The global neuromodulation market size is expected to reach USD 14.57 billion by 2030, according to a new study by Polaris Market Research. The report “Neuromodulation Market Share, Size, Trends, Industry Analysis Report, By Technology (Internal, External); By Product; By Application; By Biomaterial; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
North America dominated the overall industry, with the United States being the largest contributor. The presence of major industry players and large pharmaceutical and biopharmaceutical industries, as well as rising investments in the country for the adoption of advanced technologies, are expected to drive regional industry growth over the forecast period.
According to the Parkinson’s Foundation, nearly one million people in the United States will have Parkinson’s disease by 2020, which is more than the combined number of people with multiple sclerosis, muscular dystrophy, and Lou Gehrig’s disease. By 2030, the figure is expected to rise to 1.2 million.
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The continuous rise in the number of neurological disorders worldwide is the primary factor driving industry growth. According to WHO, nearly 1.1 billion people (roughly 13.75% of the global population) are currently suffering from neurological disorders such as Parkinson’s disease, Alzheimer’s disease, sclerosis, stroke, migraine, and others. According to SMR’s research, Ischemic Strokes are the most common neurological disorder worldwide. Ischemic
Neuromodulation Market Report Highlights
- Due to the growing usage of spinal cord stimulators for the treatment of nerve pain and chronic pain, this segment dominated with a revenue share in 2021. The deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, transcranial magnetic stimulators, vagus nerve stimulators, and other product types are the market’s main subgroups.
- Due to developments and expansion in R&D for neuromodulation solutions, the metallic biomaterials category led the market in 2021 with a revenue share. Throughout the projected period, the category is also anticipated to hold its position.
- The segment of hospitals and ASCs had the highest revenue share in 2021, and it is anticipated that it would continue to dominate over the projected period. Additionally, it is anticipated to have the quickest CAGR during the projection period.
- In 2021, North America had the highest revenue share. The industry expansion in North America is being fueled by an increase in patients with neurological illnesses, which is driving up demand for neuromodulation devices, greater rivalry among market participants, and considerable investment in research & development to provide new treatment options.
- Some of the major players operating in the global market include LivaNova PLC, Medtronic, Electrocore,Inc., Boston Scientific Corporation, Abbott, Inspire Medical Systems, Inc., Neuronetics, ReShape Lifesciences, Inc., NeuroPace, Inc. and others
Polaris Market Research has segmented the neuromodulation market report based on product type, technology type, application, biomaterial, end-use and region:
Neuromodulation, Product Type Outlook (Revenue – USD Billion, 2022 – 2030)
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Transcranial Magnetic Stimulators
Neuromodulation, Technology Type Outlook (Revenue – USD Billion, 2022 – 2030)
Neuromodulation, Application Outlook (Revenue – USD Billion, 2022 – 2030)
- Parkinson’s Disease
- Chronic Pain
- Urinary & Faecal Incontinence
Neuromodulation, Biomaterial Outlook (Revenue – USD Billion, 2022 – 2030)
- Polymeric Biomaterial
- Metallic Biomaterial
- Ceramic Biomaterial
Neuromodulation, End Use Outlook (Revenue – USD Billion, 2022 – 2030)
- Hospitals & Ambulatory Surgery Centers (ASC)
- Clinics & Physiotherapy Centers
Neuromodulation, Regional Outlook (Revenue – USD Billion, 2022 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia