Press release
Neuromodulation Market Size, Share, Growth Status, Key Players, Challenges And Forecast Till 2033
Neuromodulation Market
The neuromodulation market size 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%. The growth in the forecast period can be attributed to miniaturization of devices, focus on neurological disorders in aging population, expanded applications in psychiatry, patient-centric approaches, global expansion of healthcare access. Major trends in the forecast period include integration of artificial intelligence (ai), advancements in technology, non-invasive neuromodulation techniques, closed-loop neuromodulation systems, expansion of indications, wireless and wearable neuromodulation devices.
Market Overview -
Neuromodulation is the modification of nerve activity (or modulation) by delivering electrical or pharmacological substances directly to a specific location. It is a reversible procedure performed to relieve pain.
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Rising Prevalence Of Neurological Disorders Fuels Growth In The Neuromodulation Market
The growing prevalence of neurological disorders is expected to propel the growth of the neuromodulation market going forward. Neurological disorders are technically defined as problems that affect the brain as well as the nerves located throughout the human body and the spinal cord. Neuromodulation offers the ability to cure and modulate a wide range of neurological disorders and diseases, such as Parkinson's and Alzheimer's diseases. For example, in April 2022, according to the European Brain Council, a Belgium-based coordinating international health organization, there were over 600 neurological diseases and nearly 300 psychiatric conditions noted. Worldwide, there were 50 million people living with Alzheimer's and other dementias. Epilepsy is common disorder that affected 65 million people around the world. In Europe, 10.5 million people had dementia, which is expected to increase to 18.7 million in 2050. Thus, the growing prevalence of neurological disorders is driving the growth of the neuromodulation market.
Competitive Landscape -
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
Technological Advancements Drive Innovation In The Neuromodulation Market
Technological advancements are a key trend gaining popularity in the neuromodulation market. Major companies operating in the neuromodulation market are focused on developing new technological solutions to strengthen their position in the market. For example, in December 2022, Abbott, a US-based medical devices and healthcare company, launched Eterna spinal cord stimulation (SCS) system, the smallest implantable, rechargeable spinal cord stimulator. Eterna SCS employs Abbott's patented low-dose BurstDR stimulation, the only SCS waveform innovation with the highest level of clinical proof (1A evidence), which has been shown to relieve pain by 23% more than typical waveform technology approaches. Further, in March 2021, Abbott, a US-based medical devices and healthcare company, announced the launch of NeuroSphere Virtual Clinic in the United States, a first-of-its-kind technology that allows patients to speak with clinicians, confirm optimal settings and efficiency, and obtain new treatment options as needed remotely. The NeuroSphere Virtual Clinic, which has been approved by the US Food and Drug Administration, has an opportunity to increase the availability of optimal treatment for patients suffering from chronic pain or Parkinson's disease who do not live close to a healthcare professional, have difficulty accessing care, or are unable to go to the doctor due to circumstances such as COVID-19.
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Key Segments -
The neuromodulation market covered in this report is segmented -
1) By Technology: Internal Neuromodulation, External Neuromodulation (Non-invasive)
2) By Biomaterial: Polymeric Biomaterial, Metallic Biomaterial, Ceramic Biomaterial
3) By Application: Chronic Pain, Urinary And Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson Disease, Epilepsy, Tremor, Depression, Other Applications
4) By End-User: Hospitals, Clinics, Home Healthcare
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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