The global neuromodulation market, estimated at $6.2 billion in 2023, is projected to reach $11.0 billion by 2028, growing at a CAGR of 12.0% over this period. This growth is fueled by increasing cases of neurological disorders, a growing focus on advanced neuromodulation and neurostimulation technologies, and government support for neurological research. The market is also benefiting from the rising geriatric population, increased availability of reimbursement for neuromodulation devices, and collaborative efforts between device manufacturers, healthcare providers, and research institutions.
Key Opportunities in the Neuromodulation Market
The neuromodulation market is ripe with opportunities, particularly in the development of advanced neuromodulation and neurostimulation technologies. Companies and researchers are increasingly focusing on innovations in nerve repair and regeneration. For instance, Boston Scientific received FDA approval in July 2023 for its Vercise Neural Navigator 5 Software, which offers real-time visualization capabilities for deep brain stimulation (DBS) in Parkinson’s patients. Such advancements are expected to drive market growth as companies continue to collaborate on cutting-edge technologies.
Market Challenges and Constraints
Despite the market’s potential, there are significant challenges, including a preference for drug therapies over neuromodulation devices. This is largely due to limited awareness among patients and healthcare providers about the benefits of neuromodulation. Additionally, stringent regulatory frameworks and lengthy approval processes pose significant hurdles for companies aiming to introduce new products, particularly in the U.S., where the regulatory environment is particularly demanding.
Regional Insights and Market Segmentation
In 2022, internal neuromodulation dominated the market, particularly in spinal cord stimulation, which saw the largest market share. The growing prevalence of conditions such as failed back surgery syndrome (FBSS), ischemia, and chronic pain is driving demand in this segment. Transcutaneous electrical nerve stimulation (TENS) led the external neuromodulation market due to its affordability and ease of use, which are expected to continue propelling market growth.
North America was the largest regional market in 2022, driven by a high incidence of neurological disorders, a well-developed healthcare system, and the presence of numerous medical device manufacturers. The region’s dominance is expected to continue, supported by strong market players like Medtronic, Boston Scientific, and Abbott Laboratories, which benefit from extensive product portfolios, robust R&D budgets, and established global networks.
Market Dynamics and Future Outlook
The neuromodulation market is expected to continue growing, driven by advancements in technology and increasing awareness of the benefits of these devices. Emerging markets such as China, India, and Brazil offer significant growth opportunities due to their large populations and rising healthcare expenditures. However, overcoming regulatory challenges and increasing awareness of neuromodulation options will be crucial for sustained growth.
Recent Industry Developments
- 2023: Medtronic received CE Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS).
- 2023: Boston Scientific received FDA approval for its Vercise Neural Navigator 5 Software, part of the Vercise Genus DBS Systems.
- 2023: Boston Scientific entered into an agreement to acquire Relievant Medsystems, Inc., expanding its neuromodulation portfolio.
- 2022: Medtronic received FDA approval for its InterStim X System, a next-generation sacral nerve stimulation therapy for bladder and bowel control.
The neuromodulation market is poised for significant growth, with technological advancements and emerging markets playing key roles in its future development.
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