Global Neuromodulation Devices Market – Industry Trends and Forecast to 2031

Neuromodulation Devices Market Analysis and Size

Upsurge in the prevalence of Parkinson's disease globally is one of the major factors fostering the growth of the market. Rising focus on the healthcare technological advancements coupled with the increased number of clinical trials is another market growth determinant. Rising medical tourism and surge in the approval rate of neurostimulators will further generate lucrative market growth opportunities.

However, the high costs associated with the equipment will derail the market growth rate. Lack of medical experts and unfavorable reimbursement policies especially in developing and underdeveloped economies will further pose challenges for the market.  Also, lack of awareness in the backward economies and low diagnosis and treatment rates in the emerging economies will hamper the market growth rate.             

Data Bridge Market Research analyzes that the global neuromodulation devices market which was USD 6.7 billion in 2023, is likley to reach USD 16.37 billion by 2031, and is expected to undergo a CAGR of 11.80% during the forecast period. “Internal neuromodulation” dominates the product type segment of the market since internal neuromodulation provides strength and toughness . In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Neuromodulation Devices Market Scope and Segmentation

Market Definition

Neuromodulation devices are the medical instruments that are used during the process of neuromodulation which uses electricity or chemical agents in the body to stimulate neurological sites. Neuromodulation is used to treat a wide range of neurological diseases such as epilepsy, Alzheimer's disease, cerebrovascular diseases, and Parkinson's disease.

Global Neuromodulation Devices Market Dynamics

Drivers

• Increasing Prevalence of Chronic Diseases

The rising incidence of chronic conditions such as chronic pain, neurological disorders, and movement disorders is a significant driver for the market. Neuromodulation therapies, including spinal cord stimulation and deep brain stimulation, offer alternative treatment options for patients who may not respond well to traditional pharmaceutical approaches.

• Advancements in Neuromodulation Technologies

Ongoing research and development in neuromodulation technologies contribute to the growth of the market. Innovations in device design, electrode technologies, and stimulation parameters enhance the effectiveness and safety of neuromodulation therapies. Advancements may lead to the development of more targeted and precise devices, expanding the range of treatable conditions.

• Increasing Awareness and Acceptance of Neuromodulation Therapies

Growing awareness among both healthcare professionals and patients about the benefits of neuromodulation therapies contributes to market expansion. As more clinical evidence supports the efficacy and safety of these therapies, acceptance among physicians and patients is likely to increase. Patient education initiatives and collaborations between healthcare providers and device manufacturers also play a role in promoting the adoption of neuromodulation devices.

• Growing Investment for Healthcare Facilities

Surging focus on improving the condition of healthcare facilities and improving the overall healthcare infrastructure is another important factor fostering the growth of the market. The rising number of partnerships and strategic collaborations between the public and private players about funding and application of new and improved technology is further creating lucrative market opportunities.  

Opportunities

• Expanding Applications and Indications

There is an opportunity to explore and develop new applications and indications for neuromodulation devices. As the understanding of neural circuitry and the mechanisms of various disorders improves, neuromodulation therapies can be adapted for a broader range of conditions. Research and development efforts that expand the scope of neuromodulation to address conditions beyond chronic pain, such as psychiatric disorders and autoimmune diseases, could open new markets and revenue streams.

• Technological Innovations and Miniaturization

Continued advancements in technology, including miniaturization and the development of more sophisticated and targeted devices, present opportunities in the neuromodulation devices market. Smaller, implantable devices with enhanced capabilities may lead to increased patient acceptance, improved outcomes, and expanded applications. Innovations such as closed-loop systems that provide adaptive, real-time adjustments based on physiological feedback offer promising prospects for more effective and personalized treatments.

Restraints

• High Cost of Neuromodulation Devices

The cost of neuromodulation devices, including the initial implantation procedure and ongoing maintenance, can be substantial. This poses a challenge for widespread adoption, especially in regions with limited healthcare budgets or where reimbursement policies may not adequately cover the expenses. The high cost can be a barrier to access for some patients and limit market growth.

