Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global neuromodulation devices market was valued at US$ 6.07 billion in 2021 and is expected to register a revenue CAGR of 8.40 % to reach US$ 12.54 billion by 2030.

Neuromodulation Devices Market Fundamentals 

Neuromodulation devices are advanced equipment that can modify the activity of a nervous system. These devices activate nerves using pharmacological drugs, electrical signals, or other sources of energy (for instance, magnetic energy). These are implantable devices that improve the condition of a disorder by reducing the effect of some symptoms. Neuromodulators alter synaptic communication via a variety of mechanisms, which can be separated into effects that directly target synapses and those that indirectly modify synaptic interactions by changing the excitability of the neuron.

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Neuromodulation Devices Market Dynamics

The global neuromodulation devices market is driven by the high prevalence of neurological disorders, rise in the geriatric population, which is more prone to these diseases, increase in awareness about the devices and investments in R&D activities in this field, and rise in the cases of genetic neurological disorders. Furthermore, several medical device organizations are investing in customizable neuromodulation devices based on the needs and suffering of patients. Such efforts can be viewed as a great opportunity to fuel revenue growth in the neuromodulation devices market.

However, high expenses required for the procedures and lack of skilled professionals are likely to restrain revenue growth in the market. 

Neuromodulation Devices Market Ecosystem

The global neuromodulation devices market is analyzed based on three parameters: technology, application, and region.

Neuromodulation Devices Market by Technology

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Based on the technology, the global neuromodulation devices market is segmented into external neuromodulation and internal neuromodulation.

The internal neuromodulation segment is sub-segmented into spinal cord stimulation, deep brain stimulation, and gastric electrical stimulation. The external neuromodulation is sub-segmented into transcranial magnetic stimulation, respiratory electrical stimulation, and transcutaneous electrical nerve stimulation.

The internal neuromodulation device segment accounts for the highest revenue share in the global neuromodulation devices market. This can be ascribed to increased demand and high effectiveness of internal neuromodulation devices.

The spinal cord stimulation segment is expected to show a significant rise in revenue growth during the forecast period. This is attributed to rising number of patients with back pain, increasing geriatric population, and growing demand for alternative surgery. Other segments, such as deep brain stimulation and gastric electrical stimulation, are projected to show revenue growth at a significant pace.

Neuromodulation Devices Market by Application

Based on the application, the market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, and respiratory electrical stimulation. 

The deep brain stimulation segment accounts for the highest revenue share of the market. This is attributed to high prevalence of neurological diseases (such as Parkinson’s disease, tremors, and depression) and increase in the geriatric population, which is more prone to such diseases. 

Neuromodulation Devices Market by Region

Based on the region, the global neuromodulation devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). 

North America accounts for the highest revenue share in the market owing to increased cases of neurological disorders, high adoption of neurostimulator devices during surgeries, improved healthcare awareness, and high technological advancements resulting in innovative devices.

Europe accounts for the second-largest revenue share of the market. This is attributed to the aging population, increased cases of Parkinson’s disease, and presence of key market players in this region. Rise in investments and funding for R&D activities for the development of advanced devices is leading to revenue growth in the region. 

Asia Pacific is expected to rise with a significant revenue share during the forecast period due to increasing prevalence of neurological disorders, limitations in drugs for the treatment of nervous disorders, and increasing R&D activities in this region. 

Neuromodulation Devices Market Competitive Landscape

The prominent players operating in the neuromodulation devices market are: 

• Boston Scientific Corporation 
• Abbott Laboratories 
• Bioness Inc. 
• Bio Induction Ltd. 
• Soterix Medical Inc. 
• Nevro Corporation 
• Synapse Biomedical Inc. 
• GiMer Medical Ltd. 
• Integer Holdings Corporation 
• Neuronetics Inc.

Neuromodulation Devices Market Strategic Developments

• In March 2022, Saluda Medical Pty Limited revolutionized the field of neuromodulation with an emerging portfolio of therapies powered by innovative closed-loop technologies intended to treat crippling neurological disorders. They finalized US$ 125 million of financing, led by existing investor Red mile Group LLC as well as new investors Fidelity Management & Research Company LLC and funds and accounts advised by B. Riley.
• In September 2021, the U.S. FDA granted approval for Nyxoah’s Genio bilateral hypoglossal nerve stimulation system Breakthrough Device Designation for the treatment of adult patients, with moderate to severe OSA and Complete Sleep Apnea Soft palate Concentric Collapse (CCC).
• In September 2020, WISE Srl developed a gadget that suppresses chronic pain signals in the spinal cord by electrically activating nerve cells. This gadget was funded by the closure of a €15 million Series C round.

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