Neuromodulation Devices Market Size, Growth, and Trends | 2030
[Research Report] The neuromodulation devices market was valued at US$ 5.73 billion in 2022 and is expected to reach US$ 11.61 billion by 2030. The market is estimated to register a CAGR of 9.2% from 2022 to 2030.
Market Insights and Analyst View:
The report includes growth prospects along with the current neuromodulation devices market trends and their foreseeable impact during the forecast period.
Neuromodulation use is growing rapidly, with a wide range of implantable and noninvasive technology-based methods for the treatment of neuropsychiatric and neurological disorders. Therapies such as intracranial cortical stimulation (ICS), transcranial magnetic stimulation (TMS), deep brain stimulation (DBS), and transcranial direct current stimulation (tDCS) have shown promising results across a range of neuropsychiatric and neurological disorders. Neuromodulation devices are advanced medical instruments that can adjust the activity of the nervous system. The technology is used to treat movement disorders such as dystonia, Parkinson’s disease, tremors; tinnitus; obsessive-compulsive disorder; sensory disabilities; epilepsy; bladder control; headache; chronic pain; stroke; minimally conscious state; spasticity; and spinal cord injury. Factors such as the rising cases of spinal cord injury and increasing prevalence of neurological disorders contribute to the growing neuromodulation devices market size.
Market Drivers:
Geriatric population is susceptible to neurological diseases. Common neurological disorders affecting older people are neuropathy, Parkinson's disease, Alzheimer's disease, dystonia, and others. According to the United Nations Department of Economic and Social Affairs, in 2022, globally there were 771 million people aged 65 years and above. The older population is anticipated to reach 994 million by 2030 and 1,600 million by 2050. Countries such as the US and Canada have high prevalence rates of movement disorders and psychiatric disorders associated with growing geriatric populations. According to the Parkinson's Foundation, Parkinson's symptoms are common at an average age of 60.
The Canadian Psychological Association states that obsessive-compulsive disorder (OCD) affects about 2% of the population in Canada. The World Health Organization (WHO) states that epilepsy is a seizure-causing neurological disorder that affects ∼50 million people across the world. As per the American Academy of Neurology, stroke is the third leading cause of death in the US, followed by Alzheimer's as the sixth leading cause of death. Statistics from the same source show that nearly one million Americans are affected by Parkinson's, and at least 60,000 new cases are reported annually. The growing prevalence of neurological diseases coupled with lifestyle-related disorders such as depression and chronic pain leads to the increasing adoption of technologically advanced products.
Therefore, the rising geriatric population prone to neurological diseases, increasing prevalence of the diseases, and growing awareness regarding the tremendous burden of neurological disorders drive the neuromodulation devices market growth.
Neuroscience focuses on treating disorders such as stroke, headache disorders, multiple sclerosis, and other severe cases. In recent years, a relative shortage of the skilled neurological workforce has been witnessed even in developed countries. In the US, there are over 5,700 hospitals; however, these hospitals have less than 3,700 neurosurgeons. A prominent factor responsible for the inadequacy of the neurosurgical workforce is the inability to produce adequately trained neurosurgeons in a suitable amount of time. Neurology facilities with advanced technology are available in urban areas. However, limited treatments are offered in rural areas due to the shortage of expert professionals. Therefore, the shortage of skilled neurosurgeons hinders the neuromodulation devices market growth.
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Neuromodulation Devices Market: Strategic Insights
Market Size Value in US$ 5.73 billion in 2022 Market Size Value by US$ 11.61 billion by 2030 Growth rate CAGR of 9.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Neuromodulation Devices Market: Strategic Insights
| Market Size Value in | US$ 5.73 billion in 2022 |
| Market Size Value by | US$ 11.61 billion by 2030 |
| Growth rate | CAGR of 9.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Report Segmentation and Scope:
The “neuromodulation devices market analysis” has been carried out by considering the segments—type, application, biomaterial, and end user.
Segmental Analysis:
The neuromodulation devices market, by type, is bifurcated into external and internal. The internal neuromodulation segment held a larger neuromodulation devices market share in 2022. However, the external neuromodulation segment is likely to register a higher CAGR during 2022–2030. The term "internal neuromodulation" describes the use of medical devices that provide electrical, chemical, or other forms of stimulation for specific neuronal targets in order to modulate or alter the nervous system's activity. This technique is used to treat neurovascular illnesses, movement abnormalities, epilepsy, chronic pain, and fecal and urine incontinence.
