"Neuromodulation Devices Global Market- Forecast To 2029"
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The neuromodulation global market is expected to grow at a high single digit CAGR from 2022 to 2029 to reach $9,569.4 million by 2029 due to increasing incidence of chronic pain, increasing parkinson's and alzheimer's disorders, low approval rate of CNS drugs, favorable reimbursement scenario in major markets, the emergence of neuromodulation as add-on therapy, technological innovations, rise in the number of clinical studies performed and expansion in emerging markets.
Neuromodulation treatment involves direct stimulation or modulation of the nerves by an electrical or magnetic field. It is used as a treatment for unmanageable chronic pain, movement disorders, neurological diseases, gastroenterology, respiratory related diseases and others. The treatment delivered by neuromodulation devices brings about life-changing transformation in patients who fail to get better by traditional approaches.
This therapy is based on the natural process of stimulation of nerve cell activity and release of neurotransmitters that regulate nerve activity. Neuromodulation is gaining popularity because these devices have been very successful in the treatment of conditions for which medicines have failed completely or may have unpleasant side effects.
Based on the product, the neuromodulation global market is segmented into invasive neuromodulation devices and non-invasive neuromodulation devices. Among these, invasive neuromodulation devices segment accounted for the highest revenue in 2022 and is expected to grow at an early teen CAGR from 2022 to 2029.
Invasive neuromodulation devices market is segmented into Spinal Cord Stimulator (SCS), Deep Brain Stimulator (DBS), Sacral Nerve Stimulator (SNS), Vagus Nerve Stimulator (VNS), Hypoglossal Nerve Stimulator (HGNS) and others include Gastric Electric Stimulation (GES), Respiratory Electrical Stimulation (RES) or Phrenic Nerve Stimulation (PNS).
Among invasive neuromodulation devices, Spinal cord stimulator (SCS) segment accounted for the largest revenue in 2022 and is expected to grow at a mid-single digit CAGR from 2022 to 2029 due to increase in the incidence of chronic pain, increase in movement disorders and high implantation rate of spinal cord stimulators. The Hypoglossal Nerve Stimulator segment is expected to grow at a high double digit CAGR from 2022 to 2029.
The non-invasive neuromodulation devices market is segmented into Transcutaneous Electrical Nerve Stimulation (TENS), Neuromuscular Electrical Stimulation (NMES) and others. Among these, Transcutaneous Electrical Nerve Stimulator (TENS) segment is the largest and fastest growing segment accounted for the highest revenue in 2022 and is expected to grow at mid-single digit CAGR from 2022 to 2029.
Based on the application, the neuromodulation devices global market is segmented into Pain Management, Central Nervous System, Gastroenterology and Urology, Obstructive Sleep Apnea (OSA) and other applications include Obesity, Heart Failure, Autoimmune diseases (rheumatoid arthritis), respiratory related diseases (diaphragm pacing), Diabetes and Weaning.
Among these, pain management segment accounted for the largest revenue in 2022 and is expected to grow at mid-single digit CAGR from 2022 to 2029. Obstructive Sleep Apnea segment is expected to grow at a high double digit CAGR from 2022 to 2029.
Pain management is further segmented into chronic pain, failed back surgery syndrome (FBSS) and others. Among these, chronic pain segment accounted for the largest revenue in 2022 and is expected to grow at mid-single digit CAGR from 2022 to 2029 due to increasing incidence of chronic pain, increasing utilizing of the spinal cord stimulators and advancement in neuromodulation devices.
Central Nervous System is further segmented into Parkinson's disease, Dystonia, Epilepsy and others include Obsessive Compulsive Disorder (OCD), Depression, Stroke, and Mood disorders, Anxiety, Central Sleep Apnea and Multiple Sclerosis. Among these, Parkinson's disease segment accounted for the largest revenue in 2022 and is expected to grow at mid-single digit CAGR from 2022 to 2029. Epilepsy segment is expected to grow at a high double digit CAGR from 2022 to 2029.
Gastroenterology and Urology is further segmented into Gastroparesis, Urinary Incontinence and Faecal Incontinence. Among these, Urinary Incontinence segment accounted for the largest revenue in 2022 and is expected to grow at a mid-single digit CAGR from 2022 to 2029.
