounted for the highest revenue-grossing segment in the global neuromodulation devices market in 2023 owing to the increasing prevalence of chronic pain conditions and the effectiveness of spinal cord stimulators in managing pain, leading to higher patient adoption and favorable clinical outcomes. For instance, in May 2023, Abbott got FDA approval for its spinal cord stimulation (SCS) systems to treat persistent back pain in non-surgical patients. This novel technique provides effective therapy options for people with few surgical options. Additionally, the deep brain stimulators segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing prevalence of neurological disorders such as Parkinson’s disease and epilepsy, coupled with advancements in technology that enhance the efficacy and safety of deep brain stimulation therapies.
By application, the Parkinson’s disease segment accounted for the highest revenue-grossing segment in the global neuromodulation devices market in 2023 owing to the increasing incidence of Parkinson’s disease and the rising adoption of neuromodulation therapies to manage its symptoms effectively. For instance, in November 2023, Boston Scientific Corporation announced the completion of its acquisition of Relievant Medsystems Inc., the firm behind the Intracept Intraosseous Nerve Ablation System. This device is the only FDA-approved treatment for vertebrogenic pain, a kind of chronic lower back pain. Additionally, the chronic pain segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of chronic pain conditions and a growing preference for non-opioid pain management solutions, including neuromodulation therapies.
By end-user, the hospitals & ambulatory surgical centers (ASC) segment accounted for the highest revenue-grossing segment in the global neuromodulation devices market in 2023 owing to the increased patient volumes, advanced surgical infrastructure, and the rising adoption of outpatient procedures in these facilities. For instance, in January 2024, the FDA authorized the Medtronic Percept RC Deep Brain Stimulation (DBS) system for the treatment of Parkinson's disease and other movement disorders such essential tremor, epilepsy, and dystonia. This device, which includes special BrainSense capabilities, promises to improve patients' quality of life by reducing debilitating tremors and making daily activities easier. Additionally, the clinics and physiotherapy centers segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing demand for non-invasive treatment options and the increasing focus on rehabilitation services for neurological and pain management.
North American region is anticipated for the highest revenue share during the forecast period owing to the high prevalence of neurological disorders, advanced healthcare infrastructure, and significant investments in research and development of neuromodulation technologies. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to rising healthcare expenditures, increasing awareness of neuromodulation therapies, and a growing population suffering from neurological disorders. According to the Brain Aneurysm Foundation, about 6.8 million people in the United States have unruptured brain aneurysms, with roughly 30,000 ruptures occurring each year. The increasing prevalence of neurological illnesses is likely to boost market expansion in the country. Furthermore, a favorable reimbursement system and rising healthcare expenditures are major factors driving the growth of the neuromodulation devices market in the United States.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, Application, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement.
Segmentation: Neuromodulation Devices Market Report 2023 - 2034
Neuromodulation Devices Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electrical Stimulation
- Others
Neuromodulation Devices Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Parkinson’s Disease
- Chronic Pain
- Migraine
- Epilepsy
- Tremor
- Depression
- Urinary & Fecal Incontinence
- Others
Neuromodulation Devices Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)
- Hospitals & Ambulatory Surgery Centers (ASC)
- Clinics & Physiotherapy Centers
- Others
Neuromodulation Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Neuromodulation Devices Market: Product Estimates & Trend Analysis
8. Neuromodulation Devices Market: Application Estimates & Trend Analysis
9. Neuromodulation Devices Market: End-User Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Neuromodulation Devices Market
12. Europe Global Neuromodulation Devices Market
13. Asia Pacific Global Neuromodulation Devices Market
14. Latin America Global Neuromodulation Devices Market
15. MEA Global Neuromodulation Devices Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Medtronic
- Boston Scientific Corporation
- Abbott Laboratories
- NeuroPace Inc.
- Nuvectra Corporation
- Soterix Medical Inc.
- LivaNova PLC
- St. Jude Medical (now part of Abbott)
- Zynex Medical
- ElectroCore Inc.
- Neurosigma Inc.
- Bioness Inc.
- Advanced Bionics (a subsidiary of Abbott)
- Synchron Inc.
- Helius Medical Technologies Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | December 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 5.37 Billion |
| Forecasted Market Value ( USD | $ 15.69 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