By end user, the neuromodulation devices market is segmented into hospitals, clinics, and home healthcare. In 2022, the hospitals segment dominated the neuromodulation devices market share. Due to the expansion of numerous hospitals and clinics and increased government spending to build healthcare infrastructure, the hospitals segment currently dominates the market. Additionally, the aging population is expected to result in a higher prevalence of chronic pain, propelling the demand for neuromodulation devices in hospitals.
Regional Analysis:
The scope of the neuromodulation devices market report is primarily segmented into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
In terms of revenue, North America dominated the neuromodulation devices market share in 2022. The growing prevalence of neurological diseases, high spending on research and development, rising number of product approvals by the FDA, and technological advances boost the demand for neuromodulation devices in the region.
Neuromodulation Devices Market Report Scope
Competitive Landscape and Key Companies:
The neuromodulation devices market report is focused on prominent players in the market such as Abbott (St. Jude Medical, Inc), LivaNova PLC, Boston Scientific Corporation, Aleva Neurotherapeutics SA, Bioventus, EnteroMedics Inc, Nevro Corporation, NeuroPace Inc, Synapse Biomedical Inc, and Neurosigma Inc. The neuromodulation devices market forecast can help stakeholders plan their growth strategies. These companies focus on new technologies, upgrading existing products, and market expansions to meet the growing consumer demand across the world. As per company press releases, below are a few recent key developments:
- In August 2023, Medtronic plc received CE Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS). It is the first Medtronic SCS device to offer a closed-loop feature that senses each person's unique biological signals and adjusts stimulation moment to moment, as needed, to keep therapy in harmony with the motions of daily life.
- In August 2023, Abbott received approval from the US Food and Drug Administration (FDA) for its new Proclaim Plus spinal cord stimulation (SCS) system featuring FlexBurst360 therapy. The next generation of Abbott's proprietary BurstDR stimulation, FlexBurst360 therapy offers pain coverage across six areas of the trunk and/or limbs. It facilitates programming that can be adjusted as per a person’s therapeutic needs.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Biomaterial, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The neuromodulation device market, based on end user, segmented into hospitals, clinics, and home healthcare. In 2022, the hospitals segment dominated the neuromodulation devices market share.
Asia Pacific is expected to be the fastest growing region in the neuromodulation device market. The rising prevalence of neurological diseases and the development of neuromodulation devices are likely to enhance the market's growth in the coming years. China is among the most populated countries in the world, and the country has a maximum number of patients suffering from neurological disorders.
The neuromodulation device market, based on application, is segmented into metallic, polymeric, and ceramic. In 2022, the metallic segment dominated the market share. However, the polymeric segment is likely to register the highest CAGR during 2022–2030.
The neuromodulation device market, based on application, is segmented into deep brain stimulation (DBS), sacral nerve stimulation (SNS), gastric electrical stimulation (GES), spinal cord stimulation (SCS), and vagus nerve stimulation (VNS). The spinal cord stimulation segment held the largest market share in 2022 and is expected to record the highest CAGR in the market during 2022–2030.
The neuromodulation device market, based on type, is bifurcated into external and internal. The internal neuromodulation segment held a larger neuromodulation devices market share in 2022. However, the external neuromodulation segment is likely to register a higher CAGR during 2022–2030.
US holds the largest market share in neuromodulation device market. the incidence of neurovascular diseases is rising significantly, and it is among the leading causes of death across the country. Rising incidence of neurological diseases such as Parkinson's disease (PD), increasing awareness about neurological disorders, and growing investments in developing transcranial stimulators are among the main factors driving the overall neuromodulation devices market growth in the US.
The neuromodulation device market majorly consists of the players such as Abbott (St. Jude Medical, Inc.), LivaNova PLC, Boston Scientific Corporation, Aleva Neurotherapeutics SA, Bioventus, EnteroMedics Inc, Nevro Corporation, NeuroPace Inc, Synapse Biomedical Inc, Neurosigma Inc among others.
The factors that are driving growth of the market are the rising cases of spinal cord injury and increasing prevalence of neurological disorders.