Based on the end-user, the neuromodulation devices global market is segmented into Hospitals and Ambulatory Surgery Centers, Clinics and Physiotherapy Centers and Others include Home care, Academics and Research Institutes. Among these, Hospitals and Ambulatory Surgery Centers is the largest revenue in 2022 and is expected to grow at a high single digit CAGR from 2022 to 2029.
North America accounted for the largest revenue in 2022 and is expected to grow at a high single digit CAGR from 2022 to 2029 due to high technological advancements, increased growing awareness about medical care, treatment style, increase in the aging population, strong product pipeline, new indications, investments and funds, increases in neurological diseases, sophisticated infrastructure related to healthcare and high expenditure present among the population of North America are boosting the market of neuromodulation devices.
Asia-Pacific is the fastest growing segment accounted for the highest revenue in 2022 and is expected to grow at a high double digit CAGR from 2022 to 2029 due to rising incidences of neurological disorders, government initiatives to increasing awareness by education campaigns, large pool of patients, increasing geriatric population, advancements in surgeries and technologies, increased healthcare facilities, increasing adoption of implantable devices, high acceptance of technological advancements, the easy availability of advanced healthcare technology, skilled personnel and low-cost for the surgery are driving the market.
The neuromodulation devices global market is a highly consolidated market hence all the existing players in this market are involved in developing new and advanced technologies to maintain their market shares.
Some of the major players in Neuromodulation devices market include
Abbott Laboratories (U.S.)
Axonics Inc. (U.S.)
Bioventus (Bioness Inc.) (U.S.)
Boston Scientific Corporation (U.S.)
Inspire Medical System Inc. (U.S.)
Laborie Medical (Canada)
LivaNova Plc (U.K.)
Medtronic Plc (Ireland)
NeuroPace Inc. (U.S.)
Nevro Corporation (U.S.)
Factors Influencing Market
Drivers and Opportunities
Growing Prevalence of Treatment Resistant Chronic Conditions to Fuel the Demand for Neuromodulation Devices
Growing Prevalence of Parkinson's, Alzheimer's Diseases, Neurological and Respiratory Conditions to Drive the Market
Low Approval Rate of Cns Drugs is Driving Neuromodulation Market
Favorable Reimbursement Scenario in Major Markets
The Emergence of Neuromodulation as Add-On Therapy
Technological Ainnovations in Neuromodulation
Expansion in Emerging Markets
the Rise in the Number of Clinical Studies Performed
Restraints and Threats
Side Effects and Risk Associated With the Use
Lack of Trained Professionals
Availability of Alternative Treatments
Stringent Regulatory Guidelines
International Organization for Standardization
Iso 9001: 2015 Quality Management System
Iso 13485 Medical Devices
Iso 10993 Biological Evaluation of Medical Devices
Focused Ultrasound (Fus)
Portable Nueromodulation Systems (Pons)
Wearable Pain Management Technology
Trans-Spinal Direct Current Stimulation (Tsdcs)
Occipital Nerve Stimulation (Ons)
Cranial Electrotherapy Stimulation (Ces)
Ates Medica Device Srl
Auri- Stim Medical, Inc
Avery Biomedical Devices Inc.
Beijing Pins Medical Co., Ltd.
Bioventus Inc. (Bioness Inc.,)
Boston Scientific Corporation
Djo Global (Colfax Corp.)
Dw Healthcare (Cefaly Technology)
EB Neuro S.P.A.
Epineuron Technologies, Inc.
Helius Medical Technologies
Innovative Health Solutions.
Inspire Medical Systems
Laborie Medical Technologies Inc. (Cogentix Medical)
Livanova Plc (Sorin Group)
Neurocare Group GMBH
NeuroEm Therapeutics Inc.
Neuros Medical, Inc.
Olympic Ophthamalic Inc.
Pathmaker Neurosystems Inc.
Pulvinar Neuro (Electromedical Products International, Inc (EPI))
REMED Co., Ltd.
Set Point Medical
Signifier Medical Technologies Ltd
Stimdia Medical Inc,
Synapse Biomedical Inc.
Theranica Bio-Electronics Ltd.
ZOLL Medical Corporation (Respicardia, Inc.)
Zynex Medical, Inc.
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