Neuromodulation Market Set to Grow USD 22 Billion by 2030, Driven by Increasing Prevalence of Neurological Disorders
According to Next Move Strategy Consulting, the global Neuromodulation Market, is poised for remarkable growth, projected to reach USD 22 billion by 2030, expanding at a Compound Annual Growth Rate (CAGR) of 13%.
This growth is driven by the rising prevalence of neurological disorders, advancements in neuromodulation technologies, and the increasing adoption of non-invasive treatment options for conditions such as chronic pain, Parkinson's disease, epilepsy, and Alzheimer's disease.
Neuromodulation therapies involve the controlled electrical stimulation of the central nervous system or peripheral nerves to manage neural activity in patients suffering from neurological disorders. These therapies are gaining popularity due to their non-invasive nature, minimal side effects compared to traditional treatments, and their ability to be targeted for specific conditions.
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Market Overview: Neuromodulation therapies are increasingly used to treat a wide range of neurological and psychiatric disorders. These treatments involve the implantation of electrodes in the brain, spinal cord, or peripheral nerves, with pulse generators placed under the skin to deliver electrical impulses. Such treatments are particularly beneficial for conditions like epilepsy, Parkinson’s disease, chronic pain, depression, and more. Due to their reversible, controlled nature, these therapies have minimal side effects and do not carry the risk of addiction, making them a favorable alternative to pharmaceutical treatments.
According to the World Health Organization's 2019 report, nearly 1 billion people worldwide are affected by neurological disorders, with 50 million suffering from epilepsy and 24 million living with Alzheimer’s disease. The rising number of patients with these conditions is expected to increase the demand for neuromodulation devices, further driving market expansion.
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Market Segmentation: The global neuromodulation market is segmented by technology, application, biomaterial, and geography:
- By Technology:
- Internal Neuromodulation: Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation, among others.
- External Neuromodulation: Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS).
- By Application: Chronic Pain Management, Epilepsy, Parkinson's Disease, Migraine, Depression, Urinary and Fecal Incontinence, and others.
- By Biomaterial: Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials.
Geographical Insights:
- North America is expected to dominate the neuromodulation market, driven by advanced healthcare infrastructure, increasing adoption of neuromodulation treatments, and robust clinical research activity.
- The Asia-Pacific region is forecasted to experience significant growth due to government initiatives targeting chronic neurological diseases and a surge in new product launches.
Key Market Players: The neuromodulation market is highly competitive, with leading companies including Abbott, Medtronic, Boston Scientific Corporation, Nevro Corp., Synapse Biomedical Inc., Neuronetics, and LivaNova PLC. These companies are actively engaged in developing innovative products, expanding their clinical trials, and seeking regulatory approvals to strengthen their market position.
For example:
- Abbott received FDA approval in 2020 for its Infinity Deep Brain Stimulation system, which offers innovative treatments for Parkinson’s disease patients.
- Neuronetics Inc.'s NeuroStar Advanced Therapy system was granted breakthrough designation by the FDA in 2020 for treating bipolar depression.
Key Benefits:
- The report provides quantitative analysis and forecasts the market trends from 2020 to 2030, helping businesses identify lucrative opportunities.
- In-depth analysis of current and future neuromodulation market trends, with a focus on technological innovations and clinical advancements.
- Competitive analysis of the market players, including their product portfolio and strategic initiatives.
- Insightful assessments of drivers, challenges, and growth opportunities in the neuromodulation space.
Conclusion: The global neuromodulation market is set for significant growth, driven by the rising burden of neurological disorders and the increasing shift toward non-invasive treatments with minimal side effects. Advancements in technology, coupled with growing public awareness and investment in research and development, will further accelerate market expansion. As new therapies are developed and FDA approvals increase, the neuromodulation market is expected to continue evolving, offering hope to millions of patients worldwide.
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