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
The global Neuromodulation market in terms of revenue was estimated to be worth $6.2 Billion in 2023 and is poised to reach $11.0 Billion by 2028, growing at a CAGR of 12.0% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Market growth is driven by the prevalence of neurological disorders and nerve injuries, increasing focus on the development of advanced neuromodulation and neurostimulation technologies, government support for research on neurological disorders, growing geriatric population and subsequent increase in the prevalence of neurological disorders, availability of reimbursement of neuromodulation devices, collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices.
Attractive Opportunities in the Neuromodulation Market
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Neuromodulation Market Dynamics
Driver: Increasing focus on the development of advanced neuromodulation and neurostimulation technologies
In recent years, many of the companies and researchers have focused on developing advanced neuromodulation and neurostimulation devices for nerve repair & regeneration.
- In July 2023, Boston Scientific received the US FDA approval for the Vercise Neural Navigator 5 Software.
- In April 2022, Boston Scientific Corporation (US) received FDA approval for its Vercise Neural Navigator with visualization software, STIMVIEW XT. The device allows medical professionals to view the real-time location of leads, or electrodes, in patients with Parkinson’s disease and those undergoing deep brain stimulation (DBS).
- In May 2021, researchers from the University of Oxford, the University of California San Francisco (UCSF), the Mayo Clinic, and Brown University are entered into collaboration to form a multi-partner “OpenMind” consortium to develop an open-source technology platform for next-generation neurostimulation devices. The device would perform brain stimulation and sense, record, and stream activities in the brain.
Such strategic collaborations among market players are expected to lead to the development of advanced technologies related to neuromodulation and neurostimulation devices, thus driving the growth of the overall market.
Restraint: Preference for drug therapies over neuromodulation products
Most of the patients are prefer drug therapies over neuromodulation for treating neurological disorders. This is due to limited patient awareness about the availability of alternative surgical treatments which can be used neuromodulation devices. The lack of awareness is also evident in surgeons in some countries. For instance, overactive bladder (OAB) syndrome remains untreated in many individuals across the globe Thus, the lack of awareness about the benefits of using neuromodulation devices to treat neurological diseases is expected to restrain the growth of this market during the forecast period.
Opportunity: Large population and increasing healthcare expenditure in emerging countries
Emerging countries like India, China, and Brazil are expected to offer potential growth opportunities for market players during the forecast period. The population base, especially in China and India, is expected to attract a larger number of companies in this market. This can be supported by the rising incidence of neurological diseases like Parkinson’s, Alzheimer’s, and epilepsy. According to estimates published in PubMed, by 2030, 4.94 million people in China will have Parkinson’s, accounting for nearly half of all patients globally.
Challenge: Stringent regulatory framework and time-consuming approval processes for neuromodulation and neurostimulation devices
Stringent regulations and time-consuming approval processes for neuromodulation and neurostimulation devices are considered a major challenge for companies operating in this market. The regulatory approval process differs for different medical devices in most countries based on their risk profile. For instance, medical devices are categorized into three classes in the US based on their risk profile—Class I, Class II, and Class III. Depending on the application, neuromodulation and neurostimulation devices fall under Class II or Class III medical devices and require premarket notification via the 510(k) process for their approval and launch in the US market. For instance, spinal cord stimulators fall under Class II for applications such as managing chronic and intractable pain and Class III for applications such as pain relief. Players focusing on launching their neuromodulation products in the US face major challenges as the number of premarket approvals granted over the years has reduced. The time required for FDA internal review and abbreviated 510(k) approvals has recently increased.
Neuromodulation Market Ecosystem Map
In 2022, internal accounted for the largest share in the neuromodulation industry, by type.
The neuromodulation market is segmented into internal and external neuromodulation. In 2022, Internal neuromodulation accounted for the largest share of the market. The major market can be attributed to the benefits of internal neuromodulation procedures, such as reduced post-surgical complications, shorter hospitalizations, and improved quality of life, which are expected to contribute to the significant share of the type segment.
In 2022, spinal cord stimulation accounted for the largest share in the neuromodulation industry for internal, by type.
On the basis of type, the internal neuromodulation market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electrical stimulation. The spinal cord stimulation accounted for the largest share of the market in 2022. The increasing number of people suffering from FBSS (failed back surgery syndrome), ischemia, and chronic pain will drive the market growth.
In 2022, transcutaneous electrical nerve stimulation accounted for the largest share in the external neuromodulation industry, by type.
The external neuromodulation market is segmented into transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation. In 2022, transcutaneous electrical nerve stimulation dominated the largest share of the market. They are inexpensive, easily available to end users, and can be self-administered. Due to such benefits the growth of this segment will drive the market growth.
In 2022, North America accounted for the largest share of the neuromodulation industry.
The global neuromodulation market is segmented into four major regions: North America, Europe, the Asia Pacific, Rest of the World. North America dominated the market in 2022. Factors such as increasing incidences of neurological disorders, the highly developed healthcare system, and the large number of manufacturing companies are contributing to the large share of this regional segment.