Neuromodulation use is growing rapidly, with a wide range of implantable and noninvasive technology-based methods for the treatment of neuropsychiatric and neurological disorders. Therapies such as intracranial cortical stimulation (ICS), transcranial magnetic stimulation (TMS), deep brain stimulation (DBS), and transcranial direct current stimulation (tDCS) have shown promising results across a range of neuropsychiatric and neurological disorders. Neuromodulation devices are advanced medical instruments that can adjust the activity of the nervous system. The technology is used to treat movement disorders such as dystonia, Parkinson’s disease, and tremor; tinnitus; obsessive compulsive disorder; sensory disabilities; epilepsy; bladder control; headache; chronic pain; stroke; minimally conscious state; spasticity; and spinal cord injury.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Neuromodulation Devices Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Neuromodulation Devices Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Neuromodulation Devices Market - Global Market Analysis
6.1 Neuromodulation Devices - Global Market Overview
6.2 Neuromodulation Devices - Global Market and Forecast to 2030
7. Neuromodulation Devices Market – Revenue Analysis (USD Million) – By Type, 2020-2030
7.1 Overview
7.2 Internal
7.3 External
8. Neuromodulation Devices Market – Revenue Analysis (USD Million) – By Application, 2020-2030
8.1 Overview
8.2 Deep Brain Stimulation (DBS)
8.3 Gastric Electrical Stimulation (GES)
8.4 Spinal Cord Stimulation (SCS)
8.5 Vagus Nerve Stimulation (VNS)
8.6 Sacral Nerve Stimulation (SNS)
9. Neuromodulation Devices Market – Revenue Analysis (USD Million) – By Biomaterial, 2020-2030
9.1 Overview
9.2 Metallic
9.3 Polymeric
9.4 Ceramic
10. Neuromodulation Devices Market – Revenue Analysis (USD Million) – By End User, 2020-2030
10.1 Overview
10.2 Hospitals
10.3 Clinics
10.4 Home Healthcare
11. Neuromodulation Devices Market - Revenue Analysis (USD Million), 2020-2030 – Geographical Analysis
11.1 North America
11.1.1 North America Neuromodulation Devices Market Overview
11.1.2 North America Neuromodulation Devices Market Revenue and Forecasts to 2030
11.1.3 North America Neuromodulation Devices Market Revenue and Forecasts and Analysis - By Type
11.1.4 North America Neuromodulation Devices Market Revenue and Forecasts and Analysis - By Application
11.1.5 North America Neuromodulation Devices Market Revenue and Forecasts and Analysis - By Biomaterial
11.1.6 North America Neuromodulation Devices Market Revenue and Forecasts and Analysis - By End User
11.1.7 North America Neuromodulation Devices Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Neuromodulation Devices Market
11.1.7.1.1 United States Neuromodulation Devices Market, by Type
11.1.7.1.2 United States Neuromodulation Devices Market, by Application
11.1.7.1.3 United States Neuromodulation Devices Market, by Biomaterial
11.1.7.1.4 United States Neuromodulation Devices Market, by End User
11.1.7.2 Canada Neuromodulation Devices Market
11.1.7.2.1 Canada Neuromodulation Devices Market, by Type
11.1.7.2.2 Canada Neuromodulation Devices Market, by Application
11.1.7.2.3 Canada Neuromodulation Devices Market, by Biomaterial
11.1.7.2.4 Canada Neuromodulation Devices Market, by End User
11.1.7.3 Mexico Neuromodulation Devices Market
11.1.7.3.1 Mexico Neuromodulation Devices Market, by Type
11.1.7.3.2 Mexico Neuromodulation Devices Market, by Application
11.1.7.3.3 Mexico Neuromodulation Devices Market, by Biomaterial
11.1.7.3.4 Mexico Neuromodulation Devices Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Neuromodulation Devices Market - Key Company Profiles
14.1 Boston Scientific Corporation
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Abbott
14.3 LivaNova PLC
14.4 Nevro Corp
14.5 NeuroPace, Inc.
14.6 NeuroSigma, Inc.
14.7 Synapse Biomedical Inc.
14.8 Aleva Neurotherapetics SA
14.9 Bioventus
14.10 EnteroMedics Inc
15. Appendix
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
The List of Companies - Neuromodulation Devices Market
- Abbott (St. Jude Medical, Inc.)
- LivaNova PLC
- Boston Scientific Corporation
- Aleva Neurotherapeutics SA
- Bioventus
- EnteroMedics Inc.
- Nevro Corporation
- NeuroPace Inc.
- Synapse Biomedical, Inc.
- Neurosigma, Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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