Neuromodulation Market

The global Neuromodulation market in terms of revenue was estimated to be worth $6.2 Billion in 2023 and is poised to reach $11.0 Billion by 2028, growing at a CAGR of 12.0% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Market growth is driven by the prevalence of neurological disorders and nerve injuries, increasing focus on the development of advanced neuromodulation and neurostimulation technologies, government support for research on neurological disorders, growing geriatric population and subsequent increase in the prevalence of neurological disorders, availability of reimbursement of neuromodulation devices, collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices.

Attractive Opportunities in the Neuromodulation Market

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Neuromodulation Market Dynamics

Driver: Increasing focus on the development of advanced neuromodulation and neurostimulation technologies

In recent years, many of the companies and researchers have focused on developing advanced neuromodulation and neurostimulation devices for nerve repair & regeneration.

• In July 2023, Boston Scientific received the US FDA approval for the Vercise Neural Navigator 5 Software.
• In April 2022, Boston Scientific Corporation (US) received FDA approval for its Vercise Neural Navigator with visualization software, STIMVIEW XT. The device allows medical professionals to view the real-time location of leads, or electrodes, in patients with Parkinson’s disease and those undergoing deep brain stimulation (DBS).
• In May 2021, researchers from the University of Oxford, the University of California San Francisco (UCSF), the Mayo Clinic, and Brown University are entered into collaboration to form a multi-partner “OpenMind” consortium to develop an open-source technology platform for next-generation neurostimulation devices. The device would perform brain stimulation and sense, record, and stream activities in the brain.

Such strategic collaborations among market players are expected to lead to the development of advanced technologies related to neuromodulation and neurostimulation devices, thus driving the growth of the overall market.

Restraint: Preference for drug therapies over neuromodulation products

Most of the patients are prefer drug therapies over neuromodulation for treating neurological disorders. This is due to limited patient awareness about the availability of alternative surgical treatments which can be used neuromodulation devices. The lack of awareness is also evident in surgeons in some countries. For instance, overactive bladder (OAB) syndrome remains untreated in many individuals across the globe Thus, the lack of awareness about the benefits of using neuromodulation devices to treat neurological diseases is expected to restrain the growth of this market during the forecast period.

Opportunity: Large population and increasing healthcare expenditure in emerging countries

Emerging countries like India, China, and Brazil are expected to offer potential growth opportunities for market players during the forecast period. The population base, especially in China and India, is expected to attract a larger number of companies in this market. This can be supported by the rising incidence of neurological diseases like Parkinson’s, Alzheimer’s, and epilepsy. According to estimates published in PubMed, by 2030, 4.94 million people in China will have Parkinson’s, accounting for nearly half of all patients globally.

Challenge: Stringent regulatory framework and time-consuming approval processes for neuromodulation and neurostimulation devices

Stringent regulations and time-consuming approval processes for neuromodulation and neurostimulation devices are considered a major challenge for companies operating in this market. The regulatory approval process differs for different medical devices in most countries based on their risk profile. For instance, medical devices are categorized into three classes in the US based on their risk profile—Class I, Class II, and Class III. Depending on the application, neuromodulation and neurostimulation devices fall under Class II or Class III medical devices and require premarket notification via the 510(k) process for their approval and launch in the US market. For instance, spinal cord stimulators fall under Class II for applications such as managing chronic and intractable pain and Class III for applications such as pain relief. Players focusing on launching their neuromodulation products in the US face major challenges as the number of premarket approvals granted over the years has reduced. The time required for FDA internal review and abbreviated 510(k) approvals has recently increased.

Neuromodulation Market Ecosystem Map

In 2022, internal accounted for the largest share in the neuromodulation industry, by type.

The neuromodulation market is segmented into internal and external neuromodulation. In 2022, Internal neuromodulation accounted for the largest share of the market. The major market can be attributed to the benefits of internal neuromodulation procedures, such as reduced post-surgical complications, shorter hospitalizations, and improved quality of life, which are expected to contribute to the significant share of the type segment.

In 2022, spinal cord stimulation accounted for the largest share in the neuromodulation industry for internal, by type.

On the basis of type, the internal neuromodulation market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electrical stimulation. The spinal cord stimulation accounted for the largest share of the market in 2022. The increasing number of people suffering from FBSS (failed back surgery syndrome), ischemia, and chronic pain will drive the market growth.

In 2022, transcutaneous electrical nerve stimulation accounted for the largest share in the external neuromodulation industry, by type.

The external neuromodulation market is segmented into transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation. In 2022, transcutaneous electrical nerve stimulation dominated the largest share of the market. They are inexpensive, easily available to end users, and can be self-administered. Due to such benefits the growth of this segment will drive the market growth.

In 2022, North America accounted for the largest share of the neuromodulation industry.

The global neuromodulation market is segmented into four major regions: North America, Europe, the Asia Pacific, Rest of the World. North America dominated the  market in 2022. Factors such as increasing incidences of neurological disorders, the highly developed healthcare system, and the large number of manufacturing companies are contributing to the large share of this regional segment.

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The major players in neuromodulation market are Medtronic plc (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US). These players’ market leadership is due to their broad product portfolios and vast global footprint. These dominant market players have advantages, including strong research and development budgets, better marketing and distribution networks, and established brand recognition.

Scope of the Neuromodulation Industry

This report categorizes the neuromodulation market to forecast revenue and analyze trends in each of the following submarkets

By Type

• Internal Neuromodulation
  • Spinal Cord Stimulation
  • Deep Brain Stimulation
  • Vagus Nerve Stimulation
  • Sacral Nerve Stimulation
  • Gastric Electrical Stimulation
• External Neuromodulation
  • Transcutaneous Electrical Nerve Stimulation (TENS)
  • Transcranial Magnetic Stimulation (TMS)
  • Respiratory Electrical Stimulation (RES)

By Application

• Spinal Cord Stimulation Market, By Application
  • Failed Back Syndrome
  • Chronic Pain
  • Ischemia
• Deep Brain Stimulation Market, By Application
  • Parkinson’s Disease
  • Tremor
  • Depression
  • Other DBS Applications
• Sacral Nerve Stimulation Market, By Application
  • Urine Incontinence
  • Fecal Incontinence
• Vagus Nerve Stimulation Market, By Application
  • Epilepsy
  • Other VNS Applications
• Gastric Electrical Stimulation Market, By Application
  • Gastroparesis
  • Obesity
• Transcutaneous Electrical Nerve Stimulation Market, By Application
  • Treatment-resistant Depression
  • Other TENS Applications
• Transcranial Magnetic Stimulation Market, By Application
  • Depression
  • Migraine Headache
• Respiratory Electrical Stimulation Market, By Application
  • Spinal Cord Injury

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Rest of the World
  • Latin America
  • Middle East and Africa (Excluding GCC countries)
  • GCC Countries

Recent Developments of Neuromodulation Industry:

• In 2023, Medtronic (Ireland)  received CE (Conformité Européenne) Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS).
• In 2023, Boston Scientific Corporation (US) received the US FDA approval for the Vercise Neural Navigator 5 Software/ It is a part of the Vercise Genus Deep Brain Stimulation (DBS) Systems.
• In 2023, Boston Scientific Corporation (US) entered into an agreement to acquire Relievant Medsystems, Inc. (US) to expand its neuromodulation portfolio to provide more treatment options for people living with chronic low back pain.
• In 2022, Medtronic (Ireland) received FDA approval for InterStim X System, which is a next-generation personalized sacral nerve stimulation therapy used for bladder and bowel control.

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