Global Neuromodulation Market Research Report: Forecast (2024-2030)

Market Definition

Neuromodulation is a medical term that refers to the application of stimuli with either thermal, electrical, or chemical signals to alter nerve activity. This methodology helps in improving several neurological disorders amongst patients with diseases like depression, migraine, etc. Several devices are used by healthcare professionals to supply these stimuli to patients' nerves to modulate their neural activity.

Market Insights & Analysis: Global Neuromodulation Market (2024-30):

The Global Neuromodulation Market size is estimated to grow at a CAGR of around 10.3% during the forecast period, i.e., 2024-30. The Global Neuromodulation market has experienced significant growth driven by the increasing instances of cases of neurological diseases like migraine, epilepsy, depression, etc. Also, there is an increasing demand for non-invasive surgical procedures amongst patients, owing to less amount of physical pain related to these methods. Hence, a neuromodulation procedure requires implantable devices and instruments to deliver stimulation to targeted nerves, which further supports the increased adoption of neuromodulation techniques.

Moreover, the companies in the neuromodulation market have largely focused on increasing investment across research & development in recent years. This increased focus on R&D activities has been mainly driven by the increasing possibility of a rise in neurological disorders in coming years, which would be influenced by a growing number of geriatric population, which prefer non-invasive treatment solutions. Hence, R&D activities have emerged as a recent market trend, which is focusing on improving the application areas of neuromodulation devices. Thus, as neuromodulation devices gain prominence in treating disorders like stroke, obsessive-compulsive disorder, and interstitial cystitis, their demand would amplify further in the coming years. Also, as consumers gain more awareness of neurological disorders, the Global Neuromodulation market is poised for continued growth in the future.

Global Neuromodulation Market Driver:

Increasing Instances of Depression to Drive Market Growth- Globally, there has been a substantial increment in the instances of depression. Initially, with the start of the pandemic situation, and lockdown conditions, the social gatherings of individuals were largely reduced. Hence, they have experienced an increment in social anxiety and depression cases. Also, the global healthcare infrastructure is not advanced enough to cater to the rising demand for mental illnesses. Hence, this has further amplified the instances of these disorders. Consequently, the demand for neuromodulation techniques has increased, as the burden of depression escalated largely in recent years.

Also, these disorders are anticipated to increase further in the coming years, mainly influenced by the changing lifestyles and growing working population across the globe, with desk jobs. Hence, this would further amplify the demand for neuromodulation solutions among healthcare professionals and would drive the growth of the Global Neuromodulation market in the future.

Global Neuromodulation Market Opportunity:

Increasing Healthcare Spending in Emerging Economies to be the Market Booster— Many developing countries, including India, Australia, Brazil, and others, have started focusing on their population's mental health. As emerging nations continue their development trajectory, they offer lucrative growth potential for the neuromodulation market. Also, there has been an enhanced increment in the cases of disorders like Alzheimer's, Parkinson's, etc., amongst the population across the region. It would further contribute to the rising demand for the neuromodulation solutions. Moreover, with the growing awareness and ever-improving healthcare infrastructure in these nations, market players are likely to focus their attention and investments to cater to the neurological healthcare needs, further driving the market.

Global Neuromodulation Market Challenge:

Highly Regulated Environment a Huge Obstacle for the Neuromodulation Market- Due to stringent standards and requirements, implanted neuromodulating devices are designed to stay in contact with the human body for an extended period. The devices, such as SCS, VNS, DBS, etc., fall under the category of Class III medical devices according to US FDA standards and are obliged to go through a strict and expensive PMA process, sometimes requiring prolonged clinical trials of over 450 days. Moreover, the recent regulations make it compulsory for the compliance of neurostimulation devices approved for the last three years and extend to those manufacturers exporting to EU member states from countries outside the EU. Therefore, the strict regulatory environment poses a significant challenge to the growth of the Global Neuromodulation Market during the forecast period.

Global Neuromodulation Market Trend:

Expansion of Neurology Hospitals Across the Globe- Governments across regions like the Middle East, Africa, South America, etc., have been focusing on the improvement of their healthcare infrastructure in recent years. Also, with these investments, they are trying to increase the number of hospitals so as to enhance the accessibility of health services among their individuals. However, as awareness regarding neurological & psychological disorders has been increasing amongst consumers, there has been a significant focus on the expansion of neurological hospitals. Thus, with the expansion of more neurological hospitals, the demand for neuromodulation devices also increased in recent years.

Moreover, with such expansion, the diagnosis of neurological disorders would also improve. Hence, with the number of diagnosed cases improving, the demand for neuromodulation solutions would improve.

Global Neuromodulation Market (2024-30): Segmentation Analysis

The Global Neuromodulation Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the regional level. In accordance to the analysis, the market has been further classified as:

By Application

• Neuromodulation for Spinal Cord Stimulation
• Neuromodulation for Deep Brain Stimulation
• Neuromodulation for Sacral Nerve Stimulation
• Neuromodulation for Vagus Nerve Stimulation
• Neuromodulation for Gastric Electrical Stimulation
• Neuromodulation for Transcutaneous Electrical Nerve Stimulation
• Neuromodulation for Transcranial Magnetic Stimulation
• Neuromodulation for Respiratory Electrical Stimulation

The Respiratory Electrical Stimulation (RES) is gradually experiencing prominence in the Global Neuromodulation market. The instances of respiratory disorders have been growing substantially in recent years, primarily those influenced by spinal cord injuries. Also, due to the sensitivity of respiratory muscles, patients prefer to adopt minimally invasive treatment options for such disorders. Hence, as RES solutions provide enhanced therapeutic solutions for patients with respiratory disorders, with minimally invasive solutions, their adoption has increased. This market trend is likely to grow further in the coming years as well, positively influencing the overall Global Neuromodulation Market.

Global Neuromodulation Market (2019-30): Regional Projection

Geographically, the Global Neuromodulation Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America has been witnessing high growth in the Global Neuromodulation Market and, at the same time, is projected to maintain its growth momentum over the next couple of years, mainly due to the United States. Moreover, Canada and Mexico have large market shares during the forecast period. Such factors are likely to include the presence of established players in the market, strength in the pharmaceutical and biopharmaceutical industries, and further investments made in enhanced technologies, particularly in the United States.

Researchers are testing neuromodulation therapies in the country as the incidence of PD is higher than neurological disorders such as multiple sclerosis and muscular dystrophy, so it brings new avenues of market expansion. Thus, the researchers of the country study neuromodulation deeply to bring about a cure for such neurological illnesses.

Global Neuromodulation Industry Recent Development:

• 2023: Medtronic Plc received CE mark approval for its Inceptive Closed-Loop Rechargeable SCS.
• 2023: Boston Scientific Corporation received FDA clearance for the Vercise Neural Navigator 5 software that is a part of the Vercise Genus Deep Brain Stimulators.

Gain a Competitive Edge with Our Global Neuromodulation Market Report

• Global Neuromodulation Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Neuromodulation Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.