Neuromodulation Devices Market Size to Hit USD 8.54 Bn by 2030

According to Vision Research Report, the global neuromodulation devices market size was estimated at around USD 3.3 billion in 2021 and it is projected to hit around USD 8.54 billion by 2030, growing at a CAGR of 11.14% from 2022 to 2030.

Report Highlights

• The spinal cord stimulators segment dominated the market with a revenue share of over 40.03% in 2021.
• The deep brain stimulators segment is expected to exhibit the fastest growth rate of 10.92% from 2022 to 2030.
• In 2021, internal neuromodulation technology dominated the market with a revenue share of over 55.1%.
• External technology is anticipated to exhibit the fastest growth rate of 10.86% during the forecast period.
• Parkinson’s disease dominated the market with a revenue share of over 25.2%.
• The chronic pain segment is expected to register the fastest growth rate of 11.44% over the forecast period.
• In 2021, the metallic biomaterials segment dominated the market with a revenue share of over 45.16%.
• The polymeric biomaterials segment is expected to register the fastest growth rate of 10.57% during the forecast period.
• The hospitals and ASCs segment held the largest revenue share of above 50.02% in 2021 and is expected to retain its dominance during the forecast period. 
• North America held the largest revenue share of over 45.3% in 2021.
• Asia Pacific is expected to expand at the fastest rate of 10.74% during the forecast period.

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Neuromodulation offers minimally invasive or non-invasive treatment options for the treatment of neurological diseases. In addition, the growth in the healthcare budgetary allocation in developing countries is expected to contribute to the market growth. For instance, in the U.S., national healthcare spending increased to USD 4.1 trillion in 2020, or USD 12,530 per person.

The COVID-19 pandemic had caused havoc in a variety of industries and trades around the world. The demand for neuromodulation is higher among the older population as they are more likely to be exposed to chronic pain due to various comorbidities and probable immune suppression. Furthermore, the demand is expected to increase among persons infected with the COVID-19 virus. The illness effectively suppresses the immune system.

The significant increase in investments by the government and market players to improve the healthcare infrastructure is promoting the implementation of novel technologies to treat neurological conditions. In the Union Budget of 2021, the PM Atmanirbhar Swasth Bharat Yojana received funding from the government of India totaling USD 8.10 billion over six years. The fund was allocated to strengthen existing national medical institutions to develop capacities of primary, secondary, and tertiary healthcare systems and cater to the detection of emerging diseases.

Major players operating in the market are receiving FDA approval for their products. The organizations are incorporating strategies such as alliances, acquisitions, partnerships, R&D investments, new product launches, and approvals to strengthen their competitive power while expanding their global reach. For instance, in September 2021, Abbott acquired Walk Vascular, LLC, which is a medical device manufacturing company. Walk Vascular, LLC is known for the minimally invasive thrombectomy system that is designed for the removal of blood clots.

Scope of The Report

Product Type Insights

The spinal cord stimulators segment dominated the market with a revenue share of over 40.03% in 2021 owing to the increased use of spinal cord stimulators for treating chronic pain and nerve pain. Based on product type, the market is segmented into deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, transcranial magnetic stimulators, vagus nerve stimulators, and others.

The deep brain stimulators segment is expected to exhibit the fastest growth rate of 10.92% from 2022 to 2030 due to their rising adoption in treating a variety of neurological disorders including essential tremors, Parkinson’s disease, dystonia, and epilepsy. The deep brain stimulator is a device that delivers electrical impulses to a specific area of the brain to relieve pain and overcome abnormal brain activity.

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Technology Insights

In 2021, internal neuromodulation technology dominated the market with a revenue share of over 55.1% owing to an increase in the number of patients suffering from different types of headaches, depression, and heart-related diseases. The neuromodulation devices are crucial in the treatment of chronic pain as they use non-invasive or minimally invasive technologies. The internal neuromodulation devices are specialized to act directly on the pain spot and they alter nerve activity by sending electrical stimulation to a particular nerve, thereby making it a more effective way of treating the disease.

