Global Neuromodulation Market - Segmented by Technology, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)

The global neuromodulation market is expected to register a CAGR of about 14%, over the forecast period, 2018-2023. Neuromodulators are a subset of neurotransmitter. Unlike neurotransmitters, the release of neuromodulators occurs in a diffuse manner. This means that an entire neural tissue may be subject to the neuromodulator’s action due to exposure. This, in turn, can tune the neural circuitry of an entire brain region; not just that of an individual neuron.

Increase in the Aging Population to Fuel Market Growth

Neurological diseases are frequent in older adults, affecting around 55% of people age 55 and older. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization. Degenerative diseases, like dementia and Parkinson’s disease, as well as strokes and headaches are frequently encountered neurological diseases in elderly patients. Neuromodulation is an intracranial, electrical neuromodulation therapy that has FDA approval for the treatment of the neurological most of the diseases, like bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population. The proven efficacy and improving acceptance of this technology will lead to the surge in the market size during the forecast period. Other factors that will affect the growth of the market positively include rising prevalence of neurological disorders to spur market growth, strong product pipeline to propel the market, expanded target applications and new indications are expected to stimulate the growth of neuromodulation devices and investments and funds.

Inconsistent Reimbursement Policies Due to Lack of Practice Guide Lines

The lack of practice guidelines is a barrier to consistent application of the technology in practice, coverage, and reimbursement decisions. Without such guidelines, clinical decisions may be based on the opinions of independent practitioners who may or may not have experience with a technology and health plans setting coverage policy. Inconsistent reimbursement decisions may limit patient access to treatment and business development. This will also translate into slowdown of the growth of the neuromodulation market. Other factors that will act as restraints for the market include, lack of trained professionals likely to hamper market growth.

North America to Maintain Dominance

North America is the most attractive market in the neuromodulation industry and is estimated to be the first preference for new entrants due to the increasing faith in the technology and end-use in the region. Asia-Pacific is the fastest growing market; hence the established players are focusing on the region.

Key Developments in the Market:

• August 2017 - FDA Clears Xavant Technology's Stimpod NMS460 Non-Invasive NeuromodulationDevice for Treatment of Chronic Intractable Pain

Major Players: BIOCONTROL MEDICAL, BOSTON SCIENTIFIC CORPORATION, CYBERONICS, INC., MEDTRONIC, INC., NEURONETICS, INC., NEUROPACE, INC., NEUROSIGMA, INC., NEVRO CORPORATION, ST. JUDE MEDICAL, INC. AND SYNAPSE BIOMEDICAL, INC., amongst others.

Reasons to Purchase the Report

• Current and future neuromodulation market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)

Customization of the Report

• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs