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Neuromodulation Global Market Demand Analysis, Manufacturers Share, Regions, Risk Analysis, Driving Forces and Application, Forecast To 2033 | LivaNova PLC, Neurosigma Inc., Neuronetics Inc., Bioness Inc., Nevro Corp
Neuromodulation Market
As per the report, the neuromodulation market size has grown rapidly in recent years. It will grow from $6.43 billion in 2023 to $7.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The neuromodulation market size is expected to see rapid growth in the next few years. It will grow to $10.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
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Rising Prevalence Of Neurological Disorders Fuels Growth In The Neuromodulation Market
The growing prevalence of neurological disorders is expected to propel the growth of the neuromodulation market going forward. Neurological disorders are technically defined as problems that affect the brain as well as the nerves located throughout the human body and the spinal cord. Neuromodulation offers the ability to cure and modulate a wide range of neurological disorders and diseases, such as Parkinson's and Alzheimer's diseases. For example, in April 2022, according to the European Brain Council, a Belgium-based coordinating international health organization, there were over 600 neurological diseases and nearly 300 psychiatric conditions noted. Worldwide, there were 50 million people living with Alzheimer's and other dementias. Epilepsy is common disorder that affected 65 million people around the world. In Europe, 10.5 million people had dementia, which is expected to increase to 18.7 million in 2050. Thus, the growing prevalence of neurological disorders is driving the growth of the neuromodulation market.
Technological Advancements Drive Innovation In The Neuromodulation Market
Technological advancements are a key trend gaining popularity in the neuromodulation market. Major companies operating in the neuromodulation market are focused on developing new technological solutions to strengthen their position in the market. For example, in December 2022, Abbott, a US-based medical devices and healthcare company, launched Eterna spinal cord stimulation (SCS) system, the smallest implantable, rechargeable spinal cord stimulator. Eterna SCS employs Abbott's patented low-dose BurstDR stimulation, the only SCS waveform innovation with the highest level of clinical proof (1A evidence), which has been shown to relieve pain by 23% more than typical waveform technology approaches. Further, in March 2021, Abbott, a US-based medical devices and healthcare company, announced the launch of NeuroSphere Virtual Clinic in the United States, a first-of-its-kind technology that allows patients to speak with clinicians, confirm optimal settings and efficiency, and obtain new treatment options as needed remotely. The NeuroSphere Virtual Clinic, which has been approved by the US Food and Drug Administration, has an opportunity to increase the availability of optimal treatment for patients suffering from chronic pain or Parkinson's disease who do not live close to a healthcare professional, have difficulty accessing care, or are unable to go to the doctor due to circumstances such as COVID-19.
The neuromodulation market covered in this report is segmented -
1) By Technology: Internal Neuromodulation, External Neuromodulation (Non-invasive)
2) By Biomaterial: Polymeric Biomaterial, Metallic Biomaterial, Ceramic Biomaterial
3) By Application: Chronic Pain, Urinary And Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson Disease, Epilepsy, Tremor, Depression, Other Applications
4) By End-User: Hospitals, Clinics, Home Healthcare
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Major companies operating in the neuromodulation market report are Abbott Laboratories, Soterix Medical Inc., Boston Scientific Corporation, Medtronic plc, Synapse Biomedical Inc., Nevro Corp, Neuropace Inc., LivaNova PLC, Neurosigma Inc., Neuronetics Inc., Bioness Inc., Aleva Neurotherapeutics S.A., Integer Holdings Corporation, ReShape Lifesciences Inc., Inspire Medical Systems Inc., Bioventus LLC, Saluda Medical Pty Ltd, Otolith Labs Inc., Machine Medicine Inc., Inbrain Neuroelectronics SAS, Pixium Vision SA, Neuromod Devices Limited, Cognito Therapeutics Inc., PathMaker Neurosystems Inc., Dignify Therapeutics Inc., Neuronoff ApS, Neuros Medical Inc., Fisher & Paykel Healthcare Corporation Limited, Koninklijke Philips N.V., Magic Leap Inc., Omron Corporation
Contents of the report:
1. Executive Summary
2. Neuromodulation Market Report Structure
3. Neuromodulation Market Trends And Strategies
4. Neuromodulation Market - Macro Economic Scenario
5. Neuromodulation Market Size And Growth
…..
27. Neuromodulation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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