Global Neuromodulation Devices Market Report and Forecast 2023-2031

Global Neuromodulation Devices Market Report and Forecast 2023-2031

Global Neuromodulation Devices Market Outlook

The global neuromodulation devices market is expected to witness significant growth in the coming years, driven by factors such as the increasing prevalence of neurological disorders, the rise in the geriatric population, and advancements in neuromodulation technologies. The market is likely to grow at a rate of 10.5% in the forecast period of 2023-2031 to reach a market value of USD 19.54 billion by 2031.

Neuromodulation Devices Market: Introduction

The global neuromodulation devices market refers to the market for medical devices used to deliver electrical or chemical stimulation to the nervous system. Neuromodulation devices are primarily used for the treatment of neurological disorders such as chronic pain, Parkinson's disease, epilepsy, and depression. The market is being driven by factors such as the increasing prevalence of neurological disorders, the rise in the geriatric population, and advancements in neuromodulation technologies.

Neuromodulation Devices Market- Application and Usage

Neuromodulation devices are primarily used for the treatment of neurological disorders such as chronic pain, Parkinson's disease, epilepsy, and depression. These devices work by delivering electrical or chemical stimulation to specific areas of the nervous system to modulate its activity and restore normal functioning. Neuromodulation therapies involve the delivery of electrical or chemical stimulation to specific areas of the nervous system to modulate its activity and restore normal functioning. These therapies have been shown to be effective in reducing pain, improving motor symptoms, and enhancing mood in patients with neurological disorders.

One of the most common applications of neuromodulation devices is in the treatment of chronic pain. Spinal cord stimulators and peripheral nerve stimulators are often used to manage pain that is refractory to other treatments. These devices work by delivering electrical impulses to the nerves that transmit pain signals, thereby reducing the sensation of pain.

Neuromodulation devices are also used in the treatment of movement disorders such as Parkinson's disease and essential tremor. Deep brain stimulators are implanted in the brain and deliver electrical impulses to specific areas to help control tremors and other symptoms.

Epilepsy is another condition that can be treated using neuromodulation devices. Vagus nerve stimulators are often used in the treatment of epilepsy that is refractory to medications. These devices work by delivering electrical impulses to the vagus nerve, which can help reduce the frequency and severity of seizures. Neuromodulation devices are also used in the treatment of depression. Transcranial magnetic stimulators are non-invasive devices that deliver magnetic pulses to the brain to help regulate mood.

Overall, neuromodulation devices are an important tool in the treatment of a variety of neurological disorders. They offer a minimally invasive alternative to traditional treatments and can improve the quality of life for patients with these conditions.

Neuromodulation Devices Market Segmentations

The market can be categorised into type, application, indication, distribution channel, and region.

Market Breakup by Type

• Invasive
• Non-Invasive
• Others

Market Breakup by Application

• Internal Neuromodulation
• Spinal Cord Stimulation
• Deep Brain Stimulation
• Vagus Nerve Stimulation
• Sacral Nerve Stimulation
• Gastric Electric Stimulation
• External Neuromodulation
• Transcutaneous Electrical Nerve Stimulation
• Transcranial Magnetic Stimulation
• Respiratory Electrical Stimulation
• Others

Market Breakup by Indication

• Pain Management
• Neurological Disorders
• Respiratory Disorders
• Others

Market Breakup by Distribution Channels

• Hospitals
• Testing Laboratories
• Research Laboratories

Neuromodulation Devices Market Breakup by Region

• North America
• United States of America
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Others
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Australia
• Others
• Latin America
• Brazil
• Argentina
• Mexico
• Others
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Neuromodulation Devices Market Scenario

The neuromodulation Devices market is being driven by factors such as the increasing prevalence of neurological disorders, the rise in the geriatric population, and advancements in neuromodulation technologies. North America dominated the global neuromodulation devices market in 2020, followed by Europe and the Asia Pacific. The high prevalence of neurological disorders, favourable reimbursement policies, and the presence of many key players in the region are driving the growth of the market in North America and Europe.

The Asia Pacific region is expected to witness the highest CAGR during the forecast period, owing to the increasing prevalence of neurological disorders and the rising healthcare expenditure in the region. Moreover, the growing demand for minimally invasive procedures, advancements in healthcare infrastructure, and increasing investments in research and development activities are expected to fuel the growth of the neuromodulation devices market in the Asia Pacific region.

Key Players in the Global Neuromodulation Devices Market

The report gives an in-depth analysis of the key players involved in the neuromodulation devices market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:

• NeuroPace, Inc.
• electroCore, Inc.
• Medtronic plc
• LivaNova, PLC
• Boston Scientific Corporation
• Neuronetics, Inc.
• NeuroSigma, Inc.
• Nevro Corp.
• Synapse Biomedical, Inc.
• Bioventus