Neuromodulation Market worth $11.0 billion by 2028
The report "Neuromodulation Market by Type (Internal (Spinal Cord Stimulation, Deep Brain Stimulation), External (Transcranial Magnetic Stimulation), Application (Tremor, Epilepsy, Parkinson's Disease, Depression, Gastroparesis), and Region - Global Forecast to 2028", is projected to reach USD 11.0 billion by 2028 from USD 6.2 billion in 2023, at a CAGR of 12.0% during the forecast period.
Browse 195 market data Tables and 39 Figures spread through 210 Pages and in-depth TOC on "Neuromodulation Market by Type (Internal (Spinal Cord Stimulation, Deep Brain Stimulation), External (Transcranial Magnetic Stimulation), Application (Tremor, Epilepsy, Parkinson's Disease, Depression, Gastroparesis), and Region - Global Forecast to 2028"
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The neuromodulation market is driven by the increasing incidences of neurological diseases such as Alzheimer's disease, Parkinson's disease, the growing geriatric population and subsequent increase in the prevalence of neurological disease, government support for research on neurological disorders, and the availability of reimbursement of neuromodulation devices. Growth in emerging countries and the widening application scope of neuromodulation are anticipated to offer lucrative growth opportunities for the neuromodulation market.
Internal neuromodulation accounted for the largest share of the neuromodulation market, by type segment, in 2022.
The global neuromodulation market is segmented into internal neuromodulation and external neuromodulation based on type. In 2022, internal neuromodulation dominated the global neuromodulation market. The benefits of of internal neuromodulation procedures, such as reduced post-surgical complications, shorter hospitalization are the factors supporting growth in this market.
The spinal cord stimulation segment accounted for the largest share of the neuromodulation market, by internal neuromodulation type, in 2022.
On the basis of type, neuromodulation market is segmented into sacral nerve stimulation, spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, and gastric electrical stimulation. The spinal cord stimulation accounts for largest in the neuromodulation market. The increasing spinal cord injuries and favorable reimbursement scenario can be a key driving factors of this market. This will result in, increasing demand for spinal cord stimulation devices during the treatment.
North America is the largest regional market for neuromodulation market.
The global neuromodulation market has been segmented into four major regions—North America, Europe, the Asia Pacific, and Rest of the World. In 2022, North America dominated the global neuromodulation market. The large share of the North American market is primarily driven by the increasing adoption of neuromodulation devices among the medical professionals, increasing incidences of neurological disorders, increasing geriatric population and aging associated neurological diseases such as Parkinson's disease, Alzheimer's disease and epilepsy.
The major players operating in neuromodulation market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), and LivaNova (UK).
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