What Has Been the Growth Trajectory for the Neuromodulation Market in Recent Years?
The neuromodulation market has seen considerable growth due to a variety of factors.
•In recent times, the neuromodulation market has experienced speedy expansion. It's projected to climb from $6.96 billion in 2024 to $7.68 billion in 2025, indicative of a compound annual growth rate (CAGR) of 10.3%.
Factors such as the increasing incidence of chronic diseases, clinical research and evidence, patients' preference for non-surgical treatments, governmental support and funding, broadening of indications, as well as collaborations and partnerships, have all contributed to the substantial growth observed during the historical period.
How Does the Forecast Look for the Neuromodulation Market?
The neuromodulation market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience swift expansion in the forthcoming years, the size of the neuromodulation market is projected to escalate to $11.79 billion in 2029, with a compound annual growth rate (CAGR) of 11.3%.
Factors contributing to this growth in the forecast period involve device miniaturization, concentration on neurological disorders in the elderly population, broader applications in psychiatry, patient-focused strategies, and the worldwide enhancement of healthcare accessibility. Significant trends to watch in the forecast period comprise the incorporation of artificial intelligence (AI), technological advancements, non-invasive neuromodulation methodologies, closed-loop neuromodulation systems, indication broadening, along with the advent of wireless and wearable neuromodulation appliances.
What Main Forces Are Fueling Expansion In The Neuromodulation Market?
The increase in incidents of neurological disorders is projected to drive the expansion of the neuromodulation market. These disorders refer to issues impacting the brain, nerves spread throughout the human body and spinal cord. Neuromodulation provides solutions and regulation methods for a variety of neurological illnesses and disorders, including Parkinson's and Alzheimer's diseases. For example, in April 2022, the Belgium-based European Brain Council, which is an international health coordinating organization, reported over 600 neurological diseases and almost 300 psychiatric conditions. Globally, Alzheimer's and other types of dementia were reported in 50 million people. 65 million people were affected by epilepsy, a common disorder, all over the world. In Europe, there were 10.5 million dementia patients, a number predicted to rise to 18.7 million by 2050. Therefore, the rising incidence of neurological disorders is contributing to the expansion of the neuromodulation market.
What Are The Primary Segments In The Global Neuromodulation Market?
The neuromodulation market covered in this report is segmented –
1) By Technology: Internal Neuromodulation, External Neuromodulation (Non-invasive)
2) By Biomaterial: Polymeric Biomaterial, Metallic Biomaterial, Ceramic Biomaterial
3) By Application: Chronic Pain, Urinary And Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson Disease, Epilepsy, Tremor, Depression, Other Applications
4) By End-User: Hospitals, Clinics, Home Healthcare
Subsegments:
1) By Internal Neuromodulation: Implantable Devices, Intrathecal Drug Delivery Systems
2) By External Neuromodulation (Non-invasive): Transcranial Magnetic Stimulation (TMS), Transcranial Direct Current Stimulation (tDCS), Transcutaneous Electrical Nerve Stimulation (TENS), Peripheral Nerve Stimulation (PNS)
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Which Key Trends Are Driving Changes In The Neuromodulation Market?
One important trend rising in prominence in the neuromodulation market is the advancement of technology. The major players in this market are concentrating their efforts on the creation of innovative tech solutions to bolster their market standing. For instance, in January 2024, GrayMatters Health, an organization based in Israel that specializes in digital self-neuromodulation therapies, introduced a novel FDA-approved therapy for PTSD, named Prism. An inventive device, Prism marries an EEG cap to software that aids patients in managing their emotional responses through neurofeedback. The design of this technology complements conventional psychotherapy and pharmacotherapy, offering patients active symptom management resources. Additionally, in December 2022, a medical devices and healthcare company based in the United States, Abbott Laboratories, unveiled the Eterna spinal cord stimulation (SCS) system, considered the smallest implantable, rechargeable spinal cord stimulator in existence. Eterna SCS utilizes Abbott's exclusive low-dose BurstDR stimulation, a unique SCS waveform innovation supported by the high level clinical evidence (1A evidence). It has demonstrated its effectiveness in alleviating pain by an extra 23% compared to standard waveform technology methods.
Who Are the Key Players in the Neuromodulation Market?
Major companies operating in the neuromodulation market include:
• Abbott Laboratories
• Soterix Medical Inc.
• Boston Scientific Corporation
• Medtronic plc
• Synapse Biomedical Inc.
• Nevro Corp
• Neuropace Inc.
• LivaNova PLC
• Neurosigma Inc.
• Neuronetics Inc.
• Bioness Inc.
• Aleva Neurotherapeutics S.A.
• Integer Holdings Corporation
• ReShape Lifesciences Inc.
• Inspire Medical Systems Inc.
• Bioventus LLC
• Saluda Medical Pty Ltd
• Otolith Labs Inc.
• Machine Medicine Inc.
• Inbrain Neuroelectronics SAS
• Pixium Vision SA
• Neuromod Devices Limited
• Cognito Therapeutics Inc.
• PathMaker Neurosystems Inc.
• Dignify Therapeutics Inc.
• Neuronoff ApS
• Neuros Medical Inc.
• Fisher & Paykel Healthcare Corporation Limited
• Koninklijke Philips N.V.
• Magic Leap Inc.
• Omron Corporation
What Is The Most Dominant Region In The Neuromodulation Market?
North America was the largest region in the neuromodulation market in 2024. The regions covered in the neuromodulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
