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The Neuromodulation Market size is estimated to grow by USD 6.21 billion at a CAGR of 12.57% between 2023 and 2028. Initiatives are being taken by several public and privately funded organizations to raise awareness and improve access to medical care for patients with neurological disorders. The World Health Organization (WHO) is working with its partners and stakeholders to improve access to healthcare for people with epilepsy. The Mental Health Innovation Network (MHIN) aims to improve access to treatment for epileptic patients and increase awareness to reduce the stigma of epilepsy. The International Society for ECT and Neuromodulation (ISEN) is a nonprofit organization focusing on the promotion of the safe, ethical, and effective use of ECT and other brain stimulation therapies for the treatment of neuropsychiatric illnesses through education and research. These initiatives aim to assist researchers in understanding how neuromodulation is going to have a direct and indirect impact on treatment so that the complete potential of existing and future treatments can be realized. Such factors will increase the market growth during the forecast period.
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The market share growth by the Implantable neuromodulation devices segment will be significant during the forecast period. They are implantable, programmable medical devices that are used to electrically stimulate specific parts of the peripheral nerves, the spinal cord, or the brain to treat pain or other disorders of the CNS. In general, there are six types of neuromodulation therapy on the market. They include SCS, SNS, DBS, VNS, GES, and PNS.
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The implantable neuromodulation devices segment was valued at USD 3.11 billion in 2018. SCS, also called columnar stimulators for neuropathic and sympathetically mediated chronic pain treatment, is a neurostimulation technique that uses tiny spinal cord stimulation. Neuromodulation therapies such as SCS, SNS, DBS, VNS, GES, and PNS will drive the growth of the market in focus on the segment during the forecast period.
Hospitals play a central role in the market both as significant end-users and key stakeholders. As crucial medical/healthcare institutions, hospitals are equipped to provide a wide range of healthcare services, including specialized departments that are dedicated to neurology and neurosurgery. These treatments are used by health professionals to treat a variety of neurological disorders and conditions within these departments. In the hospital, treatment with neuromodulation is often the use of implanted medical devices that provide electrical stimulation directly to nerves or parts of the brain. The growing number of neurological treatments in hospitals will drive the growth of the hospital segment of the global neuromodulation market during the forecast period.
Ambulatory Surgical Centers (ASCs) have emerged as important end-users in the market. These healthcare facilities specialize in providing same-day surgical procedures, including the implantation of neuromodulation devices. For certain neurostimulation procedures, ASCs have several advantages that make them an appealing option. Focusing on the provision of effective and cost-effective care is one of the most important advantages of ASCs. ASCs are designed to deliver surgical services in an outpatient setting, thus allowing patients to undergo procedures and return home on the same day. To enable patients to access neuromodulation quickly and easily, streamlined operations and effective practices are contributing to shorter waiting times and reducing scheduling conflicts in ASCs. Such wide benefits of ASCs will increase the number of neurological treatments in ASCs, which, in turn, will drive the growth of the ASCs segment of the global neuromodulation market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The US and Canada account for the major market share by revenue of the market in this region. Increased acceptance of advanced neuromodulators, as well as a high incidence of neurological disorders, are likely to contribute to market growth in North America. The geriatric population is more likely to develop neurological diseases and undergo these procedures. This is expected to drive the growth of the regional market in focus during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories, Axonics Inc.: The company offers neuromodulation, such as neurostimulation devices for pain management and neurological disorders.
Axonics Inc., BioWave Ltd., Boston Scientific Corp., BrainsWay Ltd., Cognito Therapeutics, electroCore Inc., Evren Technologies Inc., LivaNova PLC, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., Nevro Corp., OMRON Corp., PathMaker Neurosystems Inc., Saluda Medical Pty Ltd., ShiraTronics, Theranica Bio Electronics Ltd., Thync Global Inc., and Ziv HealthCare Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to advancements in technology and increasing investments in research and development. These therapies, such as deep brain stimulation (DBS), are becoming increasingly popular for treating conditions like chronic pain, epilepsy, dystonia, and depression. These therapies use non-invasive techniques to modulate neural activity, offering relief to patients with lifestyle diseases. The market also benefits from improved insurance coverage, especially for Medicare and Medicaid patients. With the growing early-onset patient population for diseases like Alzheimer's and essential tremor, the demand for these devices is expected to rise further. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of neurological disorders is driving growth in the market. As individuals age, their immune systems weaken, reducing their ability to heal naturally and making them more prone to various chronic conditions such as diabetes, orthopedic disorders, Alzheimer's disease, Parkinson's disease, and gastrointestinal issues. This aging process also increases the likelihood of neurological disorders such as depression, dystonia, and early-onset Alzheimer's, particularly in the early-onset patient population. The global elderly population is growing, leading to an increase in the number of people affected by neurological disorders.
