Press Release

Global Neuromodulation Market to Record a Substantial CAGR of Around 10.3% During 2024-30

The Global Neuromodulation Market is projected to grow at a CAGR of 10.3% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Neuromodulation therapy has emerged as a vital approach in addressing a spectrum of neurological disorders impacting both the peripheral and central nervous systems, encompassing ailments like Parkinson’s disease, Alzheimer’s disease, stroke, and epilepsy. Through minimally invasive or non-invasive methodologies, this therapy leverages implantable medical devices to administer precise electrical stimulation to targeted nerves, offering efficacious treatment avenues for patients. Despite challenges, such as potential drawbacks, like skin sensations and the high costs associated with device implantation, the neuromodulation market exhibits promising growth prospects, propelled by factors like heightened research investments, technological advancements in device development, and an aging population increasingly seeking less invasive treatment modalities.

Moreover, ongoing research endeavors aimed at expanding the applications of neuromodulation therapy, particularly in conditions like interstitial cystitis, stroke, brain tumors, and obsessive-compulsive disorder, present substantial opportunities for market expansion in the foreseeable future. While alternative treatments like drug therapies and surgery remain available, the steadily rising demand for neuromodulation devices is anticipated due to their effectiveness, minimal side effects, and the burgeoning preference among patients for non-invasive or minimally invasive approaches, further states the research report, “Global Neuromodulation Market Analysis, 2024.”

Global Neuromodulation Market Segmentation Analysis

Internal Neuromodulation to Lead the Global Neuromodulation Market Growth

Based on the type segment, the market is further bifurcated into Internal Neuromodulation and External Neuromodulation. The market share of the internal neuromodulation segment has experienced rapid growth within the Global Neuromodulation Market, driven by several key factors. Internal neuromodulation is acknowledged as a more effective method for managing chronic conditions compared to external neuromodulation, which is primarily used for short-term pain relief or diagnostic purposes.

In internal neuromodulation, devices are surgically implanted directly into the patient's body to deliver electrical or chemical stimulation to the nervous system. These devices are frequently utilized in the treatment of chronic pain, movement disorders, and various other neurological conditions. Thus, the rapid growth of the internal neuromodulation segment within the Global Neuromodulation Market is expected to drive overall market expansion.

North America to Dominate the Global Neuromodulation Market Growth

North America held a significant share of the Global Neuromodulation Market in 2023 and is forecasted to maintain its growth momentum, primarily driven by the United States. With Parkinson's disease (PD) incidence surpassing other neurological conditions, researchers in the US are actively exploring neuromodulation therapies, offering new market growth prospects. Moreover, ongoing FDA approvals, such as Medtronic plc's Intellis and Vanta neurostimulators for treating chronic pain associated with diabetic peripheral neuropathy (DPN), and Saluda's Evoke spinal cord stimulation system for chronic pain management, are expected to boost the North America Neuromodulation Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Medtronic Plc., Abbott Laboratories, Boston Scientific Corporation, NeuroSigma, Inc., Neuropace Inc., Softerix Medical Inc., Aleva Neurotherapeutics, Synapse Biomedical Inc., Theranica Bio-Electronics Ltd., Neuronetics, Axonics, Inc., Gimer Medical, Nalu Medical, Inc., Helius Medical Technologies, Inc., MicroTransponder Inc., etc. are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
2. What are the market trends influencing the current scenario of the Global Neuromodulation Market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across the regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?