Neuromodulation Market Set For Rapid Growth and Trend By 2026
Neuromodulation is an emerging field in the healthcare industry, offering a range of therapies for treating various neurological conditions. It involves the use of electrical or chemical stimulation to alter the activity of neurons in the brain or peripheral nervous system. This stimulation can be used to treat a variety of medical conditions, including chronic pain, spasticity, movement disorders, depression, epilepsy, and more.
The global neuromodulation
market is projected to reach USD 10.4 billion by 2027 from USD 6.0
billion in 2022, at a compound annual growth rate (CAGR) of 11.8% during the
forecast period (2022-2027). This growth is attributed to factors such as the
increasing prevalence of neurological conditions, the rising demand for
minimally invasive treatment, and the growing awareness about the safety and
efficacy of neuromodulation therapies.
The neuromodulation market is segmented based on device
type, application, end user, and geography. Based on device type, the market is
divided into deep brain stimulation (DBS) devices, spinal cord stimulation
(SCS) devices, vagus nerve stimulation (VNS) devices, sacral nerve stimulation
(SNS) devices, and others. The spinal cord stimulation devices segment is anticipated
to witness the highest growth rate during the forecast period, due to the
increasing number of spinal cord injuries and the rising demand for pain
relief.
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By application, the neuromodulation market is segmented into
pain management, neurological disorders, and others. The pain management
segment accounted for the largest share of the market in 2020, due to the
increasing prevalence of chronic pain and the rising demand for minimally
invasive treatments. The neurological disorders segment is expected to witness
the highest growth rate during the forecast period, due to the increasing
number of neurological conditions, such as epilepsy, Parkinson’s disease, and
depression.
Based on end user, the neuromodulation market is segmented
into hospitals, specialty clinics, and others. The hospitals segment accounted
for the largest share of the market in 2020, due to the availability of
advanced medical facilities and the presence of skilled professionals in
hospitals.
By geography, the neuromodulation market is segmented into
North America, Europe, Asia-Pacific, Latin America, and Middle East &
Africa. North America accounted for the largest share of the market in 2020,
due to the increasing prevalence of neurological conditions, the presence of
advanced healthcare infrastructure, and the presence of major market players.
The key players operating in the neuromodulation market
include Medtronic, Plc (Ireland), Boston Scientific Corporation (US), and
Abbott Laboratories (US). These players lead the market because of their
extensive product portfolios. These players have also invested in organic
strategies such as product launches and regulatory approvals and inorganic
growth strategies such as partnerships, acquisitions, and agreements to
maintain their market shares.
Overall, the neuromodulation market is expected to witness
significant growth during the forecast period, due to the increasing prevalence
of neurological conditions, the rising demand for minimally invasive
treatments, and the growing awareness about the safety and efficacy of
neuromodulation therapies.
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North America is the largest regional market for
neuromodulation market
The global neuromodulation market has been segmented into
four major regions—North America, Europe, the Asia Pacific, and the Rest of the
World. North America dominated the global neuromodulation market. The large
share of the North American market is primarily driven by the rising prevalence
of chronic diseases, increasing geriatric population, and the rising number of
cases of Lyme and Alzheimer’s disease
This report categorizes the neuromodulation market into the following
segments and subsegments:
By Type
·
Internal Neuromodulation
o
Spinal Cord Stimulation
o
Deep Brain Stimulation
o
Vagus Nerve Stimulation
o
Sacral Nerve Stimulation
o
Gastric Electrical Stimulation
·
External Neuromodulation
o
Transcutaneous Electrical Nerve Stimulation
(TENS)
o
Transcranial Magnetic Stimulation (TMS)
o
Respiratory Electrical Stimulation (RES)
By Application
·
Spinal Cord Stimulation Market, By Application
o
Failed Back Syndrome
o
Chronic Pain
o
Ischemia
·
Deep Brain Stimulation Market, By Application
o
Parkinson’s Disease
o
Tremor
o
Depression
o
Other DBS Applications
·
Sacral Nerve Stimulation Market, By Application
o
Urine Incontinence
o
Fecal Incontinence
·
Vagus Nerve Stimulation Market, By Application
o
Epilepsy
o
Other VNS Applications
·
Gastric Electrical Stimulation Market, By
Application
o
Gastroparesis
o
Obesity
·
Transcutaneous Electrical Nerve Stimulation
Market, By Applicatio
o
Treatment-resistant Depression
o
Other TENS Applications
·
Transcranial Magnetic Stimulation Market, By
Application
o
Depression
o
Migraine Headache
·
Respiratory Electrical Stimulation Market, By
Application
o
Spinal Cord Injury
By Region
·
North America, Europe, APAC, MEA, and Latin
America
Neuromodulation Market Recent Developments:
·
In February 2022, Medtronic (Ireland) received
FDA approval for its InterStim X System, a next generation personalized sacral
nerve stimulation therapy for bladder and bowel control.
·
In June 2021, NeuroSigma (US) and KT Corporation
(South Korea) signed a memorandum of understanding for a strategic partnership
to develop and commercialize, inside and outside of Korea, electronic therapies
treating neurological and neuropsychological disorders, including ADHD,
depression, and epilepsy.
·
In February 2020, LivaNova Plc (UK) signed a
research collaboration with Verily (US), an Alphabet company, to capture
measures of depression within its RECOVER clinical study. The study evaluates
the effectiveness of vagus nerve stimulation therapy for difficult-to-treat
depression (DTD).
·
In January 2020, Medtronic Plc (Ireland)
acquired Stimgenics, LLC (US), a privately held US-based company. This
acquisition helped strengthen Medtronic’s portfolio of spinal cord stimulation
systems.
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