Global Neuromodulation Devices Market was valued at USD 5.25 billion in 2020, growing at a CAGR of 8.95% during the forecast period from 2021 to 2026, it is expected to reach USD 9.23 billion by 2026.
The major factors driving the demand for Neuromodulation Devices are the growing prevalence of neurological disorders coupled with the rising geriatric population, expanding device application in various other indications, and the launch of technically advanced products in the market. Some of the Neuromodulation Devices companies in the market include Medtronic, Boston Scientific Corporation, Abbott, LivaNova, NeuroSigma, NEVRO CORP., Synapse Biomedical Inc., NeuroPace, Inc., Bioventus., Soterix Medical Inc., and others
DelveInsight’s “Neuromodulation Devices Market Forecast” Report provides the current and forecasted Neuromodulation Devices market trends for the next five years, upcoming innovation in the devices, individual market shares, challenges, drivers & barriers, and key competitors in the market.
Neuromodulation Devices Overview
The International Neuromodulation Society describes neuromodulation as the modification of nerve activity through targeted delivery of a stimulus, such as electrical stimulation or chemical agents, to specific neurological sites in the body. Its uses span applications from chronic pain to neurological conditions and support the functional recovery of such abilities as hearing, vision, self-care, or mobility.
Over the past few decades, neuromodulation has progressively been used to treat conditions that become more prevalent in an aging population, such as Parkinson’s disease, chronic pain ranging from debilitating neuropathic back and leg (arm) pain to severe headaches, spasticity, epilepsy, and bladder and bowel disorders. Additionally, the Neuromodulation Devices are under evaluation for conditions ranging from gastroparesis and chronic angina to stroke recovery and Alzheimer’s disease.
The current advances in neurotechnologies and neuroimaging are adding to the fast increase in neuromodulation devices usage to treat an increasingly wide range of neurologic and psychiatric disorders. Therefore, expansion of device usage to other chronic indications and targeted applications is also anticipated to propel the global neuromodulation devices market.
Medtronic is one of the leading players in the Neuromodulation Devices Market with several of its products in the market such as Deep Brain Stimulation Systems, Sacral Neuromodulation Systems, Spinal Cord Stimulation Systems, Targeted Drug Delivery Systems, and others. Among several products, the Medtronic Bladder Stimulator is the one with the highest demand in the market. Medtronic Bladder Control Therapy (Sacral Neuromodulation) is in use for the treatment of chronic intractable functional disorders of the pelvis, lower urinary, and intestinal tract. However, it is not intended for patients with a urinary blockage.
Portable Neuromodulation Stimulator (PoNS™) Device by Helius Medical Technologies, is another product in the market which is use as a short-term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis (“MS”). Similarly, today neuromodulation devices for migraine are also available in the market. The Single Pulse Transcranial Magnetic Stimulator is a handheld device, approved by the FDA for the acute treatment of migraine with aura, and recently got approval for the preventive treatment of migraine.
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In terms of revenue share North America currently leads the global market and is expected to dominate the segment during the forecast period as well. Some of the key factors contributing to the Neuromodulation Devices Market growth include the growing cases of neurologic and psychiatric disorders in the United States that require treatment through these Devices.
According to the Parkinson’s Foundation (2020), nearly one million people in the US are living with Parkinson’s Disease (PD), which is more than the combined number of people diagnosed with multiple sclerosis, muscular dystrophy, and Lou Gehrig’s disease (or Amyotrophic Lateral Sclerosis). This is expected to rise to 1.2 million by 2030. More than 10 million people worldwide are living with PD. Additionally, as per the National Spinal Cord Injury Statistical Center (2019), the annual incidence of spinal cord injury (SCI) is approximately 54 cases per one million people in the United States, or about 17,730 new SCI cases each year. As per DelveInsight, the increase in the prevalence of the population suffering from chronic diseases will lead to a greater demand for Neuromodulation Devices in the North American market, which eventually will drive the market growth.
The Neuromodulation Devices Market in North America is already penetrated by global companies. However, developing countries such as Mexico, India, and China, provide immense opportunities for the global MedTech companies to enter the market.
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In recent years, the Neuromodulation Devices Market observed expansions in terms of clinical, commercial, and regulatory development. Here are some of the major breakthroughs in the segment
- In August 2021, Merck announced a collaboration in its new Bioelectronics innovation field with neuroloop GmbH, a B. Braun subsidiary, to develop a neurostimulator device that can complement the existing drug therapies of patients with chronic inflammatory diseases.
- In August 2021, the US Food and Drug Administration (FDA) has expanded the indication for noninvasive BrainsWay Deep Transcranial Magnetic Stimulation (Deep TMSTM) System to include treatment of comorbid anxiety symptoms in adult patients with depression.
- In July 2021, Nevro Corp. received FDA approval for its Senza® System for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN).
- In March 2021, Axonics Modulation Technologies, Inc. entered into a strategic alliance with Micro Systems Technologies (MST) for the manufacture of a non-rechargeable implantable sacral neuromodulation device.
As per DelveInsight, due to the ongoing clinical and commercial developments in the Neuromodulation Devices Market, there will be rapid growth in the Neuromodulation Devices Market in the coming years.
Key Players In the Neuromodulation Devices Market
Currently, some of the key Neuromodulation Devices companies in the market include Medtronic (NYSE: MDT), Boston Scientific Corporation (NYSE: BSX), Abbott (NYSE: ABT), LivaNova (NASDAQ: LIVN), NeuroSigma, NEVRO CORP. (NYSE: NVRO), Synapse Biomedical Inc., NeuroPace, Inc. (NASDAQ: NPCE), Bioventus (NASDAQ: BVS), Soterix Medical Inc., and others.
Moreover, several new companies are also expected to enter the market in the coming years, which is anticipated to transform the Neuromodulation Devices’ Competitive Landscape immensely.
Covid-19 Impact On Neuromodulation Devices Market
Owing to the COVID-19 pandemic outbreak the demand for the elective surgeries needed for the neuromodulation implantable devices has been severely impacted globally. However, as the situation continues to normalize due to higher awareness among the people, the rise in vaccination, and relief in lockdowns, the healthcare system is expected to get on track. The neuromodulation devices market is also expected to grow at a normal level once the restrictions are lifted and hospitals resume surgeries.
The demand for vagus nerve stimulator is expected to be driven as the FDA has authorized the emergency use of non-invasive VNS on either side of the patient’s neck in the acute treatment of adult patients with known or suspected COVID-19, who are experiencing an exacerbation of asthma-related dyspnea and reduced airflow, and for whom approved drug therapies are not tolerated or provide insufficient symptom relief as assessed by their healthcare provider.
To gain a better understanding of potential new entrants, competitive dynamics, profitability prospects, and attractiveness of the market, connect with us to get Neuromodulation Devices Porter’s Five Forces Analysis
Scope of the Neuromodulation Devices Market Report:
- Geography Covered: Global
- Study Period: 2021-2026
- Market Segmentation By Type – Invasive & Non-Invasive
- Market Segmentation By Neuromodulation Product – Spinal Cord Stimulators, Vagus Nerve Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Transcranial Magnetic Stimulators, Others.
- Market Segmentation By Application – Pain Management, Neurological Disorder, Respiratory Disorders, Others.
- Market Segmentation By End User- Hospitals, Specialty Centers, Others.
- Market Segmentation By Geography – North America, Europe, Asia-Pacific, and Rest of World.
- Porter’s Five Forces Analysis
- Product Profiles
- Case Studies
- KOL’s Views
- Analyst’s View
Table of Contents
|3||Regulatory and Patent Analysis|
|4||Neuromodulation Devices Market Key factors analysis|
|5||Neuromodulation Devices Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Neuromodulation Devices Market|
|7||Neuromodulation Devices Market Layout|
|8||Neuromodulation Devices Global Company Share Analysis – Key 3-5 Companies|
|9||Neuromodulation Devices Product Profiles and Key Companies|
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Key Takeaways From the Neuromodulation Devices Market Report Study
- In-depth analysis of the Neuromodulation Devices Market size, share, and key trends.
- Comprehensive analysis for current Neuromodulation Devices Market size (2020), and market forecast for 5 years (2021-2026)
- The effect of the COVID-19 pandemic on the Neuromodulation Devices Market is significant. To capture and analyze suitable indicators, our experts are closely watching the Neuromodulation Devices Market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the Global Neuromodulation Devices Market.
- Various opportunities are available for the other competitors in the Neuromodulation Devices Market space.
- What are the top-performing segments in 2020? How these segments will perform in 2026.
- Which are the top-performing regions and countries in the current Neuromodulation Devices Market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Neuromodulation Devices market growth in the coming future?
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Related Healthcare Blogs by DelveInsight
Vagus Nerve Stimulators Market is growing immensely with the active participation of key companies such as Livanova, ReShape Lifesciences, and NeuroPace, among others.
Globally, some of the key companies such as Theranica Bio-Electronics LTD, electroCore, Inc., Cirrus Healthcare Products, Cefaly Technology, eNeura Inc., Prolivio, Neuros Medical, Neurolief Ltd., tVNS Technologies GmbH, Medtronic, WAT Medical, Chordate Medical, Chordate Medical, Soterix Medical among other, are actively working in the Neuromodulation Devices for the Migraine Treatment.
Over the past few years, the demand for the Transcranial Stimulation Devices in the Neurological Disorders Market has increased immensely. To fulfill the demand and to capture the growing market, some of the key companies such as Magstim, Brainsway Ltd, Neuronetics Inc., TMS Neurosolutions, eNeura Therapeutics, Mag Venture, Nexstim Plc among others, actively focusing on developing TMS devices for the Neurological Disorders.
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