Neuromodulation Market in terms of revenue was estimated to be worth $6.2 billion in 2023 and is poised to reach $11.0 billion by 2028, growing at a CAGR of 12.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The neuromodulation market is driven by the increasing incidences of neurological diseases such as Alzheimer’s disease, Parkinson’s disease, the growing geriatric population and subsequent increase in the prevalence of neurological disease, government support for research on neurological disorders, and the availability of reimbursement of neuromodulation devices. Growth in emerging countries and the widening application scope of neuromodulation are anticipated to offer lucrative growth opportunities for the neuromodulation market.
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Internal neuromodulation accounted for the largest share of the neuromodulation market, by type segment, in 2022.
The global neuromodulation market is segmented into internal neuromodulation and external neuromodulation based on type. In 2022, internal neuromodulation dominated the global neuromodulation market. The benefits of of internal neuromodulation procedures, such as reduced post-surgical complications, shorter hospitalization are the factors supporting growth in this market.
The spinal cord stimulation segment accounted for the largest share of the neuromodulation market, by internal neuromodulation type, in 2022.
On the basis of type, neuromodulation market is segmented into sacral nerve stimulation, spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, and gastric electrical stimulation. The spinal cord stimulation accounts for largest in the neuromodulation market. The increasing spinal cord injuries and favorable reimbursement scenario can be a key driving factors of this market. This will result in, increasing demand for spinal cord stimulation devices during the treatment.
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 Rest of the World. In 2022, North America dominated the global neuromodulation market. The large share of the North American market is primarily driven by the increasing adoption of neuromodulation devices among the medical professionals, increasing incidences of neurological disorders, increasing geriatric population and aging associated neurological diseases such as Parkinson’s disease, Alzheimer’s disease and epilepsy.
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Neuromodulation Market Dynamics:
Drivers:
- Rising prevalence of neurological disorders and nerve injuries
- Increasing focus on development of advanced neuromodulation and neurostimulation technologies
- Increasing collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices
- Growing geriatric population and subsequent increase in prevalence of neurological disorders
- Availability of reimbursements for neuromodulation devices
- Government-led support for research on neurological disorders
Restraint:
- High cost of neuromodulation procedures
- Preference for drug therapies over neuromodulation products
- Adverse effects and complications associated with neuromodulation devices
Opportunities:
- Large population and increasing healthcare expenditure in emerging economies
- Widening application scope of neuromodulation
Challenge:
- Stringent regulatory framework and time-consuming approval processes for neuromodulation and neurostimulation devices
- Shortage of trained professionals
- Product recalls
Trends:
- Role of artificial intelligence (AI) in advancing neuromodulation
Key Market Players of Neuromodulation Industry:
The major players operating in neuromodulation market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), and LivaNova (UK).
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Neuromodulation Market – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall neuromodulation market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.