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Internal Neuromodulation Devices Market Report By Size, Share And Forecast To 2024-2033
Internal Neuromodulation Devices Market
According to The Business Research Company's, The internal neuromodulation devices market size has grown strongly in recent years. It will grow from $2.47 billion in 2023 to $2.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to chronic pain management, aging population, clinical research and trials, neurological disorders prevalence, patient awareness and acceptance.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Internal Neuromodulation Devices Market 2024 Key Insights:
• The internal neuromodulation devices market will grow to $3.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Incidence Of Neurologic Diseases Fuels Growth In The Internal Neuromodulation Devices Market
• Revolutionizing Neurological Therapies
• North America was the largest region in the internal neuromodulation devices market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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