Neuromodulation Devices Market Insights, Competitive Landscape and Market Forecast–2026

Neuromodulation Devices Market Insights, Competitive Landscape and Market Forecast–2026

NEUROMODULATION DEVICES MARKET BY TYPE (INVASIVE AND NON-INVASIVE), BY PRODUCT (SPINAL CORD STIMULATORS, VAGUS NERVE STIMULATORS, DEEP BRAIN STIMULATORS, SACRAL NERVE STIMULATORS, TRANSCRANIAL MAGNETIC STIMULATORS, AND OTHERS), BY APPLICATION (PAIN MANAGEMENT, NEUROLOGICAL DISORDER, RESPIRATORY DISORDERS, AND OTHERS), BY END USER (HOSPITALS, SPECIALTY CLINICS, AND OTHERS), BY GEOGRAPHY IS EXPECTED TO GROW AT A STATIC CAGR FORECAST TILL 2026 DUE TO ADVANCES IN PRODUCT PORTFOLIO AND BURGEONING NEUROLOGICAL DISORDER PREVALENCE AMONG THE AGING POPULATION

Global Neuromodulation Devices Market was valued at USD 5.25 billion in 2020, growing at a CAGR of 8.95% during the forecast period from 2021 to 2026, to reach USD 9.23 billion. The demand for neuromodulation devices is primarily motivated by the increasing prevalence of neurological disorder coupled with rising aging population, expansion of the devices to other chronic indications and target application, technological advancement in the product portfolio, rising government initiative to raise awareness among patient regarding neurological disorders, among others.

NEUROMODULATION DEVICES MARKET DYNAMICS:

Neurological disorders are the diseases that affect the central and peripheral nervous system which primarily include brain, spinal cord, cranial nerves, peripheral nerves, nerve roots, autonomic nervous system, neuromuscular junction, and muscles. According to WHO 2021 report, more than 50 million people have epilepsy worldwide and it is estimated that there are globally 47.5 million people with dementia with 7.7 million new cases every year. The report also state that Alzheimer's disease is the most common cause of dementia and may contribute to 60–70% of cases. Further, the prevalence of migraine is more than 10% worldwide.

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, Parkinson’s disease, among others. Therefore rising prevalence of various neurological disorder 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, expansion device usage to other chronic indications and targeted application is also anticipated to propel the global neuromodulation devices market.

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

NEUROMODULATION DEVICES MARKET SEGMENT ANALYSIS:

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

In Neuromodulation Devices product segment, spinal cord stimulators holds the significant market during the forecasted period. This is owing to the growing patient population suffering with 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 technique also contribute to the segmental growth. For instance, in 2020, Boston Scientific Corporation launched the WaveWriter Alpha™ portfolio of Spinal Cord Stimulator (SCS) Systems in Europe. The portfolio consist of four MRI conditional, Bluetooth-enabled implantable pulse generators (IPGs), offers 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 government for spinal cord stimulation therapy for the treatment of chronic pain and other indications is also anticipated to augment the market. For instance, in January 2019, National Institute for Health and Care Excellence (NICE) published guidelines and recommendation 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 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 well-developed and advanced healthcare system in the region. Moreover higher diagnosis and treatment rate and adequate reimbursement policies are the driving factors.

Further, In the United States, presence of key market players such as Abbott, Boston Scientific Corporation, Medtronic, among others is likely to boost the market. Also, growing prevalence of neurological disorders such as epilepsy, migraine, treatment resistant depressive order is also expected to bolster the market. For instance, as per the CDC 2020 report, in 2015, 1.2% of the US population had active epilepsy which was about 3.4 million people with epilepsy nationwide: 3 million adults and 470,000 children. Thus, rising active epilepsy among other neurological disorder could be a significant factor for Neuromodulation Devices market growth.

Moreover, increase in product approval by FDA is also a driving factor for the 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, aforementioned factors are likely to upsurge the market for Neuromodulation Devices in the region.

Furthermore, Asia-Pacific region has the future potential growth for the Global Neuromodulation Devices. This is due to the improving healthcare infrastructure, increasing per capita healthcare expenditure, rising disposable income, rising old age population, among others. Additionally, recent product development activities among key manufacturers for the expansion of product portfolio in APAC region will also boost the market. For instance, in 2021, Neurolief Ltd., a neurotechnology innovator entered into an exclusive agreement with Sawai Pharmaceutical Co., Ltd. for the development and marketing of Relivion®, a non-invasive digital medical device for migraine and depression, in Japan.

NEUROMODULATION DEVICES MARKET KEY PLAYERS:

Some of the key market players operating in the Neuromodulation Devices market includes 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.
• In January 2020, Abbott received expanded indication from the US FDA For directional deep brain stimulation system to treat Parkinson's disease.

KEY TAKES AWAY FROM THE NEUROMODULATION DEVICES MARKET REPORT STUDY

● Market size analysis for current market size (2020), and market forecast for 5 years (2021-2026)

● The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Neuromodulation Devices market.

● Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for 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 2020? How these segments will perform in 2026.

● Which is 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 organization, association, forum, 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 latest technological developments in the Neuromodulation Devices market.

FREQUENTLY ASKED QUESTIONS FOR NEUROMODULATION DEVICES MARKET:

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.

What is the market for Global Neuromodulation Devices?

Global Neuromodulation Devices Market was valued at USD 5.25 billion in 2020, growing at a CAGR of 8.95% during the forecast period from 2021 to 2026, to reach USD 9.23 billion.

What are the drivers for Global Neuromodulation Devices?

The major factors driving the demand for Neuromodulation Devices are growing prevalence of neurological disorder coupled with rising geriatric population, expanding device application in various other indication, and launch of technically advanced products in the market.

What are the key players operating in Global Neuromodulation Devices?

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

What regions has the highest share in Neuromodulation Devices market?

North America is anticipated to dominate the overall Neuromodulation Devices market during the forecast period, 2021-2026 due to the increased healthcare expenditure along with the presence of well-developed and advanced healthcare system in the region. Furthermore, rising diagnosis and treatment rate and adequate reimbursement policies also contribute to highest regional share.



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