PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477108
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477108
Neuromodulation Market size was valued at USD 5,987 Million in 2023, expanding at a CAGR of 11.5% from 2024 to 2032.
One technological advancement that directly affects nerves is neuromodulation. It is the change in nerve activity brought on by the direct application of medication or electricity to a specific location. The neuromodulation market uses state-of-the-art tools and therapies. They have an impact on every bodily system and are effective in treating almost all conditions, such as incontinence, tremors, migraines, and spinal cord injuries.
Neuromodulation Market- Market Dynamics
Increasing prevalence of neurological disorder to propel market demand
The neuromodulation market is expanding as neurological problems become more common. As we age, our bodies begin to lose their capacity to fight off infections and repair themselves, which leaves us more vulnerable to a host of chronic conditions like diabetes, Parkinson's disease, orthopedic difficulties, Alzheimer's disease, and gastrointestinal problems. There is an increasing number of people with neurological illnesses due to the global increase in the older population. Nonetheless, the percentage of the elderly population is much higher in nations like Greece, South Korea, Spain, Portugal, Japan, and Spain; by 2050, 40% of these nations' populations are predicted to be over 65. The number of people 65 years of age or older is expected to nearly treble globally by 2050. Therefore, the adoption of neuromodulation devices is projected to be driven by the notable increase in the ageing population, which is marked by a high prevalence of neurological illnesses. This will contribute to the expansion of the worldwide neuromodulation market throughout the forecast period.
Neuromodulation Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.5% over the forecast period (2024-2032)
Based on technology, the Internal Neuromodulation segment is expected to grow at the highest CAGR during the forecast period
Based on application segmentation, the Parkinson's Disease segment is expected to lead the market over the projected period
Based on region, North America was the leading revenue generator in 2023
The Global Neuromodulation Market is segmented based on Technology, Application, Biomaterial, and Region.
Based on the technology, the market is categorized into Internal Neuromodulation and External Neuromodulation. The Internal Neuromodulation segment is expected to grow at the highest CAGR during the forecast period. Patients with chronic neurological and pain diseases may find significant alleviation from their symptoms with the use of internal neuromodulation therapies, which give targeted and adjustable stimulation. The efficacy and application of these therapies are anticipated to improve with additional technological advancements, fueling further market expansion in the internal neuromodulation segment.
Based on the application, the industry is divided into Migraine, Chronic Pain, Failed Back Syndrome, Urinary And Fecal Incontinence, Parkinson's Disease, Epilepsy, Tremor, Depression and Others. The Parkinson's Disease segment is expected to lead the market over the projected period owing to the growing ageing population.
Neuromodulation Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The large pharmaceutical and biopharmaceutical industries, together with the presence of well-established market players and growing investments in the United States for the adoption of cutting-edge technologies, are anticipated to drive the market's expansion in the nation. According to updated data from the Parkinson's Foundation in 2022, for example, the yearly diagnosis rate of Parkinson's disease (PD) in the United States is anticipated to be about 90,000, a 50% rise from the previous projection of 60,000 diagnoses.
The key players operating in the market include Bioventus Inc., Medtronic, Nevro Corporation, Neuronetics, MicroTransponder, NeuroPace Inc., Boston Scientific Corporation, MicroTransponder, LivaNova PLC, Abbott and NeuroSigma. These players adopted several strategies to capture the maximum market share such as product launch, acquisition, expansion and others.
GLOBAL NEUROMODULATION MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Bioventus Inc.
Medtronic
Nevro Corporation
Neuronetics
MicroTransponder
NeuroPace Inc
Boston Scientific Corporation
MicroTransponder
LivaNova PLC
Abbott
NeuroSigma