Neuromodulation Global Market Report 2024

The neuromodulation market has grown rapidly in recent years. It will grow from $6.43 billion in 2023 to $7.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. Historical growth in the field of neuromodulation can be largely attributed to several factors. These include the increasing prevalence of chronic disorders, the accumulation of clinical evidence and research supporting neuromodulation therapies, a growing demand from patients for non-invasive treatment options, government initiatives and funding supporting these advancements, the widening scope of indications for these therapies, as well as collaborations and partnerships within the industry that fostered innovation and development.

The neuromodulation market is expected to see rapid growth in the next few years. It will grow to $10.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. Anticipated growth in the upcoming period is linked to various factors, notably the miniaturization of devices, a heightened focus on neurological disorders prevalent in the aging population, increased applications in psychiatry, patient-centric approaches in treatment, and the global expansion of healthcare access.

The increasing prevalence of neurological disorders stands as a significant driver for the growth of the neuromodulation market. These disorders encompass a wide range of issues affecting the brain, nerves, and spinal cord. Neuromodulation interventions offer promising avenues for managing and regulating various neurological conditions, including Alzheimer's, Parkinson's, and epilepsy. Reports from the European Brain Council in April 2022 highlighted over 600 neurological diseases and nearly 300 psychiatric conditions globally, with 50 million individuals affected by Alzheimer's and other dementias. Epilepsy, affecting 65 million people worldwide, underscores the substantial impact of neurological disorders. Projections indicate a substantial rise in dementia cases in Europe, from 10.5 million to 18.7 million by 2050, signifying the pivotal role of neuromodulation in addressing these escalating health concerns.

The upward trajectory of healthcare expenditures is poised to drive the growth of the neuromodulation market. Healthcare expenditure encompasses spending on various health-related activities, including services, insurance, research, and public health initiatives. Increased healthcare spending facilitates the advancement and adoption of innovative therapies and diagnostic methods for neurological disorders. Enhanced financial resources also support extensive research into novel neuromodulation technologies, enhancing their effectiveness, safety, and precision. Notably, the Office for National Statistics reported a 9.4% nominal increase and a 9.7% real-term rise in healthcare spending in the UK between 2020 and 2021. Moreover, preventive care spending surged to $45.72 billion in 2021, more than doubling from the previous year, indicating a significant contribution to the growth of the neuromodulation market.

Technological advancements emerge as a pivotal trend shaping the neuromodulation market. Major players in this sector are dedicated to pioneering innovative technological solutions to fortify their market positions. For instance, Abbott's December 2022 launch of the Eterna spinal cord stimulation (SCS) system, featuring the smallest implantable, rechargeable spinal cord stimulator, illustrates the pursuit of advancements. Incorporating patented low-dose BurstDR stimulation, this system demonstrates superior pain relief compared to conventional approaches. Additionally, Abbott's NeuroSphere Virtual Clinic, launched in March 2021, represents a pioneering technology allowing remote patient-clinician interactions for optimizing treatment settings and exploring new therapeutic options. Approved by the US FDA, this initiative broadens access to effective treatment for chronic pain or Parkinson's disease, particularly beneficial during circumstances such as the COVID-19 pandemic.

Major players in the neuromodulation market are focusing on introducing next-generation devices with advanced features, such as the implantable pulse generator (IPG), to gain a competitive edge. For example, CVRx's November 2022 launch of the Barostim Neo2 IPG, an upgraded version of its neuromodulation device for heart failure treatment, exemplifies this pursuit. With improved efficiency, reduced size, and enhanced design facilitating easier implantation, the Barostim Neo2 retains the clinically proven Barostim therapy, emphasizing the drive towards patient-friendly, durable, and efficient solutions in neuromodulation.

In March 2022, Electromedical Products International Inc (EPI), a prominent US-based medical device manufacturer, completed the acquisition of Pulvinar Neuro LLC for an undisclosed sum. This strategic acquisition empowers EPI to further its progress in advancing patented technologies, notably transcranial alternating current stimulation (tACS), enhancing personalized feedback stimulation, and expanding its cloud-enabled digital therapeutics for psychiatric and neurological conditions. Pulvinar Neuro, a US-based neurotechnology company, specializes in leveraging cutting-edge technologies to support neuroscience research, aligning seamlessly with EPI's objectives in advancing medical innovation in this domain.

Major companies operating in the neuromodulation market report are 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.

North America was the largest region in the neuromodulation market in 2023. The regions covered in the neuromodulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the neuromodulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary technologies in neuromodulation include internal and external methods. Internal neuromodulation involves implanting an electrode near a targeted nerve and administering a low-voltage electric current. Biomaterials used encompass polymeric, metallic, and ceramic materials. These technologies are applied in treating various conditions such as chronic pain, urinary and fecal incontinence, migraine, failed back syndrome, Parkinson’s disease, epilepsy, tremor, depression, and more. They find use across multiple settings including hospitals, clinics, and home healthcare environments.

The neuromodulation market research report provides neuromodulation market statistics, including the neuromodulation industry's global market size, regional shares, competitors with a neuromodulation market share, detailed neuromodulation market segments, market trends, and opportunities, and any further data you may need to thrive in the neuromodulation industry. This neuromodulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neuromodulation market includes revenues earned by entities through sacral nerve stimulation for pelvic disorders and incontinence, deep brain stimulation (DBS) treatment for Parkinson's disease, and spinal cord stimulation for ischemic disorders (angina, peripheral vascular disease). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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