Neuromodulation Market by Technology (Internal Neuromodulation, External Neuromodulation), by Application (Chronic Pain, Urinary and Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson’s Disease, Epilepsy, Tremor, Depression, Other Applications), by Biomaterial (Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Neuromodulation Market size is projected to reach a CAGR of 11.2% from 2023-2030.
Neurological disorders are defined as disorders that affect the brain as well as the nerves found throughout the human body and the spinal cord. Acute spinal cord injury, Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), ataxia, bell's palsy, brain tumors, cerebral aneurysm, epilepsy, and seizures are some of the common neurological disorders. The biochemical, structural, or electrical abnormalities in the brain, spinal cord, or other nerves result in a wide range of symptoms, such as memory loss, impaired mental ability, lack of coordination, and persistent or sudden onset of a headache. Neuromodulation technology utilizes devices that bring about a change in the nervous system either by stimulation or by modulating brain activity. These are used when the traditional treatments have failed to evoke the desired response.
The growth of the global neuromodulation market size is majorly driven by the increase in the prevalence of different types of neurological disorders, such as Alzheimer’s disease, dementia stroke, and brain tumors. Moreover, the advantages of neuromodulation device therapies over traditional drug treatment are expected to fuel their adoption in the analysis period. The rise in the prevalence of epilepsy boosts the neuromodulation market growth. Furthermore, leading players have increased their R&D activities on neurostimulation devices, and surged the growth of the neuromodulation industry.
On the other hand, the high cost of devices and lack of awareness about neuromodulation devices impede the growth of the market.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the neuromodulation market as most hospitals are not operating due to the ongoing lockdowns in many countries. The spread of COVID-19 led to a major public health issue. However, a huge number of clinics and hospitals across the globe were restructured to increase the hospital’s capacity to provide better healthcare facilities. Livanova, a medical technology company, it was reported that the neuromodulation sale decreases due to a decline in both new patients and service implant procedures, across the globe.
Due to technological improvements and the rising frequency of neurological illnesses, the neuromodulation market is a booming sector. There is still space for smaller businesses to innovate and create new technologies in this area, despite the fact that the market is rather consolidated and only a few big competitors dominate the sector. The largest component is anticipated to be internal neuromodulation. The major applications are anticipated to be in the chronic pain and depression divisions, while North America is anticipated to have the largest regional market. Overall, it is anticipated that the neuromodulation market will expand over the next years due to rising public awareness and acceptance of these therapies as well as technological improvements that enhance their efficacy and safety.
North America to Dominate the Market