Neuromodulation is a science, medicine, and bioengineering field that bound implantable and non-implantable technologies, electrical or chemical, to improve humans’ quality of life and functioning. It is the alteration of nerve activity through targeted delivery of a stimulus, such as electrical stimulation or chemical agents, to specific neurological sites in the body. It is carried out to normalize or modulate nervous tissue function. In other words, Neuromodulation works by either actively stimulating nerves to introduce a natural biological response or by applying/taking targeted pharmaceutical agents in tiny doses directly to the site of action. Neuromodulation devices and treatments are available to treat nearly every disease or symptom, from headaches to tremors to spinal cord damage to urinary incontinence. Also, conditions that can be treated with neuromodulation are chronic pain, movement disorders, epilepsy, Psychiatric Disorders, functional restoration, cardiovascular disorders, gastrointestinal disorders, emerging indications, and spinal cord injury.
Global neuromodulation market size is projected to grow at a CAGR of over 14.58% during 2020–2027. The patient of the market can be attributed to rising incidences of chronic illness and increasing neurological disorders. Further, the increasing chronic conditions such as chronic back pain, depression, epilepsy & sleep apnea has led to a shift in the focus of the health care provider to neuro stimulation techniques for the treatment of these diseases, which is anticipated to fuel the demand for neuromodulation across the globe in the coming years. Additionally, market players’ advent in technology and advanced neuromodulation devices are strengthening the market growth. Moreover, the surge in popularity of neuromodulation is due to zero impacts associated with more systemic or irreversible treatments of nervous system disorders, is expected to witness remarkable growth of the neuromodulation industry. The new indication and increasing target applications are driving the growth of the market.
Furthermore, the increasing awareness regarding the safety and efficacy of neurostimulators and rising government investments in the health care industry are positively impacting the demand for neuromodulation in the future. Neuromodulation devices have progressed, becoming more cost-effective, smaller, more easily implanted and removed, and more highly targeted will boom the market growth in the estimated periods. Promising new neuromodulation therapies address diverse disorders such as migraine, obesity, obsessive-compulsive disorder, and depression and are truly multidisciplinary, requiring the close collaboration of neuroscientists, engineers, clinicians, neuroscientists, and engineers to reach fruition will promulgate the global neuromodulation market share.
Neuromodulation is a cost-effective and easily implanted technique for managing chronic pains. It can reduce office and emergency room visits, hospitalizations, ineffective or risky surgical procedures, and misuse of opioid medications. Neuromodulation treatments have typically been served to patients only after having tried relevant treatment way such as medications, physical and occupational therapy, or surgery. Neuromodulation modalities are promising therapies when ongoing treatment becomes problematic for long-term use due to the development of tolerance, addiction, & adverse negative impacts. These are minimally invasive procedures that have a good potential to enhance patients’ lives.
Based on technology, the global neuromodulation market is classified into internal and external neuromodulation. Internal neuromodulation is further divided into Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, and Gastric Electrical Stimulation. Furthermore, external neuromodulation is divided into Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS), and Respiratory Electrical Stimulation (RES). The internal neuromodulation segment accounted for the highest market share in 2019. It is attributable to its reversibility, more cost-effectiveness, and reduction in post-surgical complications.
The external TENS segment will garner a significant market share in the forecast period. It is owing to the increasing incidence of chronic conditions, rising demand for non-invasive therapy, and cost-effectivity.
Based on the application, the global neuromodulation market is segregated into chronic pain management, failed back syndrome, epilepsy, tremor, urinary &fecal incontinence, depression, dystonia, gastroparesis, Parkinson’s disease, obsessive-compulsive disorder, migraine, and other applications.
The chronic pain management segment held a higher revenue share in 2019 and is projected to dominate the neuromodulation market by 2027. It is primarily attributed to the efficiency of neuro stimulation devices to treat chronic pain like back pain, and it is more safe & reversible therapy.
The Neurological disorders segment will grow with a lucrative growth rate in the forecast period. It is due to increasing diseases such as epilepsy, depression, psychiatry disorders & others and rising needs for adaptation.
The global neuromodulation market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is to account for a significant share by 2027 in the neuromodulation market. The growth in the region can be attributed to the growing importance of neuromodulation devices to treat chronic diseases, increasing development in healthcare infrastructure, and growing government approvals for non-invasive devices.
The Asia Pacific is expected to provide significant growth opportunities due to improving the health care industry, improving diagnosis & treatment rates, and rising government expenditure.
Companies such as Abbott, Bluewind Medical, Boston Scientific Corporation, Biocontrol Medical, Bioness, Bioinduction, Gimer Medical, GTX Medical, Helius Medical Technologies, Integer Holdings Corporation, Medtronic, Livanova, Nevro Corporation, NeurosigmaInc, NeuropaceInc, Synapse Biomedical, Neuronetics, Soterix Medical, Neuronano, and Microtransponder are the key players in the global neuromodulation market.
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Global Neuromodulation Market
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