Neuromodulation - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Key Highlights

• The onset of the COVID-19 pandemic significantly impacted the studied market during the initial phases of 2020. Elective surgeries and other treatments were postponed in accordance with government restrictions, including neuromodulation procedures. As neuromodulation requires surgical interventions for the treatment of target patients, postponing neuromodulation procedures created obstruction in the demand and supply of the devices used during the procedures. This hampered the adoption and sales of the systems and devices and adversely impacted the market studied.
• However, in 2021, the need for neuromodulation increased as a result of numerous studies that suggested COVID-19 patients have benefited from using neuromodulation devices. For instance, as per a research study published in the European Pharmaceutical Review journal in July 2021, neuromodulation was used to treat a group of patients with chronic COVID-19 symptoms, and all of them reported significant improvements in their symptoms within 14 days of beginning the treatment.
• Hence, such instances fueled the adoption of neuromodulation procedures during the later phases of the pandemic. Meanwhile, with the onset of various strains of the SARS-CoV-2 virus and associated post-COVID symptoms, the application of neuromodulation technologies is increasing and is anticipated to contribute to the growth of the studied market during the forecast period.
• Factors such as the rising prevalence of neurological disorders, the increase in the aging population, and new indications and expanded target applications are primarily anticipated to drive the overall market growth during the analysis period.
• The number of populations suffering from dementia and other neurological disorders is rising globally, and it is expected to create numerous opportunities for the adoption and development of neuromodulation technologies and procedures. According to a research study published in the Neuroscience Insights journal in August 2022, when the epidemiological data from several countries across the globe were analyzed, the prevalence and increasing global burden of dementia, Alzheimer's Disease, Parkinson's disease, multiple sclerosis, and motor neuron diseases was reported to be high in 195 countries worldwide, during the study period. Hence, this burden of neurological diseases is anticipated to create opportunities for neuromodulation devices, further driving the overall growth of the market.
• Moreover, the burden of neurological diseases has led many market players to focus on the development of neuromodulation products. This is creating a competitive environment in the market studied. For instance, in January 2021, Functional Neuromodulation received the Breakthrough Device designation from the Centre for Devices and Radiological Health, the United States, for the Vercise Deep Brain Stimulation (DBS) Systems. Functional Neuromodulation has developed a deep brain stimulator BDS-f DBS system designed to treat Alzheimer's. Patients with mild probable Alzheimer's disease who are 65 years of age or older are eligible for therapy. With this approach, the established effectiveness and expanding adoption of this technology are expected.
• In addition, in July 2022, Abbott Laboratories received FDA Breakthrough Device Designation recognition, which allows them to investigate the use of deep brain stimulation (DBS) in managing severe treatment-resistant depression.
• Therefore, the availability of various products is expected to lead to a surge in market demand during the forecast period. However, inconsistent reimbursement policies and a lack of trained professionals are expected to hinder the market growth during the forecast period.

Neuromodulation Market Trends

Deep Brain Stimulation (DBS) Segment is Predicted to Hold a Significant Share

• The deep brain stimulation (DBS) segment is predicted to hold a significant share of the studied market during the analysis period. DBS is recommended for the treatment of chronic pain, epilepsy, movement disorders like Parkinson's disease (PD), dystonia, and tremors, as well as for some psychiatric conditions like Tourette syndrome, obsessive-compulsive disorder, and depression.
• There are several advantages associated with DBS, due to which the adoption of the technology is on the rise among the end users. Even if the application of DBS is approved for a few conditions such as essential tremor, PD, dystonia, and obsessive-compulsive disorder. However, with advancements in technologies, the application of DBS is emerging.
• As per a research study published in the Neurology Perspectives Journal in September 2022, the use of DBS is growing and increasingly focused on neurological diseases, psychosurgery, and even systemic diseases, and this procedure has been of greatest use for movement disorders. Hence, this high adoption of DBS for other applications is expected to contribute to the segment's growth during the forecast period.
• Moreover, manufacturers are currently developing a new generation of devices while enhancing their current DBS systems. Different regions of the brain are being targeted by DBS, and the treatment is being examined in various populations of patients, such as Parkinson's patients. For example, in July 2022, Abbott received the FDA Breakthrough Device Designation to investigate the use of its deep brain stimulation (DBS) system in treatment-resistant depression (TRD).
• In addition, in September 2022, Aleva Neurotherapeutics received CE-mark approval for its magnetic resonance imaging (MRI) labeling for the directSTIM deep brain stimulation (DBS) system, allowing the technology to be used in a full-body MRI environment across Europe.
• Hence, all these new advancements in technologies have led to an increase in the adoption of DBS, driving the growth of the market studied.

North America is expected to Hold a Significant Market Share During the Analysis Period

• North America held a significant share of the overall neuromodulation market and is anticipated to continue its growth trend during the coming years, with the United States being the major contributor to the market. In addition, Canada and Mexico are expected to hold a considerable share of the market studied over the analysis period.
• The presence of established market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the United States for the adoption of advanced technologies, are expected to boost the growth of the market in the country. For instance, as per the data updated by the Parkinson's Foundation in 2022, approximately 90,000 people are diagnosed with Parkinson's disease (PD) every year in the United States, which represents a 50% increase from the previously estimated rate of 60,000 diagnoses annually.
• In addition, as per the source above, the incidence of PD has increased in North America in the past decade, which is more than the combined number of people diagnosed with multiple sclerosis, muscular dystrophy, and Lou Gehrig's disease. The number of patients affected with PD is expected to rise to 1.2 million by 2030. Hence, the researchers of the country extensively research neuromodulation to manage these neurological diseases. This is anticipated to open new opportunities for innovative neuromodulation devices and garner the overall growth of the studied market in the region.
• Additionally, continuous product approvals by the Food and Drug Administration (FDA) in the region are increasing competition in the market, which is further expected to create opportunities for the innovation of advanced products. For instance, in January 2022, Medtronic plc received FDA approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).
• Moreover, in March 2022, Saluda's Evoke spinal cord stimulation system received approval from the FDA that is indicated for the treatment of chronic intractable pain of the trunk and/or limbs, including unilateral or bilateral pain associated with failed back surgery syndrome, intractable low back pain, and leg pain. Hence, these regulatory approvals and the ongoing development of neuromodulation technologies are expected to spur the growth of the neuromodulation market in North America, thereby accelerating the overall market growth in the region.

Neuromodulation Industry Overview

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