Neuromodulation Market Research Report 2021-2031
The Neuromodulation market size was estimated to be US$ 8.87 billion in 2021 and US$ XX billion in 2023 and is expected to reach US$ 28.32 billion by 2031; it is estimated to record a CAGR of 15.2% in 2023–2031. The increasing incidence of neurological disorders and growing developments in neuromodulation technology are driving factors. Technological advancements will likely remain key neuromodulation market trends.
Neuromodulation Market Analysis
Neuromodulation devices contain small electrodes on the spinal cord, brain, or peripheral nerves. Neurological disorders such as cerebrovascular diseases, Parkinson's disease, and Alzheimer's disease impact the neurological functioning of the body and hence can be cured with the help of neuromodulation. Furthermore, there are growing developments by medical device companies in neuromodulation and increasing training programs to treat neurological disorders. For instance, in December 2023, a training program on neuromodulation techniques in mental health by the Centre for Advanced Research and Excellence in Neuromodulation for medical professionals was launched at the AIIMS.
Neuromodulation Market Overview
North America is the largest market for neuromodulation. The growth is mainly driven by the incidences of neurological conditions such as Parkinson’s disease, epilepsy, Alzheimer’s disease, and depression, among others. For instance, as per the CDC, the people living with Alzheimer’s disease double up every 5 years of age 65 and by 2060 this number is expected to triple to 14 million people by 2060. Among all ethnic group, as compared to men, women are nearly two times more likely to be affected by Alzheimer's disease. Furthermore, among Americans aged 65 and older, Alzheimer’s remains the fifth-leading cause of death, due to which deaths from stroke, heart disease, and HIV have increased by more than 145% between 2000 and 2019.
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Neuromodulation Market: Strategic Insights
Market Size Value in US$ 7,613.45 Million in 2019 Market Size Value by US$ 16,333.98 Million by 2027 Growth rate CAGR of 10.3% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Neuromodulation Market: Strategic Insights
| Market Size Value in | US$ 7,613.45 Million in 2019 |
| Market Size Value by | US$ 16,333.98 Million by 2027 |
| Growth rate | CAGR of 10.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Neuromodulation Market Drivers and Opportunities
Growing Developments in Neuromodulation Technology
Neuromodulators alter nerve activity by precisely delivering electrical or pharmaceutical agents at the target site. These are repeatedly used for chronic pain relief and growing technological has increased its applications. For instance, in November 2022, CVRx launched a new neuromodulation device to treat heart failure. This neuromodulation device treats the symptoms of heart failure, a new Barostim NEO2 implantable pulse generator (IPG). This second-generation reduces the size of the IPG by 10% and widens battery life by 20%, thus reducing the device frequency replacements for patients and their providers. Furthermore, in April 2021, Medtronic announced the FDA approval to proceed with an investigational device exemption (IDE) trial to gauge its internally developed implantable tibial neuromodulation (TNM) device, a therapy intended to deliver relief from symptoms of bladder incontinence.
Rising Demand for Neurostimulation Devices to Treat Chronic Pain – An Opportunity
The demand for pain management devices is growing among the elderly and people who have osteoporosis, rheumatoid arthritis, and other such conditions. NCBI research states that in India, almost 61 million people have osteoporosis and out of these, 80% are women. The peak incidence of osteoporosis in India occurs 10–20 years earlier than in Western countries. Such diseases are demanding neurostimulation devices to treat pain.
Furthermore, several startups are designing devices with a prime focus on neurostimulation therapy. During the therapy, these devices deliver electrical stimulation to the spinal cord, dorsal root ganglion, and brain that helps relax muscles and reduce pain. Thus, the advantages of neurostimulation therapy have encouraged the development of enhanced products in the neuromodulation market.
Adoptions of neuromodulation devices have increased significantly across various North American, European, and Asian countries.
Neuromodulation Market Report Segmentation Analysis
Key segments that contributed to the derivation of the neuromodulation market analysis are technology, application, and distribution channels.
- Based on technology, the neuromodulation market is divided into external (non-invasive) neuromodulation and internal neuromodulation. External neuromodulation is further sub-segmented as respiratory electrical stimulation (RES), transcutaneous electrical nerve stimulation (TENS), and transcranial magnetic stimulation (TMS). In addition, the internal neuromodulation segment is also sub-segmented as deep brain stimulation (DBS), sacral nerve stimulation (SNS), gastric electrical stimulation (GES), spinal cord stimulation (SCS), and vagus nerve stimulation (VNS). The internal neuromodulation segment held a larger market share in 2023.
- Based on application, the neuromodulation market is divided into depression, dystonia, chronic pain management, failed back syndrome, Parkinson’s disease, epilepsy, tremor, incontinence, gastroparesis, obsessive-compulsive disorder (OCD), and migraine. The chronic pain management segment held a larger market share in 2023.
- Based on the end user, the neuromodulation market is segmented into hospitals, clinics, and home healthcare. The hospitals segment held a larger market share in 2023.
Neuromodulation Market Share Analysis by Geography
The geographic scope of the Neuromodulation market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the neuromodulation market. The market's growth is attributed to increasing developments in the medical device sector for neuromodulation, rising incidences of neurological disorders among people, and mounting demand for neuromodulation devices for chronic pain management. In addition, the economic burden of treating neurological disorders is significantly growing in the country. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Neuromodulation Market Report Scope
Neuromodulation Market News and Recent Developments
The neuromodulation market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for neuromodulation:
- The U.S. Food and Drug Administration (FDA) approved Abbott's Eterna spinal cord stimulation (SCS) system for treating chronic pain. This device provides an improved experience with the ability to wirelessly charge as few as five times per year, the lowest recharge burden compared to other rechargeable SCS systems. (Source: Abbott /Press Release, December 2022)
- GrayMatters Health, a developer of digital self-neuromodulation therapies for mental health care, announced the launch of Prism for posttraumatic stress disorder (PTSD) in the United States. Prism for PTSD is the first self-neuromodulation device to receive U.S. Food & Drug Administration (FDA) clearance as a prescribed adjunct to standard of care (SOC) for PTSD and is accessible at 2 U.S. clinics. (Source: GrayMatters Health, Press Release, January 2024)
Neuromodulation Market Report Coverage and Deliverables
The “Neuromodulation Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology Neuromodulation ; Application (Chronic Pain Management, Failed Back Syndrome, Epilepsy, Tremor, Incontinence, Depression, Dystonia, Gastroparesis, Parkinson
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
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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