Neuromodulation Devices Market Size to Represent 11.2% CAGR By 2023 | Size Value, Growth Statistics, Sales Projection and COVID-19 Impact Analysis

Neuromodulation Devices Market Size to Represent 11.2% CAGR By 2023 | Size Value, Growth Statistics, Sales Projection and COVID-19 Impact Analysis

Neuromodulation Devices Market
Neuromodulation Devices Market Share, Growth and Insights By type (Internal, External), Type by Application (SCS, DBS, VNS, SNS, GES, TENS, TMS), by Biomaterial (Metallic, Polymeric, Ceramic), by End-User (Hospitals, Clinics, Homecare), Global Forecast Till 2023

The global neuromodulation devices market is accruing pervasively. Market growth attributes to the increasing prevalence of neurological disorders, such as chronic pain, dystonia, Parkinson’s disease, epilepsy, and other psychological disorders. Furthermore, injuries such as traumatic brain injury, multiple sclerosis, stroke, and brain tumors, alongside the neurological (central nervous system) damage, provide impetus to market growth.

According to Market Research Future (MRFR), the global neuromodulation devices market is poised to grow at 11.2% CAGR during the forecast period (2017-2023). The emergence of robotics is considered as one of the key forces driving the market growth to an extent. Neuromodulation devices have evolved dramatically over the past few years, fostering active-engagement in neuromodulation and robotics. With each stage, the market size of these devices has grown, too, seeing augmented demand & uptake.

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Additional factors, such as increasing government funding programs and technological advancements, substantiate market growth. Some of the fervent players in the market are implementing robotics rehabilitation technologies to expand the rehab process scale, which, in turn, contributes to market growth. Massive investments transpired in the field of R&D by the manufacturers to develop devices with adept technology provide fosters the market growth substantially.

Conversely, factors such as cost associated with the neurological rehabilitation program and technological incompetence among the professionals, are impeding the market growth. Simultaneously, physicians’ skepticism towards the advancement and efficacies of these devices is obstructing the market growth.

Neuromodulation Devices Market Segmentation

By Type, the neuromodulation devices market is segmented into Internal Neuromodulation and External Neuromodulation (non-invasive).

By Application, the neuromodulation devices market is segmented into Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Sacral Nerve Stimulation (SNS), and Gastric Electrical Stimulation (GES), and others.

By Biomaterial, the neuromodulation devices market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and others.

By End-User, the neuromodulation devices market is segmented into Hospitals, Clinics, Homecare, and others.

Global Neuromodulation Devices Market Regional Insights

North America dominates the global neuromodulation devices market. The region accounted for around 55% of the overall market share in 2017. The largest market share attributes to the surging product and technology developments. Besides, the increase in awareness among people and the high prevalence of neurological conditions such as epilepsy, chronic pain, and Parkinson’s disease drive market growth. The North American neuromodulation devices market is expected to retain its dominance throughout the review period.

Europe stands second in the global neuromodulation devices market. The market is driven by the increase in the prevalence of neurological disorders.  Technological advancements, coupled with the increasing incidences of neurological disorders and the presence of well-established healthcare infrastructures, boost the regional market growth. Additionally, the growing awareness of the advantages of neuromodulation devices drives market growth in the region.

Favorable governmental support and initiatives push the growth in the regional market. Besides, the proliferating healthcare sector and the resurging economy is fostering the regional market growth radiantly. Germany, among other European countries, leads the market in the region. The European neuromodulation devices market is expected to grow at a considerable CAGR during the forecast period.

The neurorehabilitation devices market in the Asia Pacific region is growing briskly. Factors such as the growing introduction of new and better neuromodulation devices and the increasing prevalence of neurological disorders drive regional market growth. Besides, the vast development opportunities and the continually developing healthcare infrastructure in the APAC region, propel market growth.

Countries like India, China & Japan account for the wide adoption of these devices, which, in turn, drives the market growth in the region. China holds a significant share in the regional market due to its large manufacturing base, large population, economic development, and booming internal demand. India accounts for the second-largest share in the regional market due to rising healthcare expenditures and growing awareness regarding mental disorders.

Global Neuromodulation Devices Market Competitive Analysis 

Highly competitive, the global neuromodulation devices market appears fragmented due to the presence of several well-established players. These players initiate strategies such as mergers & acquisitions, collaborations, expansion, and technology launch to gain a larger competitive advantage. Industry players invest substantially in R&D and clinical trials to develop efficient medical devices. Market players collaborate with academia to the biotech industry, which contributes specialized knowledge and cutting-edge technologies to accelerate innovations. Collaborations form one of the pillars of these companies’ innovation strategies.

Major Players:

Players leading the global neuromodulation devices market include LivaNova PLC (UK), St. Jude Medical, Inc. (US), Boston Scientific Corporation (US), Bioness Inc. (US), Aleva Neurotherapeutics SA (US), EnteroMedics Inc (US), NeuroPace Inc. (US), Nevro Corporation (US), Synapse Biomedical, Inc. (US), Neuronetics, Inc. (US), Neurosigma, Inc. (US), Cyberonics, Inc. (US), Accellent (US), BioControl Medical (Israel), DynaMD (US), and Soterix Medical, Inc. (US), among others.

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Industry/Innovation/Related News:

Abbott Laboratories (the US), a multinational medical device and healthcare company, announced receiving the US FDA approval for its iOS-Compatible App, replacing neuromodulation system controllers. The new App allows people living with chronic pain and movement disorders to personalize therapy via their mobile device. Apple smartphone-compatible, digital health tool, aligns within the company’s comprehensive NeuroSphere™ Digital Care connected care management platform, which is developed to optimize care for chronic pain and movement disorders.

With this app approval, the need to carry a separate patient programmer device is eliminated, streamlining the patient’s experience and seamlessly integrating therapy management into their life. This is an essential step in the integration and connection of digital health tools that ultimately help patients live fuller, healthier lives.

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