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Internal Neuromodulation Devices Global Market is Booming Across the Globe and Witness Huge Growth By Key Players To 2033 | The Business Research Company
Internal Neuromodulation Devices Global Market
The internal neuromodulation devices market size is expected to see strong growth in the next few years. It will grow to $3.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to personalized medicine trends, rising healthcare expenditure, collaborations and partnerships, patient outcomes and real-world evidence, regulatory landscape changes. Major trends in the forecast period include miniaturization and implantable technology, wireless connectivity and remote monitoring, expanded applications for neuromodulation, closed-loop systems for precise modulation, focus on patient-centric design.
Market Overview -
Internal neuromodulation devices refer to a type of medical devices that are implanted inside the body to provide electrical stimulation to specific areas of the nervous system. These devices are used to treat various neurological and psychiatric conditions and can significantly relieve patients.
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Rising Incidence Of Neurologic Diseases Fuels Growth In The Internal Neuromodulation Devices Market
The increasing incidence of neurologic diseases is expected to boost the growth of the internal neuromodulation devices market going forward. Neurologic diseases are a broad category of disorders that affect the nervous system, including the brain, spinal cord, and nerves throughout the body. Internal neuromodulation devices are medical devices used to treat neurological and psychiatric disorders by delivering electrical stimulation to specific areas of the nervous system, which can relieve symptoms such as chronic pain, movement disorders, and mood disorders. They can improve patient quality of life by reducing symptoms and allowing them to perform daily activities more easily. For instance, in 2021, according to the Centers for Disease Control and Prevention, a US-based government agency, Alzheimer's disease affected an estimated 6.2 million Americans aged 65 and older. This number is expected to nearly triple to 14 million by 2060. Moreover, the number of people living with the disease doubles every five years after the age of 65. Therefore, the increasing incidence of neurologic diseases is driving the growth of the internal neuromodulation devices market.
Competitive Landscape -
Major companies operating in the internal neuromodulation devices market report are Medtronic plc, Boston Scientific Corporation, Cyberonics Inc., BioControl Medical Ltd., Aleva Neurotherapeutics SA, Bioness Inc., Uroplasty Inc., Abbott Laboratories, St. Jude Medical Inc., EnteroMedics Inc., Micron Medical Corporation, LivaNova plc, NeuroPace Inc., Synapse Biomedical Inc., Soterix Medical Inc., Accellent Inc., Neuros Medical Inc., Nevro Corp., Nuvectra Corporation, Stimwave Technologies Incorporated, SPR Therapeutics, Axonics Modulation Technologies Inc., Saluda Medical Pty Limited, MicroTransponder Inc., EndoStim Inc., NeuroMetrix Inc., Second Sight Medical Products Inc., Neurotech International Limited, Neuronix Ltd., Neuronoff Inc.
Revolutionizing Neurological Therapies
Product innovations are a key trend gaining popularity in the internal neuromodulation devices market. Major companies operating in the internal neuromodulation devices segment are focused on innovating new technologies to sustain their position in the market. For instance, in March 2023, Neuromod Device Ltd., an Ireland-based medical equipment manufacturer, announced that its Lenire system had been granted De Novo clearance by the US Food and Drug Administration (FDA). The Lenire system uses a combination of sound stimulation and tongue stimulation to treat tinnitus, a neurological disorder characterized by ringing in the ears. The Lenire system uses a dual-pronged approach to neurostimulation. Bluetooth headphones play unique sounds that are intended to stimulate the auditory nerve, while Neuromod's Tonguetip device is inserted into the mouth and transmits moderate electrical stimulation to the tongue's surface. Now that the otolaryngologist has access to innovative Lenire technology, he or she can recommend it to patients whose tinnitus is having at least a moderately negative impact on their lives.
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Key Segments -
The internal neuromodulation devices market covered in this report is segmented -
1) By Type: Spinal Cord Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Gastric Neuro Stimulator
2) By Technology Type: Internal Neuromodulation, External Neuromodulation
3) By Biomaterial: Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials
4) By Application: Failed Back Surgery Syndrome, Parkinson's Disease, Urinary Incontinence, Epilepsy, Gastroparesis
5) By End-User: Hospitals, Clinics, Home Healthcare, Community Healthcare
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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