Neuromodulation Devices Market by Type (Invasive and Non-Invasive), Product (Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Transcranial Magnetic Stimulators, and Others), Application (Pain Management, Neurological Disorder, Respiratory Disorders, and Others), End-User (Hospitals, Specialty Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a static CAGR forecast till 2030 due to Advances in Product Portfolio and Burgeoning Neurological Disorder Prevalence among the aging population

The neuromodulation devices market was valued at USD 5.71 billion in 2023, growing at a CAGR of 8.95% during the forecast period from 2024 to 2030, to reach USD 9.56 billion by 2030. The demand for neuromodulation devices is primarily motivated by the increasing prevalence of neurological disorders coupled with the rising aging population, expansion of the devices to other chronic indications and target applications, technological advancement in the product portfolio, rising government initiatives to raise awareness among patient regarding neurological disorders, among others.

Neuromodulation Devices Market Dynamics:

Neurological disorders are diseases that affect the central and peripheral nervous system which primarily include the brain, spinal cord, cranial nerves, peripheral nerves, nerve roots, autonomic nervous system, neuromuscular junction, and muscles. According to the data provided by the World Health Organization (WHO) 2023, approximately 50 million people across the globe were suffering from epilepsy, making it one of the most common neurological diseases globally in 2019. About 80% of people with epilepsy live in low- and middle-income countries.

As per the data provided by WHO 2023, about 55 million people are living with dementia, and there are nearly 10 million new cases every year.

Neuromodulation is a technique that directly acts on nerves. It changes (or modulates) nerve activity by delivering electrical stimulation directly to the target area. Neuromodulation devices involve applying electrodes to the brain, spinal cord, or peripheral nerves to treat or reduce the symptom of various neurological disorders such as epilepsy, migraine, and Parkinson’s disease, among others. Therefore the rising prevalence of various neurological disorders across the globe could be a potential factor leading to the growth of the global neuromodulation devices market.

Moreover, neuromodulation devices treat almost all diseases or symptoms, from headaches to tremors, spinal cord injuries and urinary incontinence, and others. With such a wide range of treatments and significant continuous improvements in biotechnology, it is not surprising that neuromodulation is positioned as a high-growth industry during the forecasted period. In addition to treating chronic pain, there are many neuromodulation applications, such as deep brain stimulation (DBS) treatment for Parkinson's disease, sacral nerve stimulation for pelvic diseases, and urinary incontinence. For instance, ENTERRA II NEUROSTIMULATOR by Medtronic is a gastric neurostimulator that generates mild electrical pulses for gastric electrical stimulation to treat chronic, intractable nausea and vomiting due to gastroparesis.

Therefore, the expansion of device usage to other chronic indications and targeted applications is also anticipated to propel the global neuromodulation devices market.

However, certain factors such as the high cost of these devices and the lower rate of diagnosis and treatment are likely to impede the growth of the neuromodulation devices market.

Neuromodulation Devices Market Segment Analysis:

Neuromodulation Devices Market by Type (Invasive and Non-Invasive), Product (Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Transcranial Magnetic Stimulators, and Others), Application (Pain Management, Neurological Disorder, Respiratory Disorders, and Others), End-User (Hospitals, Specialty Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the neuromodulation devices product segment, spinal cord stimulators hold a significant market during the forecasted period. This is owing to the growing patient population suffering from chronic pain, failed back syndrome, and complex regional pain syndrome (CRPS). For instance, according to CDC 2020 data, in 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that frequently limited life or work activities (referred to as high-impact chronic pain) and both increased with age and were highest among adults aged 65 and over.

Moreover, recent product launches of technologically advanced spinal cord stimulators with rechargeable batteries and wireless remote techniques also contribute to segmental growth. For instance, in 2020, Boston Scientific Corporation launched the WaveWriter Alpha™ portfolio of Spinal Cord Stimulator (SCS) Systems in Europe. The portfolio consists of four MRI conditional, Bluetooth-enabled implantable pulse generators (IPGs), that offer expanded personalization based on patient needs, including rechargeable and non-rechargeable options, and access to waveforms that can cover multiple areas of pain.

In addition, emerging guidelines from the government for spinal cord stimulation therapy for the treatment of chronic pain and other indications are also anticipated to augment the market. For instance, in January 2019, National Institute for Health and Care Excellence (NICE) published guidelines and recommendations for Senza spinal cord stimulation system for delivering HF10 therapy to treat chronic neuropathic pain.

