Neuromodulation Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Neuromodulation Market size is projected to reach a CAGR of 11.2% from 2023-2030.

Neurological disorders are defined as disorders that affect the brain as well as the nerves found throughout the human body and the spinal cord. Acute spinal cord injury, Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), ataxia, bell's palsy, brain tumors, cerebral aneurysm, epilepsy, and seizures are some of the common neurological disorders. The biochemical, structural, or electrical abnormalities in the brain, spinal cord, or other nerves result in a wide range of symptoms, such as memory loss, impaired mental ability, lack of coordination, and persistent or sudden onset of a headache. Neuromodulation technology utilizes devices that bring about a change in the nervous system either by stimulation or by modulating brain activity. These are used when the traditional treatments have failed to evoke the desired response.

The growth of the global neuromodulation market size is majorly driven by the increase in the prevalence of different types of neurological disorders, such as Alzheimer’s disease, dementia stroke, and brain tumors. Moreover, the advantages of neuromodulation device therapies over traditional drug treatment are expected to fuel their adoption in the analysis period. The rise in the prevalence of epilepsy boosts the neuromodulation market growth. Furthermore, leading players have increased their R&D activities on neurostimulation devices, and surged the growth of the neuromodulation industry.

On the other hand, the high cost of devices and lack of awareness about neuromodulation devices impede the growth of the market.

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’s capacity to provide better healthcare facilities. Livanova, a medical technology company, it was reported that the neuromodulation sale decreases due to a decline in both new patients and service implant procedures, across the globe.

Delvens Industry Expert's Standpoint

Due to technological improvements and the rising frequency of neurological illnesses, the neuromodulation market is a booming sector. There is still space for smaller businesses to innovate and create new technologies in this area, despite the fact that the market is rather consolidated and only a few big competitors dominate the sector. The largest component is anticipated to be internal neuromodulation. The major applications are anticipated to be in the chronic pain and depression divisions, while North America is anticipated to have the largest regional market. Overall, it is anticipated that the neuromodulation market will expand over the next years due to rising public awareness and acceptance of these therapies as well as technological improvements that enhance their efficacy and safety.

Market Portfolio

Key Findings

• The Neuromodulation technology utilizes devices that bring about a change in the nervous system either by stimulation or by modulating brain activity. These are used when the traditional treatments have failed to evoke the desired response.
   
• The growth of the global neuromodulation market size is majorly driven by the increase in the prevalence of different types of neurological disorders, such as Alzheimer’s disease, dementia stroke, and brain tumors. Moreover, the advantages of neuromodulation device therapies over traditional drug treatment are expected to fuel their adoption in the analysis period. The rise in the prevalence of epilepsy boosts the neuromodulation market growth. Furthermore, leading players have increased their R&D activities on neurostimulation devices, and surged the growth of the neuromodulation industry.
   
• 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’s capacity to provide better healthcare facilities. Livanova, a medical technology company, it was reported that the neuromodulation sale decreases due to a decline in both new patients and service implant procedures, across the globe.

• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America garnered a major share of the neuromodulation market in 2021 and is expected to dominate the global market during the forecast period. The growth is due to the rise in the prevalence of neurological diseases, the presence of key players in development of neuromodulation devices, and the well-established infrastructure in the region.

Regional Analysis

North America to Dominate the Market

• North America garnered the major share in the neuromodulation market in 2021 and is expected to dominate the global market during the forecast period.
   
• The growth is due to the rise in the prevalence of neurological diseases, the presence of key players in the development of neuromodulation devices, and the well-established infrastructure in the region.

Competitive Landscape

• Abbott
• Aleva
• Neurotherapeutics SA.
• Boston Scientific Corporation
• LivaNova
• Medtronic
• MicroTransponder
• Neuronetics
• NeuroPace Inc.
• NeuroSigma
• Nevro Corporation

Recent Developments

• In February 2022, Medtronic (Ireland) received FDA approval for its InterStim X System, a next-generation personalized sacral nerve stimulation therapy for bladder and bowel control.
   
• In June 2021, NeuroSigma (US) and KT Corporation (South Korea) signed a memorandum of understanding for a strategic partnership to develop and commercialize, inside and outside of Korea, electronic therapies treating neurological and neuropsychological disorders, including ADHD, depression, and epilepsy.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors.
   
• Gain authentic and granular data access for Neuromodulation Market so as to understand the trends and the factors involved behind changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope