Press release
Neuromodulation Market Set to Reach $11.79 Billion by 2029 with 11% Yearly Growth
Neuromodulation Market Trends
The escalating occurrence of neurological disorders is poised to bolster the expansion of the neuromodulation market. Essentially, neurological disorders are issues that impact the brain, the nerves distributed across the body, and the spinal cord. Neuromodulation provides the potential to treat and balance a broad array of neurological diseases, such as Parkinson's and Alzheimer's. For example, the Belgium-based European Brain Council stated in April 2022 that there are over 600 neurological diseases and almost 300 psychiatric conditions identified. Globally, 50 million individuals are living with Alzheimer's and other forms of dementia. Epilepsy, a prevalent disorder, has affected 65 million people worldwide. In Europe, dementia afflicted 10.5 million individuals, and this figure is projected to rise to 18.7 million by 2050. Thus, the increasing occurrence of neurological disorders is propelling the evolution of the neuromodulation market.
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What growth opportunities are expected to drive the neuromodulation market's CAGR through 2034?
Recently there has been a rapid expansion in the size of the neuromodulation market. Its value is expected to increase from $6.96 billion in 2024 to $7.68 billion in 2025, employing a compound annual growth rate (CAGR) of 10.3%. The factors that contributed to the historic growth include an increased incidence of chronic diseases, scientific research and clinical evidence, patient preference for non-invasive treatments, government support and funding, broadening of indications, as well as strategic collaborations and partnerships.
The neuromodulation market is projected to experience significant expansion in the upcoming years, with a predicted value of "$11.79 billion in 2029, growing at a compound annual growth rate (CAGR) of 11.3%. Factors contributing to this predicted growth in the forecast period include the miniaturization of devices, a concentrated focus on neurological disorders in the aging population, extended applications in psychiatry, patient-oriented strategies, and the worldwide broadening of healthcare access. Key trends during the forecast period are expected to be the incorporation of artificial intelligence (AI), technology advancements, non-invasive neuromodulation methods, closed-loop neuromodulation systems, diversification of indications, and the emergence of wireless and wearable neuromodulation devices.
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What are the emerging trends shaping the future of the neuromodulation market?
The progression of technology is becoming a prominent trend in the neuromodulation market with major firms striving to invent new technological solutions to bolster their market standing. One such example is GrayMatters Health, a company based in Israel with a specialty in digital self-neuromodulation therapies. As of January 2024, they launched an FDA-approved self-neuromodulation treatment dubbed Prism, created specifically for patients grappling with PTSD. This groundbreaking instrument merges an EEG cap and software, enabling patients to manage their emotional reactions via neurofeedback. The technology aims to enhance traditional psychotherapy and pharmacotherapy, empowering patients with methodologies to actively control their symptoms. In addition, in December 2022, a medical devices and healthcare company from the US, Abbott Laboratories, introduced the Eterna spinal cord stimulation (SCS) system - the tiniest implantable, rechargeable spinal cord stimulator on the market. The Eterna SCS applies Abbott's patent-protected low-dose BurstDR stimulation. This is the only SCS waveform innovation boasting of the highest clinical proof level (1A evidence) and has proven to alleviate pain by 23% more than standard waveform technology methods.
Which growth-oriented segments of the neuromodulation market are leading the industry's development?
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
Subsegments:
1) By Internal Neuromodulation: Implantable Devices, Intrathecal Drug Delivery Systems
2) By External Neuromodulation (Non-invasive): Transcranial Magnetic Stimulation (TMS), Transcranial Direct Current Stimulation (tDCS), Transcutaneous Electrical Nerve Stimulation (TENS), Peripheral Nerve Stimulation (PNS)
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What regions are leading the charge in the neuromodulation market?
North America was the largest region in the neuromodulation market in 2024. The regions covered in the neuromodulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the neuromodulation market?
Major companies operating in the neuromodulation market include 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
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What Is Covered In The Neuromodulation Global Market Report?
• Market Size Forecast: Examine the neuromodulation market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the neuromodulation market for a structured understanding.
• Key Players Overview: Analyze major players in the neuromodulation market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the neuromodulation market.
• Segment Contributions: Evaluate how different segments drive overall growth in the neuromodulation market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the neuromodulation market.
• Industry Challenges: Identify potential risks and obstacles affecting the neuromodulation market.
• Competitive Landscape: Review strategic developments in the neuromodulation market, including expansions, agreements, and new product launches.
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