Neuromodulation Market Expected to Reach $4.3 Billion by 2030

According to a new report published by Allied Market Research, titled, “Neuromodulation Market," The neuromodulation market size was valued at $2,480.21 million in 2020, and is estimated to reach $4.3 Billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030. Neuromodulation devices stimulate nerves with pharmaceutical agents, electrical signals, or other forms of energy by modulating abnormal neural pathway behavior caused by the disease process. Neuromodulation devices include, deep brain stimulation (DBS), sacral nerve stimulation (SNS), vagus nerve stimulation (VNS), and spinal cord stimulation (SCS). These neuromodulation devices are used in treatment of neurological disorders, such as epilepsy, tremor, urinary and fecal incontinence, depression, and dystonia.

Factors that drive the growth of the neuromodulation market trends include, the rise in number of hospitals, increase in prevalence of neurological diseases, and rise in number of geriatric population. According to the Journal of Aging in the United States, in July 2019, it was reported that a number of Americans aged 65 and older, is projected to increase more than double from 52 million in 2018 to over 95 million by 2060, and is expected to rise to around 23% from 16%. Furthermore, increase in R&D activities in the healthcare sector and new product launch of neuromodulation devices contribute in the neuromodulation market growth. For instance, in July 2021, Nevro Corporation, a medical device company, received FDA approval for its 10 kHz high frequency spinal cord stimulation therapy for the treatment of chronic pain associated with painful diabetic neuropathy (PDN).

The neuromodulation market is segmented on the basis of technology, application, biomaterial, and region. By technology, the market is divided into internal neuromodulation and external neuromodulation. The internal neuromodulation segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to the advancement in deep brain stimulation (DBS) systems.

On the basis of application, the market is categorized into chronic pain, urinary and fecal incontinence, migraine, failed back syndrome, Parkinson disease, epilepsy, tremor, depression, and other applications. The chronic pain segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in prevalence of chronic disorder and increase in R&D activities in the pharmaceutical sector.

By biomaterial, the market is divided into metallic biomaterials, polymeric biomaterials, and ceramic biomaterials. The metallic biomaterials segment dominated the market in 2020, and this trend is expected to continue during the forecast period, due to advantages of metallic biomaterials.

North America accounted for a majority of the global neuromodulation market share in 2020, and is anticipated to remain dominant during the forecast period, due to the rise in prevalence of neurological diseases, presence of key players for development of neuromodulation devices, and well-established infrastructure in the region. Asia-Pacific is anticipated to witness lucrative growth of neuromodulation Industry, owing to an increase in the number of hospitals, prevalence of epilepsy and high geriatric population.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the neuromodulation market as most hospitals are not operating due to the ongoing lockdowns in many countries. The spread of COVID-19 led to a major public health issue. However, a huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity to provide better healthcare facility. According to the Livanova, a medical technology company, it was reported that the neuromodulation sale decrease due to decline in both new patient and service implant procedure, across the globe.

KEY FINDINGS OF STUDY

• On the basis of technology, the internal neuromodulation segment was the highest contributor to the market in 2020.
• On the basis of application, the chronic pain segment was the highest contributor to the market in 2020
• Depending on biomaterial, metallic biomaterials segment dominated the market in 2020.

•    On the basis of region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.