Neuromodulation Market Size, Share, Growth | Global Analysis

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Neuromodulation Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology (External (Non-Invasive) Neuromodulation, and Internal Neuromodulation); Application (Chronic Pain Management, Failed Back Syndrome, Epilepsy, Tremor, Incontinence, Depression, Dystonia, Gastroparesis, Parkinson

Publication Month: Oct 2020 | Report Code: TIPHE100001415 | No. of Pages: 195 | Category: Medical Device | Status: Published

The Neuromodulationmarket was valued at US$ 7,613.45 million in 2019 and is projected to reach US$ 16,333.98 million by 2027; it is expected to grow at a CAGR of 10.3%during 2020–2027.

Neurological disorders such as cerebrovascular diseases, Alzheimer’s disease, and Parkinson's disease can be treated with the help of neuromodulation that is performed by using various devices or infusing drugs. Devices used in neuromodulation Market involve the application of electrodes to the spinal cord, brain, or peripheral nerves.

Lucrative Regions in Neuromodulation Market

Lucrative Regions in Neuromodulation Market

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Market Insights

Increasing Incidence of Neurological Disorders Drives Market Growth

Depression is the most common neurological disorder among all age groups. In the developing regions, most people suffer from depression owing to various socioeconomic factors such as financial stress and poverty. Other neurological disorders such as dystonia, Parkinson’s disease, and obsessive-compulsive disorder are usually observed in aging population. According to a study ‘Incidence and Prevalence of Major Neurologic Disorders,’ published in January 2018, ~36% of elderly have moderate or severe memory impairment in the US. Each year nearly 1.2 million adults are diagnosed with brain disorders, of which 51.3% is due to stroke and 21% due to Alzheimer’s disease. In addition, nearly 135 million people are diagnosed with Parkinson’s disease, traumatic brain injury, and epilepsy each year. Moreover, ~500,000 cases of brain tumor, multiple sclerosis, and amyotrophic lateral sclerosis are reported annually. Therefore, the growing prevalence of neurological disorders is consequently propelling the demand for neuromodulators as these help in relieving neurological symptoms. Furthermore, the rising demand for neurostimulation devices to treat chronic pain.

Products Insights

In terms of technology, the external (non-invasive) neuromodulation segment held a greater share of the neuromodulation market in 2019. The same segment is expected to continue its dominance  and register a higher CAGR in the market during the forecast period.

Neuromodulation Market, by Technology – 2019 and 2027

Neuromodulation Market, by Technology – 2019 and 2027

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Application Insights

Based on application, the global neuromodulation market is segmented into chronic pain management, failed back syndrome, epilepsy, tremor, incontinence, depression, dystonia, gastroparesis, Parkinsons’s disease, obsessive-compulsive disorder, and migraine. The chronic pain management segment held the largest share of the market in 2019, and it is expected to register the highest CAGR during the forecast period.

Chronic pain management helps relieve pain with the use of drugs, therapies, and lifestyle changes. Electrical stimulation devices play a major role in pain management as they are primarily developed for relieving several types of chronic and acute pain.Growing geriatric population, increasing chronic condition prevalence, and sedentary lifestyle are a few of the risk factors that may cause chronic pain. For instance, according to a study published by Arthritis Foundation in 2019, aging population is responsible for the growing prevalence of all types of diseases across the world. The same study stated that1 in 3 people in the US suffers from arthritis each year. Therefore, the rising prevalence of chronic pain is expected to drive the growth of the segment during the forecast period.

The incorporation of advanced technologies in electrical stimulation devices enables additional benefits for pain management. For instance, in January 2019, Abbott announced test results of BurstDR stimulation developed for the treatment of chronic pain. The results show thatthe product reduces pain by around 60–70%.

Strategic Insights

Report Coverage - Neuromodulation Market
Report CoverageDetails
Market Size Value inUS$ 7,613.45 Million in 2019
Market Size Value byUS$ 16,333.98 Million by 2027
Growth rateCAGR of 10.3% from 2020-2027
Forecast Period2020-2027
Base Year2020
No. of Pages195
No. of Tables118
No. of Charts & Figures82
Historical data availableYes
Segments coveredTechnology Neuromodulation ; Application (Chronic Pain Management, Failed Back Syndrome, Epilepsy, Tremor, Incontinence, Depression, Dystonia, Gastroparesis, Parkinson
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Players operating in the neuromodulation market adopt collaboration and partnership strategies to meet demands of end users through the introduction of technologically advanced offerings, and these strategies  significantly support the growth of the market. 

By Technology

  • External (Non-Invasive) Neuromodulation
    • Respiratory Electrical Stimulation
    • Transcutaneous Electrical Nerve Stimulation
    • Transcranial Magnetic Stimulation
  • Internal Neuromodulation
    • Deep Brain Stimulation
    • Sacral Nerve Stimulation
    • Gastric Electrical Stimulation
    • Spinal Cord Stimulation
    • Vagus Nerve Stimulation

By Application

  • Chronic Pain Management
  • Failed Back Syndrome
  • Epilepsy
  • Tremor
  • Incontinence
  • Depression
  • Dystonia
  • Gastroparesis
  • Parkinson’s Disease
  • Obsessive-Compulsive Disorder
  • Migraine

By End User

  • Hospitals
  • Clinics
  • Home Healthcare

By Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
  • Asia Pacific

    • China
    • India
    • South Korea
    • Japan
    • Australia
  • Middle East and Africa

    • South Africa
    • Saudi Arabia
    • UAE
  • South and Central America

    • Brazil
    • Argentina

Company Profiles

  • Abbott
  • Boston Scientific Corporation
  • Medtronic
  • NeuroPace, Inc.
  • NeuroSigma, Inc.
  • Synapse Biomedical Inc.
  • Soterix Medical Inc
  • Integer Holdings Corporation
  • Magstim 

Frequently Asked Questions

Neuromodulation is the process of regulating the activity of nerves by controlling the physiological level of neurotransmitters. These modifications are brought about with the help of various devices or by drug infusion. These devices contain small electrodes that are placed on the spinal cord, brain or the peripheral nerves. Neurological disorders such as, cerebrovascular diseases, Alzheimer disease and Parkinson's disease affect the neurological functioning of the body and hence can be treated with the help of neuromodulation.
The global neuromodulation market is being driven by factors such as increasing incidence of neurological disorders, growing developments in neuromodulation technology. Furthermore, rising demand for neurostimulation devices to treat chronic pain is likely to offer significant opportunities for the growth of the global neurostimulation market.
The high cost of neuromodulation devices is the significant factor that will hinder the neuromodulation market growth.

The List of Companies - Neuromodulation Market

  1. Abbott
  2. Boston Scientific Corporation
  3. Medtronic
  4. NeuroPace, Inc.
  5. NeuroSigma, Inc.
  7. Synapse Biomedical Inc.
  8. Soterix Medical Inc
  9. Integer Holdings Corporation
  10. Magstim
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  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global neuromodulation market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
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