Neuromodulation Market Size, Share Report, Analysis, Trends, Forecasts To 2032

Neuromodulation Market Insights

According to the report published by Zion Market Research, the global Neuromodulation Market size was valued at USD 6.63 Billion in 2023 and is predicted to reach USD 11.30 Billion by the end of 2032. The market is expected to grow with a CAGR of 6.1% during the forecast period. The report analyzes the global Neuromodulation Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Neuromodulation industry.

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Global Neuromodulation Market: Overview

Neuromodulation is the technology that alters or modulates the activity of the nerve by delivering pharmaceutical or electrical agents directly to a target area. Neuromodulation treatments and devices are life changing as they affect every area of the body and treat almost every symptom or disease right from tremors to headaches or urinary incontinence to spinal cord damage. For the next decade, neuromodulation is considered a major growing industry owing to its broad therapeutic scope and ongoing improvements in biotechnology.

Global Neuromodulation Market: Growth Factors

The global neuromodulation market is growing at a speedy rate. An increase in prevalence of neurological disorders, a wide range of neuromodulation applications, and growing awareness of neurodegenerative disorders are some of the crucial factors that are fostering the growth of the global market. The most common indication of neuromodulation is most frequently in the context of chronic pain relief. However, there are numerous applications of neuromodulation such as spinal cord stimulation for ischemic disorders, sacral nerve stimulation for pelvic disorders & incontinence, and deep brain stimulation (DBS) treatment for Parkinson's disease. In addition to this, in case of a cochlear implant restoring hearing, response is stimulated by neuromodulation devices in a deaf patient.

All such factors in combination with the development of technology and increase in adoption of neuromodulation therapies are escalating the growth of the global neuromodulation market. Moreover, growing demand for non-invasive procedures for the treatment of diseases and growing geriatric population are also the factors that are propelling the growth of the global market. In addition to this, the enhancement of regulatory processes for developers by the regulatory bodies will further spur the growth of the market. Furthermore, innovations in the devices and treatment may offer several opportunities for the growth of the global neuromodulation market over the forecast period. However, the dearth of skilled professionals may impede the growth of the global neuromodulation market.

Surgical interventions are required by neuromodulation, but during the Covid-19 pandemic, the government shifted the healthcare care workers towards the treatment of covid-19 patients and postponed elective procedures and surgeries. The institutes are been hampered financially due to postponing of the procedures. The sales of neuromodulation devices also declined during the pandemic period. All such factors resulted in the slow growth of the market in the pandemic situation.

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Global Neuromodulation Market: Segmentation

The global neuromodulation market is divided into technology, application, and region.

Based on the technology, the global neuromodulation market is bifurcated into external neuromodulation (non-invasive) and internal neuromodulation.

The application segment is classified into Parkinson's disease, pain management, dystonia, depression, epilepsy, tremor, and other applications.

Neuromodulation Market: Report Scope

Global Neuromodulation Market: Regional Analysis

North America is estimated to hold the largest share in the global neuromodulation market during the forecast period. This is primarily due to the increase in the prevalence of neurological disorders, growing geriatric population demanding non-invasive treatment for pain management, and increase in the adoption of neuromodulation therapies owing to its wide applications. In addition to this, presence of major players in the US is equally contributing to the growth of the market in North America. Europe is estimated to grow at a healthy rate. This is attributed to the increase in investment for the development of neuromodulation therapies. Asia Pacific is expected to grow rapidly and register the fastest growth during the forecast period. An increase in research and rise in neurological disorders are the factors that are fueling the growth of the market in this region.

Global Neuromodulation Market: Competitive Players

The global neuromodulation market is highly competitive. Key players are majorly focusing on

• partnerships
• agreements

product launches to strengthen their presence in the global market.

• Synapse Biomedical, Inc.
• LivaNova, Abbott
• Boston Scientific Corporation
• Medtronic
• BioControl Medical
• Neuronetics
• NeuroPace
• NeuroSigma
• Nevro Corporation

The Global Neuromodulation Market segments are as follows:

By Technology Type

• external neuromodulation (non-invasive)
• internal neuromodulation.

By Application Type

• Parkinson's disease
• pain management
• dystonia
• depression
• epilepsy
• tremor
• other applications.

Global Neuromodulation Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.