Global neuromodulation devices market to reach USD 9427.7 million by 2029

The “Neuromodulation devices global market- Forecast To 2029” report has been added to ResearchAndMarkets.com’s offering.

The neuromodulation devices global market is expected to reach $9,427.7 million by 2029 growing at a high single digit CAGR from 2022 to 2029.

The factors such as increasing prevalence of chronic pain conditions, central nervous system disorders such as Parkinson disease, Alzheimer disease, Multiple sclerosis, Epilepsy and others (According to U.S. Parkinson’s U.S. foundation, nearly one million people in the U.S. are living with Parkinson’s disease (PD) and this number is expected to rise to 1.2 million by 2030.

The prevalence of Parkinson’s in the U.K. is a total of about 127,000 people living with the disease, The prevalence of epilepsy is estimated to be 5.0 million people in U.S. in 2022), low approval rate of CNS drugs and favorable reimbursement scenario in major markets are driving the neuromodulation market.

The emergence of neuromodulation as add-on therapy, technological innovations in neuromodulation, expansion in emerging markets and the rise in the number of clinical studies performed provides immense opportunities to the neuromodulation market. However, side effects and risks associated with the use, lack of trained professionals, availability of alternative treatments and stringent regulatory guidelines are expected to hamper the market growth.

Based on the product, the neuromodulation global market is segmented into invasive neuromodulation devices and non-invasive neuromodulation devices. Among these, invasive neuromodulation devices segment accounted for the largest revenue in 2022 and is expected grow at a high single digit CAGR from 2022 to 2029.

Invasive neuromodulation segment is further segmented into Spinal Cord Stimulator (SCS), Deep Brain Stimulator (DBS), Sacral Nerve Stimulator (SNS), Vagus Nerve Stimulator (VNS), Hypoglossal Nerve Stimulator (HGNS) and others. Among invasive neuromodulation devices, Spinal cord stimulator (SCS) segment accounted for the largest revenue in 2022 and is expected to grow at a mid single digit CAGR from 2022 to 2029.

Based on the application, the neuromodulation devices global market is segmented into Pain Management, Central Nervous System, Gastroenterology and Urology, Obstructive Sleep Apnea (OSA) and other. Among applications, pain management segment accounted for the largest revenue in 2022 and is grow at a mid single digit CAGR from 2022 to 2029.

Pain management is further segmented into chronic pain, failed back surgery syndrome (FBSS) and others. Among pain management, chronic pain segment is the largest and fastest growing segment. Central Nervous System is further segmented into Parkinson’s disease, Dystonia, Epilepsy and others include Obsessive Compulsive Disorder (OCD), Depression, Stroke, and Mood disorders, Anxiety, Central Sleep Apnea and Multiple Sclerosis.

Among Central Nervous System disorders, Parkinson’s disease segment accounted for the largest revenue in 2022 and is expected grow at a CAGR mid single digit from 2022 to 2029. Epilepsy segment is the fastest growing segment in 2022 and is expected grow at a double digit CAGR from 2022 to 2029. Gastroenterology and Urology is further segmented into Gastroparesis, Urinary Incontinence and Faecal Incontinence. Among Gastroenterology and Urology, Urinary Incontinence segment accounted for the largest and fastest growing segment.

Based on the end-user, the neuromodulation devices global market is segmented into Hospitals and Ambulatory Surgery Centers, Clinics and Physiotherapy Centers and Others include Home care, Academics and Research Institutes. Among end-user, Hospitals and Ambulatory Surgery Centers is the largest and fastest growing segment and is expected grow at high single digit CAGR from 2022 to 2029.

The factors such as increasing healthcare expenditure, increasing incidence of chronic pain problems, persistently increasing geriatric population with age related CNS disorders parkinson’s, alzheimer’s, epilepsy and incontinence problems, adoption of neurostimulation devices for the treatment of movement disorders, epilepsy, pain, and depression with rising number of approvals, increasing number of neuromodulation procedures and hospitals, presence of major players, launch of advanced neuromodulation devices by the companies, introduction of remote Neuromodulation Patient-Care Technology to increase the adoption, rising funding for start-up companies for developing unique neuromodulation technologies and presence of dedicated non-profit organization devoted to the advancement of the field of neuromodulation are driving the neuromodulation market in the region.

Asia-Pacific is the fastest growing segment and is expected grow at a double digit CAGR from 2022 to 2029
The factors such as increasing healthcare expenditure, increasing aging population, increasing incidence and prevalence of targeted disease such as Chronic Pain, Parkinson’s disease, Alzheimer’s disease and incontinence problems, increasing adoption of implantable devices, high acceptance of technological advancements, government initiatives to increase awareness by education campaigns and development of neuromodulation devices and their approval in other markets boosts the growth of neuromodulation market in region.

The neuromodulation devices global market is a highly consolidated market hence all the existing players in this market are involved in developing new and advanced technologies to maintain their market shares.

Some of the key players in neuromodulation devices global market include

• Abbott Laboratories
• Axonics Inc.
• Bioventus (Bioness Inc)
• Boston Scientific Corpoartion
• Inspire Medical System, Inc.
• Laborie Medical Technologies, Inc.
• Livanova plc
• Medtronic plc
• Neuropace, Inc.
• Nevro Corpoartion

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