PUBLISHER: IMARC | PRODUCT CODE: 1609806
PUBLISHER: IMARC | PRODUCT CODE: 1609806
Japan neuromodulation market size reached US$ 308.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 925.5 Million by 2032, exhibiting a growth rate (CAGR) of 13.30% during 2024-2032. The rising geriatric population in Japan, recent technological advancements, increasing healthcare expenditure, heightened awareness about the benefits of neuromodulation, strong presence of key market players, and introduction of favorable reimbursement policies represent some of the key factors driving the market.
Neuromodulation refers to a technology involving the modification of nerve activity by delivering pharmaceutical or electrical agents to targeted areas of the nervous system. It encompasses a wide range of types, including spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, and peripheral nerve stimulation. Neuromodulation is comprised of several components, such as a pulse generator, electrodes, and a handheld device for programming. It offers multiple features, including minimally invasive procedures, customizable treatment settings, and real-time feedback mechanisms. Neuromodulation is widely used for treating chronic pain, epilepsy, movement disorders, psychiatric conditions, migraines, and gastrointestinal issues. It offers targeted therapy, reduced side effects as compared to systemic drug administration, reversibility, and the potential for remote patient monitoring. Additionally, neuromodulation provides several advantages, such as enhanced patient compliance, better quality of life, cost-effectiveness in the long run, and the opportunity for real-time adjustments to treatment settings.
The rising geriatric population in Japan, contributing to the escalating incidences of neurological and chronic disorders, is propelling the market growth. Additionally, recent technological advancements, such as the advent of wireless neuromodulation, that are expanding the technique's applications are driving the market growth. Besides this, the increasing healthcare spending and the prioritization of neurological research, fostering a conducive environment for market expansion, is acting as another growth-inducing factor. Furthermore, the heightened awareness about the benefits of neuromodulation, which is facilitating faster adoption rates, is catalyzing the market growth. In addition to this, the strong presence of key market players and frequent product launches in Japan is stimulating the market growth. Apart from this, the introduction of favorable reimbursement policies by the government healthcare system for neuromodulation procedures is bolstering the market growth. Moreover, the growing evidence of the efficacy of neuromodulation through clinical trials, lending further credence to the technology, is positively influencing the market growth. Along with this, the widespread demand for minimally invasive procedures, boosting neuromodulation applications, is supporting the market growth. In line with this, the escalating number of skilled healthcare professionals in the field of neuromodulation is driving the market growth. Furthermore, the integration of artificial intelligence (AI) for real-time adjustments and monitoring is creating a positive outlook for the market growth. In addition, the rising patient compliance and satisfaction rates with neuromodulation, encouraging more referrals, is accelerating the market growth. Besides this, the increasing strategic collaborations and acquisitions among key players to expand further research and leverage shared expertise are strengthening the market growth. Additionally, the growing public and private investment in research and development (R&D) activities is fueling the market growth.
The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.