Neuromodulation devices are implantable medical devices that utilize electric stimulation or medications to treat various chronic illnesses. Based on the diseases they help treat and the kinds of nerves they are associated with, neuromodulation devices are categorized into five main groups:

· Spinal cord stimulation devices

· Vagus nerve stimulation devices

· Deep brain stimulation devices

· Sacral nerve stimulation devices

· Gastric electric stimulation devices

In 2021, the market for neuromodulation devices was worth USD 6.09 billion, and by 2030, it will be worth USD 14.17 billion, at a 10.28% CAGR during the forecast period. 

The growing geriatric population, the high incidence of genetic neurological disorders, increased awareness of and investments in research and development for neurological diseases, and the high prevalence of neurological disorders are the primary drivers of the global market for neuromodulation devices.

Market Dynamics

Drivers

· The primary factor driving the market's expansion is the steadily rising incidence of neurological illnesses on a global scale. According to the WHO, 13.75% of the global population, or around 1.1 billion individuals, are today afflicted with neurological disorders like Parkinson's, Alzheimer's, sclerosis, stroke, migraine, etc.

· In addition to a rise in neurological illnesses, the market is growing faster due to an increase in respiratory issues. According to NCBI, there are now 545.44 million people living with chronic respiratory diseases or NCDs globally, or nearly 7.41% of the total population. Additionally, the increase in government spending on technological advancements in neuromodulation devices is significantly boosting market growth.

Restraints

Epilepsy, depression, and other neurological disorders are becoming more prevalent in developing nations like China, Brazil, and India. 54 million people in China are depressed, according to the WHO. However, fewer people have access to neuromodulation devices due to lower diagnosis and treatment rates, which restrains market expansion.

Opportunity 

In the United States, neuromodulation devices have previously been given FDA approval for the treatment of significant neurological conditions such as epilepsy, depression, movement disorders, and others. By the end of 2035, considerable improvements in the field of neuroanatomical networks, together with significant advancements in miniaturization, material science, & energy storage, would cater to a wide range of market growth potential. According to a recent WHO report, middle- and low-income countries are home to about 50 million of the world's epilepsy sufferers. Furthermore, it has been discovered that if epilepsy sufferers are properly diagnosed and treated, nearly 70% of them can live seizure-free lives.

Market Segmentation

By Product Type

On the basis of product type, the neuromodulation devices market is segmented into spinal cord stimulators, transcranial magnetic stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others.

The spinal cord stimulator was the leading market segment in 2021, with a share of 40.0%. The largest share of this segment is due to the expanding use of spinal cord stimulators to treat nerve pain & chronic pain.

By Technology

On the basis of technology, the market is segmented into external and internal neuromodulation technology. 

The internal neuromodulation technology led the entire market in 2021 with 55.0% of the share due to the rising number of patients with various headache conditions, depression, and heat-related illnesses. 

By Application 

On the basis of technology, the neuromodulation devices market is segmented into depression, Parkinson's disease, urinary & fecal incontinence, migraine, tremor, epilepsy, and others. 

In 2021, Parkinson's disease segment held a significant market position with a revenue share of nearly 25.0%. It is due to the absence of effective treatments for the disease and the high product efficacy in treating epilepsy. Parkinson's disease is a long lasting neurodegenerative brain condition that impairs movement. 

Regional Analysis 

In 2021, North America held the majority of the regional market, with a revenue share of nearly 45.0%. The market growth in North America is driven by the prevalence of neurological disorders among patients, which is driving up the demand for neuromodulation devices, increased market competition, and significant investment in R&D to produce new therapeutic options. The continual increase in patients with neurological illnesses from different states in the U.S. and Canada has fueled the market for neuromodulation devices.

Asia Pacific will expand rapidly at a rate of 10.6% due to the rising prevalence of neurological disorders, the region's booming healthcare infrastructure, growing government support, and an increasing number of start-ups.

Key Players 

· Nevro Corporation

· Boston Scientific Corporation

· Medtronic

· LivaNova

· Abbott Laboratories

· Synapse Biomedical

· NeuroPace, Inc.

· NeuroSigma, Inc.

· Neuronetics, Inc.

· Bioness

· BioControl Medical

· Soterix Medical

· BlueWind

· Bioinduction

· Integer Holdings Corporation

· GTX Medical

· GiMer Medical

· MicroTransponder

· Helius Medical Technologies

· Neuronano

In 2021, the market for neuromodulation devices was worth USD 6.09 billion, and by 2030, it will be worth USD 14.17 billion, at a 10.28% CAGR during the forecast period. The demand for neuromodulation devices is stimulated by the rising incidence of neurological disorders combined with an aging population, the expansion of the devices to other chronic indications and target applications, the advancement of technology in the product line, and rising government initiatives to increase patient awareness of neurological disorders.

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