External technology is anticipated to exhibit the fastest growth rate of 10.86% during the forecast period owing to the increasing number of patients with chronic disorders, a wide range of applications of the device, rising demand for non-invasive therapy, and the cost-effectiveness of the device. The external neuromodulation segment includes therapies such as transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation.

Application Insights

Parkinson’s disease dominated the market with a revenue share of over 25.2% in 2021 due to its high product efficacy in treating epilepsy and the lack of treatment choices for the disease. Parkinson's disease is a chronic neurodegenerative brain disorder that causes movement problems. According to Global Burden Diseases (GBD) study in 2020, about 6.2 million people were suffering from Parkinson’s disease.

The chronic pain segment is expected to register the fastest growth rate of 11.44% over the forecast period owing to the rise in the incidence rate of chronic diseases, an increase in investments by the private players in the Neurotherapy field, and an increase in the research and development activities in the sector. According to the National Institutes of Health (NIH), chronic pain is a discomfort that lasts more than 12 weeks.     

Biomaterial Insights

In 2021, the metallic biomaterials segment dominated the market with a revenue share of over 45.16% owing to the advancements and growth in the R&D for neuromodulation solutions. The segment is also expected to maintain its position during the forecast period. Based on biomaterial, the market is segmented into polymeric, metallic, and ceramic biomaterials.

The polymeric biomaterials segment is expected to register the fastest growth rate of 10.57% during the forecast period owing to the flexibility benefits. Polymers can be shaped into support structures, including electrospun matrices, nerve conduits, and scaffolds, and are capable of regenerating damaged neural tissues. Polymers are used in medical implantable devices, and they offer a wide range of shape and mechanical characteristics, such as biocompatibility and bioactivity.

End-use Insights

The hospitals and ASCs segment held the largest revenue share of above 50.02% in 2021 and is expected to retain its dominance during the forecast period. It is also expected to register the fastest CAGR over the forecast period. Based on end-use, the market is segmented into hospitals and ambulatory surgery centers (ASCs), clinics and physiotherapy centers, and others.

Hospitals provide neuromodulation surgery and implantable device therapy for patients with neurological disorders. The most popular neuromodulation therapy provided by hospitals is spinal cord stimulation treatment for patients suffering from neurological disorders. Ambulatory surgical centers have transformed the outpatient experience for the patients as it is a more convenient, efficient, and cost-effective alternative to neurological outpatient procedures.

Regional Insights

North America held the largest revenue share of over 45.3% in 2021. The increasing number of patients suffering from neurological disorders, which is increasing the need for the adoption of neuromodulation devices, increased competition among market players, and significant expenditure on research and development to produce novel therapeutic solutions are contributing to the market growth in North America. There has been a steady growth in the number of patients with neurological disorders from various states in the U.S. and Canada, thus fueling demand for neuromodulation devices.

Asia Pacific is expected to expand at the fastest rate of 10.74% during the forecast period due to the rising frequency of neurological disorders, rapidly expanding healthcare infrastructure, growing government backing, and an increasing number of startups in this region.

Key Players

• Boston Scientific Corporation
• Abbott
• NEVRO CORP.
• Neuronetics
• Medtronic 

Market Segmentation

• By Product Type Outlook
  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Sacral Nerve Stimulators
  • Vagus Nerve Stimulators
  • Transcranial Magnetic Stimulators
  • Others
• By Technology Outlook
  • Internal
  • External
• By Application Outlook
  • Parkinson’s Disease
  • Chronic Pain
  • Migraine
  • Epilepsy
  • Tremor
  • Depression
  • Urinary & Faecal Incontinence
  • Others
• By Biomaterial Outlook
  • Polymeric Biomaterial
  • Metallic Biomaterial
  • Ceramic Biomaterial
• By End-use Outlook
  • Hospitals & Ambulatory Surgery Centers (ASC)
  • Clinics & Physiotherapy Centers
  • Others
• By Regional Outlook
  • North America

• • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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