Health

Neuromodulation Market is Projected to Exhibit Growth Rate 9.7% CAGR During 2024-2032

Neuromodulation Market

The latest report by IMARC Group, titled “Neuromodulation Market Report by Technology (Internal Neuromodulation, External Neuromodulation), Biomaterial (Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials), Application (Parkinson’s Disease, Epilepsy, Depression, Dystonia, Pain Management, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global neuromodulation market size reached US$ 7.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.4 Billion by 2032, exhibiting a growth rate (CAGR) of 9.7% during 2024-2032.

Factors Affecting the Growth of the Neuromodulation Industry:

  • Growing Prevalence of Chronic Diseases:

The neuromodulation market is experiencing significant growth due to the increasing prevalence of chronic neurological disorders such as chronic pain, epilepsy, Parkinson’s disease, and depression worldwide. Neuromodulation therapies offer effective alternatives for managing these conditions by providing symptom relief and improving patients’ quality of life. As the global burden of chronic diseases continues to rise, driven by factors such as aging populations and lifestyle changes, there has been a rise in demand for neuromodulation devices and therapies. Patients and healthcare providers increasingly recognize neuromodulation as a valuable treatment option, particularly for those who may not respond well to traditional pharmacological treatments or who experience intolerable side effects. As a result, the expanding patient population seeking relief from chronic neurological conditions contributes to the sustained growth of the neuromodulation market.

  • Technological Advancements and Innovation:

The neuromodulation market is propelled by continuous technological advancements and innovation, which drive the development of more sophisticated and effective neuromodulation therapies and devices. These advancements include improvements in implantable devices, non-invasive stimulation techniques, and advanced programming algorithms, allowing for more precise targeting of neural circuits and enhanced therapeutic outcomes. Additionally, the miniaturization and wireless capabilities of neuromodulation devices improve patient comfort and convenience while expanding treatment options. As research and development efforts continue to push the boundaries of neuromodulation technology, new applications and therapies are being developed, further driving market growth and adoption.

  • Increasing Acceptance and Adoption of Neuromodulation Therapies:

There is a growing acceptance and adoption of neuromodulation therapies among patients, physicians, and healthcare providers, driven by accumulating clinical evidence supporting their efficacy and safety. As more studies demonstrate the benefits of neuromodulation in managing a variety of neurological and psychiatric conditions, including chronic pain, movement disorders, and mood disorders, confidence in these therapies grows. Improved patient outcomes, increased patient satisfaction, and expanding indications for neuromodulation further contribute to their rising utilization. Moreover, as awareness of neuromodulation therapies increases and barriers to access, such as reimbursement and regulatory hurdles, are addressed, more patients can benefit from these treatments, fostering market expansion and driving the growth of the neuromodulation market.

For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/neuromodulation-market/requestsample

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

  • Abbott Laboratories
  • Bioventus Inc.
  • Boston Scientific Corporation
  • Helius Medical Technologies
  • Integer Holdings Corporation
  • LivaNova PLC
  • Medtronic plc
  • MicroTransponder Inc.
  • Neuronetics
  • NeuroPace Inc.
  • NeuroSigma Inc.
  • Nevro Corp.

Neuromodulation Market Report Segmentation:

By Technology:

  • Internal Neuromodulation
    • Spinal Cord Stimulation (SCS)
    • Deep Brain Stimulation (DBS)
    • Vagus Nerve Stimulation (VNS)
    • Sacral Nerve Stimulation (SNS)
    • Gastric Electrical Stimulation (GES)
  • External Neuromodulation
    • Transcutaneous Electrical Nerve Stimulation (TENS)
    • Transcranial Magnetic Stimulation (TMS)
    • Others

Internal neuromodulation represents the leading segment due to its direct and targeted stimulation of neural structures, offering effective treatment options for various neurological disorders with minimally invasive procedures.

By Biomaterial:

  • Metallic Biomaterials
  • Polymeric Biomaterials
  • Ceramic Biomaterials

Metallic biomaterials account for the largest market share owing to their biocompatibility, durability, and reliability, making them suitable for long-term implantation in neuromodulation devices.

By Application:

  • Parkinson’s Disease
  • Epilepsy
  • Depression
  • Dystonia
  • Pain Management
  • Others

Parkinson’s disease represents the largest segment as it is one of the most prevalent neurological disorders globally, driving demand for neuromodulation therapies to alleviate symptoms such as tremors, rigidity, and bradykinesia.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America’s dominance in the neuromodulation market is attributed to factors such as advanced healthcare infrastructure, high prevalence of neurological disorders, supportive regulatory frameworks, and strong investments in research and development, fostering innovation and adoption of neuromodulation technologies in the region.

Global Neuromodulation Market Trends:

The global neuromodulation market is primarily driven by the increasing prevalence of neurological disorders, such as chronic pain, Parkinson’s disease, and epilepsy, drives demand for neuromodulation therapies as alternative treatment options. Apart from this, ongoing technological advancements in neuromodulation devices, including miniaturization, wireless connectivity, and closed-loop systems, enhance treatment efficacy, patient comfort, and convenience, fueling market growth. Additionally, the expanding applications of neuromodulation beyond traditional indications, such as psychiatric disorders, addiction, and obesity, present new opportunities for market growth. Furthermore, rising healthcare expenditure, improving healthcare infrastructure, and expanding reimbursement coverage for neuromodulation procedures are stimulating market expansion.

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5722&flag=C

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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