Neuromodulation market was valued at USD 2,480.2 million in 2020 and is projected to reach USD 4,342.5 million by 2030, registering a CAGR of 6.2% from 2021 to 2030| Valuates Reports.
Epilepsy, Alzheimer disease, cerebrovascular diseases, and Parkinson's disease are the most common neurological disorder, which affect the central and peripheral nervous system. These neurological disorders are caused by genetic disorders, congenital abnormalities or disorders, infections, lifestyle or environmental health problems, including malnutrition, and brain injury, spinal cord injury or nerve injury. Bacterial, viral, and fungal infections also responsible for neurological disorders.
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The increase in prevalence of neurological diseases globally drives the growth of the neuromodulation market. For instance, according to the Epilepsy Action organization, which is the British charity providing information for population with epilepsy, in February 2022, around 600,000 population are diagnosed with epilepsy, in UK, which is around one in every 100 population. In addition, increase in geriatric population propels the growth of neuromodulation market. The increase in R&D activities in the pharmaceutical sector and rise in number of clinical trials in the neuromodulation devices by manufacturers and researchers also contribute in the growth of market. Furthermore, surge in awareness for use of neuromodulation devices further boosts the market growth. The rise in number of hospitals and well-developed healthcare infrastructure further contributes in market growth.
In addition, increase in advancement in technology for neuromodulation devices and rise in product launch in the field of neuromodulation devices contribute in the growth of the neuromodulation market. However, the high cost of neuromodulation devices are expected to limit the growth of market.
Global Neuromodulation Market Segmentation
The neuromodulation market is segmented on the basis of technology, application, biomaterial, and region. By technology, the market is mainly categorized into internal neuromodulation and external neuromodulation. By application, it is categorized in chronic pain, urinary and fecal incontinence, migraine, failed back syndrome, Parkinson disease, epilepsy, tremor, depression, and other applications. On the basis of biomaterial, it is divided into, metallic biomaterials, polymeric biomaterials, and ceramic biomaterials. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Abbott, Aleva, Neurotherapeutics SA., Boston Scientific Corporation, LivaNova, Medtronic, MicroTransponder, Neuronetics, NeuroPace Inc., NeuroSigma, and Nevro Corporation.
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KEY BENEFITS FOR STAKEHOLDERS
• The report provides an in-depth analysis of the global neuromodulation market size along with the current trends and future estimations to elucidate the imminent investment pockets.
• It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
• A comprehensive analysis of the region assists to understand the regional market and facilitate strategic business planning and determine prevailing opportunities.
• The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global neuromodulation market growth.
Neuromodulation Market Segmentation
• Internal Neuromodulation
• External Neuromodulation
• Chronic Pain
• Urinary And Fecal Incontinence
• Failed Back Syndrome
• Parkinson Disease
• Other Applications
• Metallic Biomaterials
• Polymeric Biomaterials
• Ceramic Biomaterials
• North America
Key Market Players
• LivaNova PLC
• Nevro Corporation
• Bioventus Inc.
• NeuroPace Inc
• Boston Scientific Corporation
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