• Stringent Regulatory Approval Processes

The regulatory approval process for neuromodulation devices is often stringent and time-consuming. Obtaining approvals from regulatory authorities such as the U.S. Food and Drug Administration (FDA) or the European Medicines Agency (EMA) involves extensive clinical trials and data submission. Delays in obtaining approvals can hinder the timely introduction of new devices to the market, affecting innovation and competitiveness.

Challenges

• Risk of Adverse Events and Complications

Neuromodulation procedures, like any surgical intervention, carry inherent risks of adverse events and complications. These may include infection, device malfunction, or unintended side effects. Concerns about the safety and long-term outcomes of neuromodulation therapies can impact patient and physician confidence, potentially leading to hesitancy in adopting these treatments.

• Limited Awareness and Understanding

Despite the potential benefits of neuromodulation therapies, there is often limited awareness and understanding among patients and even some healthcare professionals. This lack of awareness can result in underdiagnosis and underutilization of neuromodulation devices for treating certain conditions. Educational efforts are needed to increase awareness about the efficacy, safety, and appropriateness of neuromodulation therapies for various disorders.

This neuromodulation devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the neuromodulation devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In September 2023, PathMaker Neurosystems Inc. started a human clinical trial for its MyoRegulator device developed for the treatment of amyotrophic lateral sclerosis (ALS)
• In July 2023, Slavia BioElectronics reported the first implantation of its paper-thin neuromodulation bioelectronic foils for the treatment of severe migraine and cluster headaches

Global Neuromodulation Devices Market Scope

The neuromodulation devices market is segmented on the basis of product type, end user, application and biomaterial. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Internal Neuromodulation
• External Neuromodulation

Application                                                                     

• Spinal Cord Stimulation
• Deep Brain Stimulation
• Sacral Nerve Stimulation
• Vagus Nerve Stimulation
• Gastric Electrical Stimulation
• Transcutaneous Electrical Nerve Stimulation
• Repetitive Transcranial Magnetic Stimulation
• Respiratory Electrical Stimulation

End user

• Hospitals
• Clinics
• Home Healthcare
• Others

Biomaterial

• Metallic Biomaterials
• Polymeric Biomaterials
• Ceramic Biomaterials

Global Neuromodulation Devices Market Regional Analysis/Insights

The neuromodulation devices market is analyzed and market size insights and trends are provided by country, product type, end user, application and biomaterial as referenced above.

The countries covered in the market report are the U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Hungary, Austria, Norway, Ireland, Turkey, Lithuania, rest of Europe, China, Japan, India, Australia, South Korea, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, Peru, rest of South America, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, and rest of Middle East & Africa.

North America is expected to dominate the market due to the prevalence of favourable reimbursement policies. Asia-Pacific is expected to exhibit the highest growth rate during the forecast period due to the growth and expansion of healthcare industry in this region, ever-rising geriatric population and growth in the number of neurological disorders.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The neuromodulation devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for neuromodulation devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the neuromodulation Devices market. The data is available for historic period 2010-2020.

Competitive Landscape and Global Neuromodulation Devices Market Share Analysis

The neuromodulation devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to neuromodulation devices market.

Some of the major players operating in the neuromodulation devices market are:

• Medtronic (Ireland)
• Boston Scientific Corporation (U.S.)
• Stryker (U.S.)
• Abbott (U.S.)
• B. Braun Melsungen AG (Germany)
• NEVRO CORP. (U.S.)
• NeuroSigma, Inc. (U.S.)
• NeuroPace, Inc. (U.S.)
• Soterix Medical Inc. (U.S.)
• Synapse Biomedical Inc. (U.S.)
• ReShape Lifesciences, Inc. (U.S.)
• Bioness Inc. (U.S.)
• ALEVA NEUROTHERAPEUTICS SA (Switzerland)
• LivaNova PLC (U.K.)
• Neuronetics. (U.S.)
• Cyberonics, Inc. (U.S.)
• Neuromod (Ireland)
• Axonics, Inc. (U.S.)
• The Magstim Company Limited (U.K.)
• Sooma Medical (Finland)

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