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Neuromodulation Market Emerging Technological Growth, Future Growth and Business Opportunities 2023

Increasing incidence of neurological disorders such as migraine and epilepsy, growing awareness about the use of neuromodulators, strong product line offered by the key players and their increasing focus on the segment, technological advancements in the recently approved devices and efficient clinical outcomes would drive the market growth.

Neuromodulation Market
Neuromodulation Market-2022

According to the report by Allied Market Research, titled, “Neuromodulation Market by Technology (Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation), Application (Chronic Pain Management, Failed back syndrome, Epilepsy, Tremor, Incontinence, Depression, Dystonia, Gastroparesis, Parkinsons disease, Obsessive-Compulsive Disorder, Migraine) and Biomaterial (Metallic, Polymeric, Ceramic) – Global Opportunity Analysis and Industry Forecast, 2017 – 2023″. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Amongst the internal neuromodulation devices, spinal cord stimulation (SCS) is highest generator in the global market, owing to the growing number of product approvals and positive clinical outcomes. Deep brain stimulation (DBS) is projected to be the fastest growing segment with a CAGR of 13.9% from 2016 to 2023, due to increasing prevalence of neurological disorders such as Parkinsons disease (PD), epilepsy & dystonia, and lack of existing treatment options.

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COVID-19 Impact Analysis:

1) The COVID-19 impact on the Neuromodulation Market is unpredictable and is expected to remain in force till the fourth quarter of 2021.

2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.

3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.

4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.

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Key Benefits for Stakeholders

  • Spinal cord stimulation (SCS) segment generated the highest revenue in 2015 and is projected to grow at a CAGR of 12.1% during the forecast period.
  • In the internal neuromodulation devices, deep brain stimulation (DBS) is projected to be the fastest-growing segment, registering a CAGR of 13.9% from 2016 to 2023.
  • Metallic biomaterial is the major component of neurostimulators.
  • Repetitive Transcranial Magnetic Stimulation (RTMS) segment is expected grow at a CAGR of 16.0%.
  • By country, the U.S. led the global neuromodulation market.
  • Germany accounted for about one-third share of the European neuromodulation market in 2015.
  • The neuromodulation market in Malaysia is expected to grow at a CAGR of 18.5% during the study period.

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The Major Key Players Are:

Aleva Neurotherapeutics SA, BioControl Medical, Bioness Inc., Boston Scientific Corporation, EnteroMedics Inc., LivaNova PLC, Medtronic PLC, NeuroPace, Inc., Nevro Corporation, and St. Jude Medical, Inc. Medtronic controlled the highest share in the neuromodulation devices market, followed by Boston Scientific and St. Jude Medical, in 2015.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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