NEW
YORK, June 20, 2024 /PRNewswire/ -- The
global neuromodulation market size is estimated to grow
by USD 6.21 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 12.57% during the forecast
period. Growing geriatric population is driving
market growth, with a trend towards increasing funding
for neurology. However, high cost of neuromodulation devices
poses a challenge. Key market players include Abbott
Laboratories, Axonics Inc., BioWave Ltd., Boston Scientific Corp.,
BrainsWay Ltd., Cognito Therapeutics, electroCore Inc., Evren
Technologies Inc., LivaNova PLC, Medtronic Plc, NeuroMetrix Inc.,
NEURONETICS Inc., Nevro Corp., OMRON Corp., PathMaker Neurosystems
Inc., Saluda Medical Pty Ltd., ShiraTronics, Theranica Bio
Electronics Ltd., Thync Global Inc., and Ziv HealthCare Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Implantable
neuromodulation devices and External neuromodulation devices),
End-user (Hospitals, ASCs, and Others), and Geography (North
America, Europe, Asia, and Rest of World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
Abbott Laboratories,
Axonics Inc., BioWave Ltd., Boston Scientific Corp., BrainsWay
Ltd., Cognito Therapeutics, electroCore Inc., Evren Technologies
Inc., LivaNova PLC, Medtronic Plc, NeuroMetrix Inc., NEURONETICS
Inc., Nevro Corp., OMRON Corp., PathMaker Neurosystems Inc., Saluda
Medical Pty Ltd., ShiraTronics, Theranica Bio Electronics Ltd.,
Thync Global Inc., and Ziv HealthCare Ltd.
|
Key Market Trends Fueling Growth
ai_trending_factor_new
The neurology research sector has experienced substantial growth
due to the rising prevalence of neurological disorders. Notable
investments include Canada's
USD38.3 million allocation for brain
health research in March 2023 and the
National Institute on Aging's USD25
million grant in 2022. The NIHR invested USD1.6 billion in 2021 to support neurological
disorder studies and training. Neuromodulation, a sector focusing
on chronic pain, epilepsy, depression, and other neurological
conditions, is a significant area of research. Technologies like
deep brain stimulation (DBS), spinal cord stimulation (SCS), and
functional neuromodulation are being explored. Miniaturized devices
and personalized treatment options are key trends. Governmental
backing, insurance coverage, and patient-centric solutions are
shaping the market landscape. Neurodegenerative conditions, mental
health disorders, and lifestyle diseases are primary
applications.
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Market Challenges
•
ai_dominating_segment_factor_new
• The
neuromodulation market is experiencing significant growth, yet
affordability remains a challenge. In developed and developing
countries, the high cost of neuromodulation devices, including
pulse generators, Deep Brain Stimulation (DBS) surgeries, and
Spinal Cord Stimulation (SCS) systems, hinders widespread adoption.
Neurodegenerative conditions, mental health disorders, and
lifestyle diseases are primary therapeutic areas for
neuromodulation technology. Healthcare professionals and insurance
coverage play crucial roles in patient access. Technological
strides, such as miniaturized devices and rechargeable implants,
offer potential cost savings. Neuromodulation therapies, including
Self-Administered Neuromodulation (SANS) and Sacral Nerve
Stimulation (SNS), provide patient-centric solutions for refractory
patients. Venture companies and research landscape advancements
contribute to the sector's progress.
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challenges - Download a Sample Report
Segment Overview
This neuromodulation market report extensively covers market
segmentation by
- Product
- 1.1 Implantable neuromodulation devices
- 1.2 External neuromodulation devices
- End-user
- 2.1 Hospitals
- 2.2 ASCs
- 2.3 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Implantable neuromodulation devices- The
Neuromodulation market is segmented by product into various types
based on surgical invasiveness and technological advancements.
These include Functional Neuromodulation, such as Spinal Cord
Stimulation (SCS) and Peripheral Nerve Stimulation (PNS), and
Interventional Neuromodulation, like Deep Brain Stimulation (DBS)
and Vagus Nerve Stimulation (VNS). SCS is used for chronic pain
treatment, delivering low-voltage electrical currents to specific
nerves to block pain signals, while DBS targets neurological
disorders like depression, dystonia, and early-onset Alzheimer's in
the deep brain. Technological strides in Neuromodulation technology
have led to the development of closed-loop systems, miniaturized
devices, and improved leads, catering to an early-onset patient
population with lifestyle diseases. Governmental backing, insurance
coverage, and healthcare professionals' acceptance are crucial
factors driving the growth of this sector. Neuromodulation
therapies, including VNS and DBS, are used for mental health
disorders and neurodegenerative conditions, with venture companies
and medical device markets playing significant roles in their
development and commercialization.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Neuromodulation Market encompasses innovative technologies
and therapies designed to alleviate chronic pain and various
lifestyle diseases, including depression, dystonia, early-onset
Alzheimer's, epilepsy, and essential tremor. Neuromodulation sector
focuses on Neuromodulation technology, which includes Deep Brain
Stimulation (DBS) and non-invasive techniques. Closed-loop systems
are a significant advancement in this field, enabling real-time
monitoring and adjustment of therapy. Insurance coverage, such as
Medicaid and Medicare, plays a crucial role in expanding access to
these therapies for the early-onset patient population suffering
from mental health disorders and neurological conditions. The
medical device markets continue to invest in Neuromodulation
therapies, driving growth and innovation in this sector.
Market Research Overview
The Neuromodulation market refers to the development,
production, and implementation of devices and techniques that alter
the function of the nervous system. These interventions aim to
treat various neurological and psychiatric conditions, including
chronic pain, epilepsy, Parkinson's disease, and depression.
Neuromodulation therapies include Transcranial Magnetic Stimulation
(TMS), Electrical Convulsive Therapy (ECT), Spinal Cord Stimulation
(SCS), and Deep Brain Stimulation (DBS). These therapies work by
delivering electrical or magnetic pulses to specific areas of the
brain or nervous system, modifying the activity of neurons and
improving symptoms. Neuromodulation is a rapidly growing field due
to its potential to offer effective treatments for debilitating
conditions with fewer side effects than traditional methods. The
market is expected to expand significantly in the coming years due
to increasing research and development efforts and the rising
prevalence of neurological disorders.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Implantable Neuromodulation Devices
- External Neuromodulation Devices
- End-user
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio