Neuromodulation

Neuromodulation

Global Neuromodulation Market to Reach US$12.3 Billion by 2030

The global market for Neuromodulation estimated at US$6.7 Billion in the year 2023, is expected to reach US$12.3 Billion by 2030, growing at a CAGR of 9.1% over the analysis period 2023-2030. Spinal Cord Stimulation, one of the segments analyzed in the report, is expected to record a 9.2% CAGR and reach US$5.4 Billion by the end of the analysis period. Growth in the Deep Brain Stimulation segment is estimated at 9.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.1 Billion While China is Forecast to Grow at 10.8% CAGR

The Neuromodulation market in the U.S. is estimated at US$3.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$898.5 Million by the year 2030 trailing a CAGR of 10.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.7% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.4% CAGR.

Global Neuromodulation Market - Key Trends & Drivers Summarized

Neuromodulation is a cutting-edge field within medical science that focuses on altering nerve activity through targeted delivery of electrical or pharmaceutical agents directly to a specific area of the body. This technique is employed in a variety of therapeutic contexts, addressing chronic pain, neurological disorders, and psychiatric conditions by modifying the activity within the nervous system. Neuromodulation encompasses several methods, including spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, and transcranial magnetic stimulation, each tailored to treat specific ailments such as Parkinson`s disease, epilepsy, depression, and chronic pain syndromes. By precisely controlling neural activity, these therapies offer significant benefits over traditional treatments, often resulting in improved patient outcomes with fewer side effects.

The technology behind neuromodulation has rapidly evolved over the past few decades. Early iterations of neuromodulation devices were bulky and limited in their capabilities. However, advancements in biomedical engineering have led to the development of more compact, sophisticated, and efficient devices. Modern neuromodulation systems often include features such as wireless connectivity, rechargeable batteries, and advanced programming capabilities, allowing for personalized treatment regimens that can be adjusted based on real-time feedback from the patient. Additionally, the integration of machine learning and artificial intelligence is enhancing the precision and effectiveness of these therapies, paving the way for more adaptive and responsive treatment options. Clinical trials and ongoing research are continually expanding the potential applications of neuromodulation, demonstrating its efficacy in treating an ever-growing list of conditions.

The growth in the neuromodulation market is driven by several factors. Firstly, the increasing prevalence of chronic and debilitating conditions such as chronic pain, depression, and neurological disorders has heightened the demand for more effective treatment options. Furthermore, increasing aging population globally, and growing awareness of the efficacy and safety of neurostimulator devices are aiding the market. Secondly, technological advancements have significantly improved the efficacy, safety, and patient acceptance of neuromodulation therapies. Innovations such as minimally invasive surgical techniques and the development of smaller, more durable devices have made these treatments more accessible and appealing to a broader patient population. Thirdly, the growing body of clinical evidence supporting the effectiveness of neuromodulation in improving patient outcomes is fostering greater acceptance among healthcare providers and insurers, further propelling market growth. Lastly, an aging global population is contributing to an increased incidence of neurological and chronic pain conditions, thus expanding the potential patient base for neuromodulation therapies. These factors, combined with continuous research and development efforts, underscore the robust and dynamic nature of the neuromodulation market.

Select Competitors (Total 83 Featured) -

• Abbott Laboratories, Inc.
• Boston Scientific Corporation
• Aleva Neurotherapeutics SA
• Bioness Inc.
• Beijing Pins Medical Co., Ltd.
• Axonics Modulation Technologies, Inc.
• Biegler GmbH
• Cirtec Medical Corporation
• Cala Health
• BioControl Medical Ltd.
• Atlantic Therapeutics Group Limited
• Bio-Medical Research Limited
• Capitol Pain Institute
• Autonomix Medical
• Bioinduction

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