Neuromodulation Market by Type (Internal (Spinal Cord Stimulation, Deep Brain Stimulation), External (Transcranial Magnetic Stimulation), Application (Tremor, Epilepsy, Parkinson’s Disease, Depression, Gastroparesis), and Region – Global Forecast to 2028″, is projected to reach USD 11.0 billion by 2028 from USD 6.2 billion in 2023, at a CAGR of 12.0% during the forecast period. The neuromodulation market is driven by the increasing incidences of neurological diseases such as Alzheimer’s disease, Parkinson’s disease, the growing geriatric population and subsequent increase in the prevalence of neurological disease, government support for research on neurological disorders, and the availability of reimbursement of neuromodulation devices. Growth in emerging countries and the widening application scope of neuromodulation are anticipated to offer lucrative growth opportunities for the neuromodulation market.

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Neuromodulation Market Dynamics:

Drivers:

1. Rising prevalence of neurological disorders and nerve injuries
2. Increasing focus on development of advanced neuromodulation and neurostimulation technologies
3. Increasing collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices
4. Growing geriatric population and subsequent increase in prevalence of neurological disorders
5. Availability of reimbursements for neuromodulation devices
6. Government-led support for research on neurological disorders

Restraint:

1. High cost of neuromodulation procedures
2. Preference for drug therapies over neuromodulation products
3. Adverse effects and complications associated with neuromodulation devices

Opportunities:

1. Large population and increasing healthcare expenditure in emerging economies
2. Widening application scope of neuromodulation

Challenge:

1. Stringent regulatory framework and time-consuming approval processes for neuromodulation and neurostimulation devices
2. Shortage of trained professionals
3. Product recalls

Trends:

1. Role of artificial intelligence (AI) in advancing neuromodulation

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Internal neuromodulation accounted for the largest share of the neuromodulation market, by type segment, in 2022.

The global neuromodulation market is segmented into internal neuromodulation and external neuromodulation based on type. In 2022, internal neuromodulation dominated the global neuromodulation market. The benefits of of internal neuromodulation procedures, such as reduced post-surgical complications, shorter hospitalization are the factors supporting growth in this market.

The spinal cord stimulation segment accounted for the largest share of the neuromodulation market, by internal neuromodulation type, in 2022.

On the basis of type, neuromodulation market is segmented into sacral nerve stimulation, spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, and gastric electrical stimulation. The spinal cord stimulation accounts for largest in the neuromodulation market. The increasing spinal cord injuries and favorable reimbursement scenario can be a key driving factors of this market. This will result in, increasing demand for spinal cord stimulation devices during the treatment. 

North America is the largest regional market for neuromodulation market.

The global neuromodulation market has been segmented into four major regions—North America, Europe, the Asia Pacific, and Rest of the World. In 2022, North America dominated the global neuromodulation market. The large share of the North American market is primarily driven by the increasing adoption of neuromodulation devices among the medical professionals, increasing incidences of neurological disorders, increasing geriatric population and aging associated neurological diseases such as Parkinson’s disease, Alzheimer’s disease and epilepsy.

Key Market Players of Neuromodulation Industry:

The major players operating in neuromodulation market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), and LivaNova (UK).

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Recent Developments of Neuromodulation Market industry

• In 2023, Medtronic (Ireland) received CE (Conformité Européenne) Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS). In 2023, Boston Scientific Corporation (US) received the US FDA approval for the Vercise Neural Navigator 5 Software/ It is a part of the Vercise Genus Deep Brain Stimulation (DBS) Systems.
• In 2023, Boston Scientific Corporation (US) entered into an agreement to acquire Relievant Medsystems, Inc. (US) to expand its neuromodulation portfolio to provide more treatment options for people living with chronic low back pain. In 2022, Medtronic (Ireland) received FDA approval for InterStim X System, which is a next-generation personalized sacral nerve stimulation therapy used for bladder and bowel control.