What is the Global market size of the Neuromodulation Devices Market?

Global Neuromodulation Devices Market size was valued at USD 3656.12 million in 2021 and is poised to grow from USD 4000 million in 2022 to USD 8300 million by 2030, growing at a CAGR of 9.5% in the forecast period (2023-2030).

Neuromodulation Devices Market Size

Neuromodulation Devices Market Insights

Neuromodulation Devices Market size was valued at USD 4000 Million in 2023 and is poised to grow from USD 4380 Million in 2024 to USD 9088.5 Million by 2032, growing at a CAGR of 9.5% during the forecast period (2025-2032).

Innovations in neurostimulation techniques have been made possible by the rising prevalence of chronic conditions and the limits of pharmaceutical therapy in effectively treating these diseases. Numerous studies have been conducted on the functional properties of various human nerves and the outcomes of electrically stimulating these nerves to treat various illnesses. As a result, new methods and tools for identifying and treating chronic illnesses have emerged. These methods cover anything from spinal cord stimulation for the treatment of pain to vagus nerve stimulation for the treatment of epilepsy and other diseases. The market is characterized by the introduction of customized devices and methods for treating particular illnesses as well as ongoing advancements in neurostimulation methods.

More awareness of neurodegenerative diseases, increased research into broadening the uses of neuromodulation, and the rising prevalence of neurological disorders are the main factors driving the growth of this market. However, throughout the projected period, the high cost of neuromodulation operations and equipment, together with a lack of a qualified workforce, is anticipated to hinder the expansion of this market.

US Neuromodulation Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The neuromodulation devices market is highly concentrated, with the top 3–4 companies holding more than 90% of the market. With a varied portfolio, great brand recognition, widespread geographic reach, and a robust distribution network, Medtronic has been able to dominate the industry. Abbott and Boston Scientific Corporation have both experienced a decline in market share over the past few years as a result of delays in the introduction of cutting-edge products in the spinal cord stimulation and other key categories. 'Medtronic ', 'Synapse Biomedical ', 'Abbott Laboratories ', 'Boston Scientific Corporation ', 'LivaNova PLC ', 'Nevro Corp. ', 'NeuroSigma Inc. ', 'NeuroPace Inc. ', 'Cyberonics Inc. ', 'NDI Medical LLC ', 'NeuroMetrix Inc. ', 'NeuroVista Corporation ', 'Neuronetics Inc. ', 'BioControl Medical ', 'SPR Therapeutics ', 'MicroTransponder Inc. ', 'Soterix Medical Inc. ', 'BrainsWay Ltd. ', 'Saluda Medical Pty Ltd '

The global neuromodulation devices market is driven by a number of reasons. One of the key factors propelling the neuromodulation devices market is the increase in health issues. Due to the exceptional capacity to offer comfort in various kinds of illnesses, neuromodulation devices have grown in favor over the years for treating chronic pain, shoulder pain, headaches, and brain injuries. In addition to treating depression, digestive, and sleeping issues, neuromodulation devices are used. Therefore, the business for neuromodulation devices is being driven by the widespread use of these devices to treat a variety of disorders.

A sizable fraction of patients with long-term illnesses, such as chronic back pain, depression, epilepsy, and sleep apnea, among others, are showing signs of drug and medicine resistance. Resistance is evident in the treatment's slow progression and any outcomes that are delayed or insufficient. The market trends for neuromodulation devices are being driven by healthcare practitioners turning their attention to neurostimulation methods for the management of chronic illnesses as a result.

The neuromodulation market size in North America was at its highest level, and the region's dominance is mostly attributable to its patients' higher rates of diagnosis and treatment as well as their greater use of neuromodulation devices to treat chronic illnesses. The second-largest market share belonged to Europe. The demand for these devices is being fueled by a strong healthcare infrastructure as well as an increase in non-invasive device approvals in the region.