PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1421849
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1421849
The global neuromodulation market is valued at an estimated USD 6.2 billion in 2023 and is projected to reach USD 11.0 billion by 2028, at a CAGR of 12.0% during the forecast period. Market growth is driven by factors such as prevalence of neurological disorders and nerve injuries, increasing focus on development of advanced neuromodulation and neurostimulation technologies, growing geriatric population and subsequent increase in prevalence of neurological disorders, government support for research on neurological disorders, availability of reimbursement of neuromodulation devices, collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices.
Scope of the Report | |
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Years Considered for the Study | 2021-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD) Billion |
Segments | Type, application, and region |
Regions covered | North America, Europe, Asia Pacific, and Rest of the World |
"The internal neuromodulation dominated the neuromodulation market, by type."
Based on type, global neuromodulation market is categorized into internal and external neuromodulation on type. In 2022, internal neuromodulation contributed largest of neuromodulation market. Market growth is largely driven by the long term associated with cost saving, minimally invasive nature, reduced physical impact and improved quality of life.
"Deep Brain Stimulation segment to grow at a considerable rate among internal neuromodulation type during the forecast period."
The neuromodulation market is segmented into into deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electrical stimulation on type. The increasing incidences of targeted diseases such as Parkinson's disease & depression and companies are focusing product launches, approvals in this segment. These driving factors are the boost market growth.
"Asia Pacific: The fastest-growing region in the neuromodulation market."
The global neuromodulation market is segmented into five regions - North America, Europe, the Asia Pacific, Rest of the World. The Asia Pacific region is expected to grow at the highest rate during the forecast period in the neuromodulation market. The high growth in the region is due to the primarily be attributed to the increasing geriatric population, and high disease burden of neurological disorders among senior population.
The key players in this market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), LivaNova (UK), NeuroPace (US), Neuronetics (US), Helius Medical Technologies (US), Renishaw (UK), Bioinduction (UK), Axonics (US), Nevro Corporation (US), BlueWind Medical (Israel), Aleva Neurotherapeutics (Switzerland), GiMer Medical (Taiwan), NeuroSigma (US), BioWaveGo USA (US), Synapse Biomedical (US), Theranica Bio-Electronics (Israel), MicroTransponder (US), Soterix Medical (US), Saluda Medical (US), Electrocore, Inc. (US), Magstim (UK), BIOTRONIK (Germany), tVNS Technologies (Germany).
This research report categorizes the neuromodulation market by type (internal, external), internal (spinal cord stimulation (SCS), deep brain stimulation (DBS), vagus nerve stimulation (VNS), sacral nerve stimulation (SNS), and gastric electrical stimulation (GES)), application ((spinal cord stimulations (failed back syndrome, chronic pain, ischemia), deep brain stimulation (Parkinson's disease, tremors, depression, other DBS application), sacral nerve stimulation (urine incontinence, fecal incontinence), vagus nerve stimulation (epilepsy, other epilepsy application), gastric electrical stimulation (gastroparesis, obesity), transcutaneous electrical nerve stimulation (Treatment-resistant Depression and other TENS application), transcranial magnetic stimulation (Migranie, Depression) and region (North America, Europe, Asia Pacific, Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, opportunities, and challenges, influencing the growth of the neuromodulation market. A detailed analysis of the key industry players has been done to provide insights into their business overview, products offered, key strategies, acquisitions, and partnerships. New product launches and approvals, and recent developments associated with the neuromodulation market. This report covers the competitive analysis of upcoming startups in the neuromodulation market ecosystem.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall neuromodulation market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.