Neuromodulation Market worth $10.4 billion by 2027
The report "Neuromodulation Market by Type (Internal (Deep Brain Stimulation, Vagus Nerve Stimulation), External (Transcranial Magnetic Stimulation)), Application (Parkinsons Disease, Depression, Urine incontinence, Epilepsy, Obesity) - Global Forecast to 2027" is projected to reach USD 10.4 billion by 2027, at a CAGR of 11.8%.
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The internal neuromodulation accounted for the largest share of the neuromodulation market, by type segment.
The global neuromodulation market is segmented into internal neuromodulation and external neuromodulation based on type. Internal neuromodulation accounted for the largest share of the global neuromodulation market. This is mainly due to factors such growing incidence of spinal cord injuries and rising number of people suffering from severe GERD and gastroparesis.
Spinal cord stimulation segment to register the highest growth rate among internal modulation during the forecast period
The global internal neuromodulation market is segmented into spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and gastric electrical stimulation based on type. The spinal cord stimulation segment accounted for the largest share of the neuromodulation market, owing to the high incidence of chronic pain, and growing incidence of FBSS due to rising number of surgeries each year.
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 the Rest of the World. North America dominated the global neuromodulation market. The large share of the North American market is primarily driven by the rising prevalence of chronic diseases, increasing geriatric population, and the rising number of cases of Lyme and Alzheimer’s disease
The major players operating in this market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), and LivaNova (UK).
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