Neuromodulation devices are sophisticated pieces of technology that can alter the nervous system’s activity. The gadgets use pharmaceutical agents, electrical signals, or other forms of energy to activate nerves (e.g., magnetic energy). There are implantable devices that lessen the impact of some symptoms on the disorder as a whole. The effects of neuromodulators on synapses can be broadly divided into those that directly target synapses and those that indirectly influence synaptic connections by altering the excitability of the cell.
In 2021, the market for neuromodulation devices was worth USD 6.09 billion, and it will reach USD 14.17 billion, growing at a 10.28% CAGR during the forecast period.
The rising rate of neurological disorders, the growing geriatric population, increased research and developments, and the high incidence of genetic neurological disorders are the main factors driving the global market for neuromodulation devices.
Market Dynamics
Drivers
The rise in health problems is one of the major factors driving the market for neuromodulation devices. Neuromodulation devices have become increasingly popular for treating chronic pain, shoulder pain, headaches, and brain traumas throughout the years due to their excellent ability to provide comfort in various ailments. Neuromodulation devices treat conditions like depression, digestive problems, and sleep problems. As a result, the widespread usage of neuromodulation devices to treat various illnesses is driving the demand for these devices.
Restraints
The biggest hurdle to the market is high capital investment. The high cost of producing Neuromodulation devices is a problem for the new key companies and has become a major market inhibitor. The lack of highly experienced experts is another barrier to the market for neuromodulation devices, as using these devices necessitates their utilization.
Opportunity
The expanding selection of neuromodulation and neurostimulation devices may aid the sector’s expansion. Devices that transcranial pulsed electromagnetic fields, such as electrical stimulators, functional electrical stimulators, transcutaneous electrical nerve stimulators, etc., will have more applications, driving the market’s growth.
Market Segmentation
By Product Type
On the basis of product, the neuromodulation market is segmented into deep brain stimulators, vagus nerve stimulators, transcranial magnetic stimulators, spinal cord stimulators, sacral nerve stimulators, and others.
The spinal cord stimulators segment ruled the market with a revenue share of over 40.0% in 2021. It is due to the growing usage of spinal cord stimulators for treating nerve pain and chronic pain.
The deep brain stimulators segment will increase at the quickest rate of 10.8% between 2022 and 2030. It is due to their increasing use in treating neurological illnesses like essential tremors, Parkinson’s disease, dystonia, and epilepsy.
By Technology
On the basis of technology, the market is segmented into external and internal.
Internal neuromodulation technology ruled the market in 2021 with a revenue share of about 55.0%. It is due to an increase in the number of patients with various headache conditions, depression, and heat-related illnesses. The internal neuromodulation devices are designed to target the pain site specifically and change nerve activity by electrically stimulating a specific nerve, making it more efficient for treating the condition.
The external technology will expand at the quickest rate of 10.8% over the forecast period. It is due to the growing need for non-invasive therapy, the growing number of patients with chronic conditions, the device’s wide variety of uses, and its affordability.
By Application
The Parkinson’s disease segment held the majority of the market, with a share of 25.0% in 2021. It is due to the absence of effective treatments for the disease and the high product efficacy in treating epilepsy. Parkinson’s disease is a long-lasting neurodegenerative brain condition that impairs movement.
By End-Use
On the basis of end-user, the market is segmented into clinics and physiotherapy facilities, hospitals and ambulatory surgery centers, and others.
The hospitals and ASCs segment had the highest revenue share of over 50% in 2021. Hospitals offer implanted device therapy and neuromodulation surgery for patients with neurological problems.
Regional Overview
North America was the biggest regional market in 2021, with a significant revenue share of 45%. It is due to an increase in patients with neurological illnesses, which is driving up demand for neuromodulation devices, greater competition among market participants, and considerable investment in research & development to create new therapeutic options. The continual increase in patients with neurological illnesses from different states in the U.S. and Canada drives the market for neuromodulation devices.
Key Players
- Helius Medical Technologies
- GiMer Medical
- Micro Transponder
- GTX Medical
- Integer Holdings Corporation
- Soterix Medical
- Bioinduction
- BioControl Medical
- NruroSigma, Inc.
- Neuronetics, inc.
- Nevro Corporation
- Synapse Biomedical
- NeuroPace, inc.
- Bioness
- LivaNova
- Boston Scientific Corporation
- Medtronic
- Abbott Laboratories
In 2021, the market for neuromodulation devices was worth USD 6.09 billion, and it will reach USD 14.17 billion, growing at a 10.28% CAGR during the forecast period. The market for neuromodulation devices is expanding due to technological advancements, rising chronic illness incidence and unmet medical needs, rising demand for minimally invasive operations, and rising consumer spending on healthcare.
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