Neuromodulation Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

Neuromodulation Market Report 2023-2027:

The Neuromodulation Market size is estimated to grow by USD 5.33 billion at a CAGR of 12.02% between 2022 and 2027. 

Initiatives are being taken by several public and privately funded organizations in order to raise awareness and improving 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 at assisting 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.

Technavio has segmented the market into  Product, End-user, and Geography.

• The product is classified into implantable neuromodulation devices and external neuromodulation devices
• The end-user is classified into hospitals, ASCS, and others
• The geography segment includes key regions such as North America, Europe, Asia, and the Rest of the World (ROW)

It also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the size of the Neuromodulation Market During the Forecast Period?

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Neuromodulation Market: Key Drivers, Trends, Challenges, and Customer Landscape

There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Neuromodulation Market Drivers

The increasing prevalence of neurological disorders is driving growth in the neuromodulation market. The human body loses its immunity and ability to heal itself as it ages, which makes it more susceptible to various chronic indications, such as diabetes, orthopedic disorders, Alzheimer's disease, PD, and gastrointestinal issues. With the population of the elderly growing significantly across the world, the number of people with neurological disorders is also on the rise. 

However, in countries like Japan, Spain, Portugal, Greece, and South Korea, the proportion of the geriatric population proportion is even larger, and 40% of the population in these countries is expected to be aged over 65 years by 2050. By 2050, the global population of elderly who are 65 years or older is projected to almost double. Thus, the significant rise in the aging population, which is characterized by a high prevalence of neurological disorders, is likely to drive the adoption of neuromodulation devices, thereby contributing to the growth of the global neuromodulation market during the forecast period.

Significant Neuromodulation Market Trends

The expanding applications of neuromodulation therapies are a primary trend in the neuromodulation 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 therapies aim to modulate neural activity and reduce cravings, helping individuals overcome substance abuse and addictive behaviors. Thus, the expanding applications of neuromodulation therapies are one of the trends that are expected to drive the growth of the global neuromodulation market during the forecast period.

Major Neuromodulation Market Challenges

The stringent regulations associated with the manufacturing of neuromodulation devices are a major challenge in the neuromodulation 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 which 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.

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Key Neuromodulation Market Customer Landscape

The market report includes the adoption lifecycle of the market, 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 growth strategies.

Global Neuromodulation Market Customer Landscape

Neuromodulation Market Segmentation by Product, End-User and Geography Analysis

Product Analysis

Implantable neuromodulation devices segment

The market share growth by the Implantable neuromodulation devices segment will be significant during the forecast period. Implantable neuromodulation devices 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 2.94 billion in 2017. 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 implantable neuromodulation devices segment during the forecast period.

End-user Analysis

Hospitals segment

Hospitals play a central role in the global neuromodulation 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. Neuromodulation 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.

ASCs segment

Ambulatory Surgical Centers (ASCs) have emerged as important end-users in the global neuromodulation market. These healthcare facilities specialize in providing same-day surgical procedures, including the implantation of neuromodulation devices. For certain neurostimulation procedures, ASCs have a number of 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.

Regional Analysis

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North America is estimated to contribute 40% 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 global neuromodulation 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 neuromodulation procedures. This is expected to drive the growth of the regional market in focus during the forecast period.

COVID Recovery Analysis

The outbreak of COVID-19 in 2020 severely affected the growth of the neuromodulation market in North America. However, the lockdown restrictions were lifted in the second half of 2020 owing to the large-scale COVID-19 vaccination drives carried out across North America. Due to this, in the first half of 2021, there was a decline in COVID-19 cases as well as renewed treatment for neurodegenerative disease, which led to some recovery in the region's market. These technologies have made it possible to conduct virtual consultations, remote data collection, and patient self-management, which may improve access to neurological treatment and enhance the outcomes of patients undergoing neuromodulation therapy. Thus, the increasing adoption of digital healthcare solutions is expected to drive the growth of the neuromodulation market in North America during the forecast period.

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Key Neuromodulation Market Players 

Vendors 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 vendors, including:

Abbott Laboratories, Axonics Inc.: The company offers neuromodulation such as neurostimulation devices for pain management and neurological disorders.

• 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.
• Ziv HealthCare Ltd.

Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Segment Overview

The neuromodulation market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Billion, 2017 - 2027)
  • Implantable neuromodulation devices
  • External neuromodulation devices

• End-user Outlook (USD Billion, 2017 - 2027)
  • Hospitals
  • ASCs
  • Others

• Region Outlook (USD Billion, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the world
    • Australia 
    • Argentina
    • Brazil

Neuromodulation Market Scope
Report Coverage	Details
Page number	165
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 12.02%
Market growth 2023-2027	USD 5.33 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	10.29
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 40%
Key countries	US, Germany, UK, Japan, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, 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 analysis, 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 forecast period.
Customization purview	If our 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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What are the Key Data Covered in this Neuromodulation Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the neuromodulation market between 2023 and 2027
• Precise estimation of the size of the neuromodulation market size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Vendor landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on vendor position and Classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of neuromodulation market vendors

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