Countries like Japan, Spain, Portugal, Greece, and South Korea have particularly large proportions of elderly populations, with an estimated 40% of their populations expected to be over 65 years old by 2050. These countries are also likely to see increased insurance coverage and investments in research and development related to lifestyle diseases. The growing elderly population may drive the adoption of this technology and therapies, including non-invasive techniques and devices such as Neuropace. Globally, the elderly population aged 65 years and older is projected to nearly double by 2050. This significant increase in the aging population, which often experiences a higher prevalence of neurological disorders, is expected to drive the adoption of neuromodulation devices and contribute to the growth of the market in the coming years.
The expanding applications of neuromodulation therapies are a primary trend in the market. More and more applications beyond their existing indications are being studied in the use of neuromodulation therapies. Neuromodulation techniques such as transcranial magnetic stimulation (TMS) and transcranial direct current stimulation are being studied for their potential applications in the rehabilitation of people who have had a stroke.
Moreover, these therapies have been designed to decrease neural activity and support neuroplasticity, supporting motor recovery as well as functional improvement following a stroke. By targeting brain regions involved in addiction pathways, neuromodulation sector aim to modulate neural activity and reduce cravings, helping individuals overcome substance abuse and addictive behaviors. Thus, the expanding applications of neuromodulation technology are one of the trends that are expected to drive the growth of the market during the forecast period.
The stringent regulations associated with the manufacturing of neuromodulation devices are a major challenge in the market. Because of the stringent standards and requirements, implanted neuromodulating devices are intended to remain in constant contact with the body for a long time. Neuromodulation devices such as SCS, VNS, and DBS are classified as Class III medical devices by the US FDA. Class III devices are subjected to a more exacting and expensive process, typically requiring clinical trials, known as premarket approval (PMA), before being sold. PMA can take more than 450 days and include the ongoing costs of clinical trials, among other expenses.
Moreover, these new regulations also require that implantable neurostimulation devices that have been approved in the past three years comply with them. Further, any medical device manufacturers based outside the EU that are exporting to EU member-states are also subject to these legislative changes. Thus, the stringent regulations associated with the manufacturing of neuromodulation devices can pose a major challenge to the growth of the global neuromodulation market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is witnessing remarkable growth, driven by advancements in neurology devices and technological strides. Closed-loop systems and real-time responsive neurostimulation systems are revolutionizing treatment for neurological disorders like epilepsy patients and mental health disorders, offering personalized treatment options. Deep Brain Simulators (DBS) and Vagus Nerve Stimulators (VNS) are providing hope for refractory patients. The market is also benefiting from miniaturized devices and non-rechargeable spinal cord stimulators (SCS), reducing surgical invasiveness. With a focus on patient-centric solutions and pipeline products, supported by governmental backing and private sector research, the future of neuromodulation looks promising.
The market is advancing rapidly, with a focus on improving the lives of patients suffering from conditions like epilepsy and neurodegenerative disorders. Companies like Functional Neuromodulation are pioneering treatments such as Gastric Electric Simulators (GES) and Peripheral Nerve Simulators (PNS). These innovations, along with Sacral Nerve Simulators (SNS) and Transcutaneous Spinal Cord Stimulation (TSCS), are reshaping the neurology devices therapeutic area. Rechargeable implants and stimulation techniques enhance outcomes while reducing post-operative complications. The market's growth is further fueled by private-sector research and development and a strong focus on expanding therapeutic areas and pipeline products.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.57% |
Market growth 2024-2028 |
USD 6.21 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.93 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, Japan, and China |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Axonics Inc., BioWave Ltd., Boston Scientific Corp., BrainsWay Ltd., Cognito Therapeutics, electroCore Inc., Evren Technologies Inc., LivaNova PLC, Medtronic Plc, NeuroMetrix Inc., NEURONETICS Inc., Nevro Corp., OMRON Corp., PathMaker Neurosystems Inc., Saluda Medical Pty Ltd., ShiraTronics, Theranica Bio Electronics Ltd., Thync Global Inc., and Ziv HealthCare Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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