Hence, all the mentioned factors are likely to fuel the segmental growth of the Neuromodulation Devices market during the forecasted period.

North America is expected to dominate the overall Neuromodulation Devices Market:

North America is expected to dominate the overall Neuromodulation Devices market during the forecast period. This domination is due to the increased healthcare expenditure along with the presence of a well-developed and advanced healthcare system in the region. Moreover, higher diagnosis and treatment rates and adequate reimbursement policies are the driving factors.

Further, In the United States, the presence of neuromodulation device companies in the market such as Abbott, Boston Scientific Corporation, and Medtronic, among others is likely to boost the market. Also, the growing prevalence of neurological disorders such as Parkinson's disease, epilepsy, migraine, and treatment-resistant depressive order is expected to bolster the market. For instance, as per the Parkinson's Foundation 2022 study, every year in the United States about 90,000 people are diagnosed with Parkinson's disease. Thus, rising cases of Parkinson's among other neurological disorders could be a significant factor for the neuromodulation devices market growth.

Moreover, an increase in product approval by FDA is also a driving factor for neuromodulation devices in the region. For instance, in June 2020, Medtronic received Food and Drug Administration (FDA) approval for the Percept™ PC Deep Brain Stimulation (DBS) system. BrainSense™ technology makes Percept the first and only DBS neurostimulation system with the ability to chronically capture and record brain signals while delivering therapy to patients with neurologic disorders associated with Parkinson’s disease, essential tremor, dystonia, epilepsy, or obsessive-compulsive disorder (OCD).

Thus, the aforementioned factors are likely to upsurge the market for neuromodulation devices in the region.

Neuromodulation Devices Market Key Players:

Some of the key market players operating in the neuromodulation devices market include Medtronic,

Boston Scientific Corporation, Abbott, LivaNova, NeuroSigma, NEVRO CORP., Synapse Biomedical Inc., NeuroPace, Inc., Bioventus., Soterix Medical Inc., and others.

Recent Developmental Activities in Neuromodulation Devices Market:

In March 2021, Axonics Modulation Technologies, Inc. entered into a strategic alliance with Micro Systems Technologies (MST) for the manufacture of a non-rechargeable implantable sacral neuromodulation device.

In March 2021, Helius Medical received the US FDA approval for Portable Neuromodulation Stimulator approval for short-term treatment of gait deficit due to multiple sclerosis.

In January 2021, Boston Scientific Corporation received FDA approval for its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System used to treat symptoms in patients with advanced Parkinson’s disease.

Key Takes Away from the Neuromodulation Devices Market Report Study

Market size analysis for current market size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global neuromodulation devices market.

Various opportunities available for the other competitor in the neuromodulation devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for neuromodulation devices market growth in the coming future?

Target Audience who can be benefited from Neuromodulation Devices Market Report Study

Neuromodulation Devices providers

Research organizations and consulting companies

Neuromodulation Devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders in Neuromodulation Devices

Various End-Users who want to know more about the neuromodulation devices market and the latest technological developments in the neuromodulation devices market.

Frequently Asked Questions for Neuromodulation Devices Market:

1. What are neuromodulation devices?

Neuromodulation devices, also known as neurostimulation devices involve the application of electrodes to the brain, the spinal cord, or peripheral nerves. These devices can increase or decrease the activity of the nervous system by generating necessary electrical stimulation.

2. What is the market for neuromodulation devices?

The global neuromodulation devices market was valued at USD 5.71 billion in 2023, growing at a CAGR of 8.95% during the forecast period from 2024 to 2030, to reach USD 9.56 billion by 2030.

3. What are the drivers for neuromodulation devices?

The major factors driving the demand for neuromodulation devices are the growing prevalence of neurological disorders coupled with the rising geriatric population, expanding device application in various other indications, and the launch of technically advanced products in the market.

4. What are the key players operating in neuromodulation devices?

Some of the key market players operating in the neuromodulation devices market include Medtronic, Boston Scientific Corporation, Abbott, LivaNova, NeuroSigma, NEVRO CORP., Synapse Biomedical Inc., NeuroPace, Inc., Bioventus., Soterix Medical Inc., and others

5. Which region has the highest share in the neuromodulation devices market?

North America is anticipated to dominate the overall Neuromodulation Devices market during the forecast period, 2024-2030 due to the increased healthcare expenditure along with the presence of a well-developed and advanced healthcare system in the region. Furthermore, rising diagnosis and treatment rates and adequate reimbursement policies also contribute to the highest regional share.