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3. Medtronic, Plc (Ireland) and Boston Scientific Corporation (US) are Leading players in the Neuromodulation Market

The global neuromodulation market 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 incidence of neurological disorders and nerve injuries, the growing geriatric population and subsequent increase in the prevalence of neurological disorders, government support for research on neurological disorders, collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices.

The top players in neuromodulation market are Medtronic, Plc (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US). These players hold leading positions in the market owing to their broad product offerings in the neuromodulation market. These mentioned players have undertaken various organic and inorganic strategies such as product launches, product approval, acquisitions, collaboration and agreements.

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Medtronic (Ireland) accounted for the largest share nearly 30%-35% in 2022. The company’s vast product portfolio including neuromodulation devices is the primary factor for its significant market share. The company adopted various inorganic and organic growth strategies to expand its share in the market. For instance, in August 2023, The company received CE (Conformité Européenne) Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator. This has positively impacted the company’s penetration in the market.

Boston Scientific Corporation (US) held the second position in the neuromodulation market in 2022. The company has a strong product portfolio in this market. Moreover, the company has strong geographical presence. The company is focusing on organic and inorganic strategies to strengthen its position in this market. For instance, in 2023, The company received the US FDA approval for the Vercise Neural Navigator 5 software, used as part of the Vercise Genus Deep Brain Stimulation systems. Moreover, in 2022, the company received FDA approval for its image-guided software, Vercise Neural Navigator with Stimview XT which is used for deep brain stimulation therapy in patients with Parkinson’s disease.

Abbott Laboratories (US) held the third largest share of 10-15% of neuromodulation market in 2022. The company focuses on research and development, production, marketing and distribution. The company’s leading has wide product portfolio of neuromodulation devices. The firm focuses on organic and inorganic growth strategies to strengthen their position in the market.

Related Reports:

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

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