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The major players in neuromodulation market are Medtronic plc (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US). These players’ market leadership is due to their broad product portfolios and vast global footprint. These dominant market players have advantages, including strong research and development budgets, better marketing and distribution networks, and established brand recognition.
Scope of the Neuromodulation Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$6.2 Billion |
|
Projected Revenue by 2028 |
$11.0 Billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 12.0% |
|
Market Driver |
Increasing focus on the development of advanced neuromodulation and neurostimulation technologies |
|
Market Opportunity |
Large population and increasing healthcare expenditure in emerging countries |
This report categorizes the neuromodulation market to forecast revenue and analyze trends in each of the following submarkets
By Type
-
Internal Neuromodulation
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Gastric Electrical Stimulation
-
External Neuromodulation
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Transcranial Magnetic Stimulation (TMS)
- Respiratory Electrical Stimulation (RES)
By Application
-
Spinal Cord Stimulation Market, By Application
- Failed Back Syndrome
- Chronic Pain
- Ischemia
-
Deep Brain Stimulation Market, By Application
- Parkinson’s Disease
- Tremor
- Depression
- Other DBS Applications
-
Sacral Nerve Stimulation Market, By Application
- Urine Incontinence
- Fecal Incontinence
-
Vagus Nerve Stimulation Market, By Application
- Epilepsy
- Other VNS Applications
-
Gastric Electrical Stimulation Market, By Application
- Gastroparesis
- Obesity
-
Transcutaneous Electrical Nerve Stimulation Market, By Application
- Treatment-resistant Depression
- Other TENS Applications
-
Transcranial Magnetic Stimulation Market, By Application
- Depression
- Migraine Headache
-
Respiratory Electrical Stimulation Market, By Application
- Spinal Cord Injury
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
-
Rest of the World
- Latin America
- Middle East and Africa (Excluding GCC countries)
- GCC Countries
Recent Developments of Neuromodulation 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.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global Neuromodulation Market?
The global Neuromodulation market boasts a total revenue value of $11.0 Billion by 2028.
What is the estimated growth rate (CAGR) of the global Neuromodulation Market?
The global Neuromodulation market has an estimated compound annual growth rate (CAGR) of 12.0% and a revenue size in the region of $6.2 Billion in 2023. .
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The objective of the study is to analyze the key market dynamics, such as drivers, opportunities, challenges, restraints, and key player strategies. To track companies’ developments such as product launches and approvals, expansions, and partnerships of the leading players, the competitive landscape of the neuromodulation market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were used to estimate the market size. To estimate the market size of segments and subsegments, the market breakdown and data triangulation were used.
The four steps involved in estimating the market size are
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), annual reports, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the neuromodulation market. A database of the key industry leaders was also prepared using secondary research.
Collecting Primary Data
The primary research data was collected after acquiring knowledge about the neuromodulation market scenario through secondary research. A significant number of primary interviews were conducted with stakeholders from both the demand side (such as doctors, nurses, and hospital purchase managers) and supply side (including various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing and product development teams, product manufacturers, wholesalers, channel partners, and distributors) across major countries of North America, Europe, Asia Pacific, Rest of the World. Approximately 40% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 60%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
A breakdown of the primary respondents is provided below:
Breakdown of Primary Participants:
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tiers are defined based on a company’s total revenue. As of 2022: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 <USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
DESIGNATION |
|
Medtronic (Ireland) |
Manager |
|
Abbott Laboratories (US) |
VP Sales |
|
NeuroSigma (US) |
Regional Sales Head |
|
Boston Scientific (US) |
Sales Director |
Market Size Estimation
All major product manufacturers offering various neuromodulation were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value neuromodulation market was also split into various segments and subsegments at the region and country level based on:
- Product mapping of various manufacturers for each type of neuromodulation product at the regional and country level
- Relative adoption pattern of each product type among key application segments at the regional and/or country-level
- Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country level.
- Detailed secondary research to gauge the prevailing market trends at the regional and/or country-level
Global Neuromodulation Market Size: Bottom Up Approach
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Global Neuromodulation Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the neuromodulation industry.
Market Definition
Neuromodulation is the alteration of nerve activity through electrical stimulation or drug infusion. It is carried out to modulate or normalize nervous tissue function. Neuromodulation devices include small electrodes placed in the brain, spinal cord, or peripheral nerves and connected via leads to an implantable pulse generator placed under the skin to generate electrical stimulation in a precise pattern.
Key Stakeholders
- Manufacturers and distributors of neuromodulation products
- Pharmaceutical and Biotechnology Companies
- R & D centers
- Diagnostic laboratories
- Hospitals and clinics
- Academic institutes
- Research institutes
- Market research and consulting firms
Report Objectives
- To define, describe, segment, and forecast the global neuromodulation market by type, sample, application, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, challenges, and trends)
- To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall neuromodulation market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product excellence
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Geographic Analysis
- Further breakdown of the neuromodulation market into specific countries/regions in the Rest of Europe, the Rest of Asia Pacific, and the Rest of the World.
Company Information
- Detailed analysis and profiling of additional market players (up to 3)
Generating Response ...
Growth opportunities and latent adjacency in Neuromodulation Market