Neuromodulation Devices Market

Neuromodulation Devices Market Size (2024 to 2029)

The global neuromodulation devices market size is expected to reach USD 49.80 billion by 2029 from USD 30.77 billion in 2024, growing at a CAGR of 10.11% from 2024 to 2029.

MARKET DRIVERS

The growing awareness regarding the benefits of neuromodulation therapies majorly drives global market growth. As awareness regarding neuromodulation therapy is increasing among people, the number of patients opting for consultation and therapy for nerve injuries and chronic disorders has been rising.

Technological advancements in the neuromodulation devices market in the form of non-invasive types of devices have fuelled market growth and have been expanding to unpenetrated regions. As the risk associated with surgery in the non-invasive type of devices is very low, a greater number of people are opting for neuromodulation surgeries. The non-invasive devices have changed the market completely as the biggest market for neuromodulation devices market that is the United States is based on the use of non-invasive devices. The prevalence of nerve injuries and chronic pain and conditions such as cancer has been rising worldwide as the population of aged citizens is increasing and the rate of obesity is rising at an alarming rate. Neuromodulation devices offer a safe and effective way to manage chronic pain. These devices work by stimulating nerves or the spinal cord, which can help to reduce pain.

Therefore, rising awareness regarding neuromodulation therapy and surgery, technological advancements in the market, and the prevalence of conditions causing disorders are the major factors driving the growth of the neuromodulation devices market.

MARKET RESTRAINTS

The high cost of neuromodulation devices leads to a higher cost of treatment of nerve injuries and chronic disorders. The installation and setup as well as the maintenance cost for the neuromodulation devices, is very high.

This restricts the growth of the neuromodulation devices market in developed and underdeveloped countries like Nepal and many African countries. Due to the high cost of the treatment, many people cannot afford neuromodulation therapy. Risk is associated with neuromodulation therapy or surgery. Risk of side effects like bleeding, infection, or pain are associated with the surgery. In certain severe cases, stroke or death can also happen. This restricts the patients from considering the option of surgery for chronic disorders. In many European countries, reimbursement is given for the treatment using neuromodulation devices. But the countries where the cost of treatment is not reimbursed, the number of patients considering the neuromodulation devices treatment is very low.

Hence, the high initial as well as maintenance costs of neuromodulation devices, the risk associated with the treatment, and limited or no reimbursement of the cost of treatment are the major limitations for the growth of the neuromodulation devices market.

Impact of COVID-19 on the neuromodulation devices market

The COVID-19 pandemic had a negative impact on the neuromodulation devices market. The United States is the biggest market for neuromodulation devices and has been completely shut down during the COVID-19 pandemic. As the treatment, as well as research for the patients affected by the COVID-19 virus was prioritized, the investments and the R&D activities in the field of neuromodulation therapy had to be stopped. Due to the global supply chain crisis all over the world, the supply of raw materials required to produce neuromodulation devices came to a halt. Also, the delivery of produced neuromodulation devices to consumers, such as hospitals and specialized clinics, was not possible. The financial distress spread across the sectors affected by decreased investments in the neuromodulation devices market. However, in the post-pandemic period, the neuromodulation devices market bounced back as the research and development work continued again. It can be concluded that the neuromodulation devices market experienced a decline initially but gained back the market share in the later phases.

REPORT COVERAGE

SEGMENTAL ANALAYSIS

Global Neuromodulation Devices Market Analysis By Type

The non-invasive segment is predicted to account for the largest share of the global neuromodulation devices market during the forecast period. As the demand for minimally invasive procedures is increasing, the requirement for non-invasive neuromodulation devices is also increasing. The non-invasive segment includes devices such as transcranial magnetic stimulation (TMS) devices, Vagus nerve stimulators (VNS) devices, and peripheral nerve stimulators (PNS) devices. These devices are not surgically implanted and can be used at home. Thus, they are nowadays preferred by patients.

The invasive devices segment is expected to register a healthy CAGR in the global neuromodulation devices market during the forecast period. Invasive segment includes devices such as deep brain stimulators, spinal cord stimulators, and sacral nerve stimulators. These devices need to be surgically implanted in the body and require a longer recovery time as compared to non-invasive. The invasive devices are mostly used for treating Parkinson’s disease and other disorders associated with movement.

Global Neuromodulation Devices Market Analysis By Application

The pain management segment is estimated to account for the major share of the global neuromodulation devices market during the forecast period. As the number of patients suffering from chronic pain is increasing and neuromodulation pain management devices are an effective option for relief, the demand is rising on a Y-O-Y basis.

The neurological disorders segment is predicted to hold the second-largest share of the worldwide market during the forecast period. Neuromodulation devices are used for the treatment of neurological disorders like Parkinson’s disease, epilepsy, and depression.

The respiratory disorders segment is projected to occupy a considerable share of the global neuromodulation devices market in the coming years. Respiratory disorders such as (COPD) Chronic Obstructive Pulmonary Disease and Asthma are being treated using neuromodulation devices.

Global Neuromodulation Devices Market Analysis By End-users

The hospitals segment is predicted to account for the largest share of the global neuromodulation devices market during the forecast period. Hospitals provide neuromodulation therapies which include spinal cord stimulation and deep brain stimulation therapy. Along with other surgeries, patients require therapy sessions which increases the demand for neuromodulation devices in hospitals.

The specialty clinics are more focused on providing treatment for neuromodulation therapy. The specialty clinics segment accounts for around 30% of the global neuromodulation devices market, as there are a smaller number of specialty clinics specialized in neuromodulation therapy. The advantage of these clinics is that the patient gets personalized treatment without any time restriction.

REGIONAL ANALYSIS

North America is the largest regional segment in the global neuromodulation devices market and is expected to continue its domination in the worldwide market throughout the forecast period. The growing awareness about the disorders and easy availability of treatment primarily drive the growth of the North American market. The non-invasive type of neuromodulation device is in more demand in the North American region. The U.S. is the biggest regional segment for neuromodulation devices, followed by Canada in the North American region.

Europe holds the second-largest share of the global neuromodulation devices market during the forecast period. The healthcare system in all the European countries is strengthened by the government policies that back the patients by providing treatments at affordable costs and the healthcare infrastructure is developed and well-planned. The number of patients suffering from nerve injuries is also on the rise in the European region, which is driving the European market growth.

The Asia Pacific region is predicted to witness the fastest CAGR in the global neuromodulation devices market among all the regions. The growing number of patients with cancer and chronic disorders is the prominent reason for the rise in demand for neuromodulation devices in the Asia Pacific region.

The Latin American region holds a considerable share of the global market during the forecast period. Mexico is expected to capture the largest share of the Latin American market in the coming years.

Middle East & Africa is estimated to register a steady CAGR during the forecast period.

KEY PLAYERS IN THE GLOBAL NEUROMODULATION DEVICES MARKET

LivaNova PLC, Abbott, Medtronic, Neuronetics and NeuroPace Inc. are some of the notable companies in the global market.

RECENT HAPPENINGS IN THE MARKET

• SenTiva, a nerve stimulation device launched by LivaNova Plc, got approval from the US FDA for the treatment of Epilepsy.
• electroCore Inc. received approval from the US FDA for its non-invasive neuromodulation device named gammaCore. In the U.S., it is used for the treatment of various kinds of headaches.

DETAILED SEGMENTATION OF THE GLOBAL NEUROMODULATION DEVICES MARKET INCLUDED IN THIS REPORT

The research report on the neuromodulation devices market has been segmented and sub-segmented into treatment, route of administration, distribution channel and region.

By Type

• Invasive
• Non-invasive

By Application

• Pain Management

• Neurological Disorders
• Respiratory Disorders

By End-users

• Hospitals

• Specialty Clinics

By Region

• North America

• Asia Pacific
• Europe
• Latin America
• Middle East & Africa