Neuromodulation Device are implanted devices that use electric stimulation or medication to treat certain chronic diseases.
The global neuromodulation device market was worth $6.09 bn in 2021 and is expected to be worth $14.17 bn by 2030, with a 10.28% CAGR from During Forecasted period 2020 to 2030. North America had the biggest industry in the world, with a market share of more than 60% in 2021.
Neuromodulation can be used as an alternative to long-term drug therapy for the symptomatic relief of chronic or persistent conditions when the drugs are ineffective or cause problems for the patient. Neuromodulation device use electrical signals, pharmaceutical agents, and other forms of energy to stimulate the nerves, effectively modulating the abnormal neural pathway behaviour caused by the disease process.
Global Market drivers
- Increasing neurological, respiratory, and other conditions will drive the global neuromodulation devices market. For instance, in 2020, the Alzheimer’s Association estimated that 5.8 million Americans age 65 and older are living with Alzheimer’s dementia. According to the world health organization and Epilepsy Foundation of America, approximately 50 million people have epilepsy worldwide.
- Additionally, the rising geriatric population is also predicted to drive market growth. As stated by the U.S. Census Bureau, by 2034, the U.S. senior population is estimated to reach 77 million.
- One significant aspect that changes the market trends for neuromodulation is the ongoing emphasis of key industry leaders on R&D to establish clinical efficacy and expand the clinical applications of these devices.
Market restraints
- Neurological conditions such as depression, epilepsy, and others are rising in developing countries like China and India. As stated by WHO, about 54 million people in China suffer from depression. Moreover, lower diagnosis and treatment rates ultimately result in less access to neuromodulation devices, hampering the market’s growth.
- The risks and side effects related with the use of neuromodulation devices are expected to suppress the global neuromodulation devices market’s growth. Side effects of neuromodulation implanting surgery include allergies and hoarseness. The electrical impulses generated by neuromodulation devices pose some risks as well.
Market segmentation
The neuromodulation devices market is segmented on the basis of product, application, and region.
- By product, the market is segmented into sacral nerve stimulators, deep brain stimulators, gastric electric stimulators, spinal cord stimulators, and others.The spinal cord stimulator segment dominated the market in 2021, accounting for more than 51.5% of the total market share. This segment’s neuromodulation devices market share has increased due to the broad range of product applications, rising spinal cord disorders, and increased market penetration of commercially available products. 250,000 people have spinal cord injuries, according to the National Spinal Cord Injury Association.
- The sacral nerve stimulator market, on the other hand, is expected to grow at the fastest rate, with a CAGR of 13.7%. The growing awareness of sacral neuromodulation and the increasing number of urological issues are the primary drivers of the segment’s growth. A study by the IDPH (Illinois Department of Public Health) study, 13 million adults have urinary incontinence, while the NIH estimates that one in every ten men over the age of 70 has urinary retention.
- Parkinson’s disease dominated the market in 2021, with a revenue share of more than 25.0% due to its high effectiveness in treating epilepsy and the disease’s lack of treatment options. In 2020Parkinson’s disease affected approximately 6.2 million people, according to the Global Burden Diseases (GBD) study.
- Based on region, the neuromodulation devices market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America held the market with the largest revenue share of 60% in 2021 due to the rising incidence of neurological disorders and the availability of neuromodulation devices market.
Key competitors in the neuromodulation devices market
Axonics Modulation Technologies, Inc., Medtronics, Jude Medical, Boston Scientific Corporation, Cyberonics, Nevro, integer Holdings Corporation, and others are some of the major players operating in the global neuromodulation devices market.
The high adoption of innovative neuromodulation devices among medical professionals, as well as the widespread availability of advanced neuromodulation devices, is driving market growth.
