123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

Forecasted Growth: Neuromodulation Market Worth $11.0 Billion By 2028

Profile Picture
By Author: Markets and Markets
Total Articles: 161
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

The global neuromodulation market is projected to reach USD 11.0 billion by 2028 from USD  6.2 billion in 2023, at a CAGR of 12.0% during the forecast period. The neuromodulation market is driven by increasing focus on the development of advanced neuromodulation and neurostimulation technologies, rising prevalence of neurological disorders and nerve injuries, government support for research on neurological disorders, availability of reimbursement of neuromodulation devices, collaborations among device manufacturers, healthcare providers, and research institutions to develop neuromodulation devices.

https://www.marketsandmarkets.com/Market-Reports/neurostimulation-devices-market-921.html

The rising incidences of neurological diseases across the globe have increased significantly. Neuromodulation is used to treat and improve the quality of life of individuals suffering from chronic illness.

Download a PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=921

Neuromodulation Market by Type (Internal (Spinal Cord Stimulation, Deep Brain Stimulation), External (Transcranial Magnetic Stimulation), ...
... Application (Tremor, Epilepsy, Parkinson's Disease, Depression, Gastroparesis), and Region - Global Forecast to 2028

On the basis of type, neuromodulation market is segmented into internal neuromodulation and external neuromodulation. In 2022, internal neuromodulation accounted for the largest share of the global neuromodulation market. This growth can be mainly attributed to reduction of post surgical complications, reduced hospitalizations, and long term cost savings associated with internal neuromodulation devices.

The internal neuromodulation market is further categorized into sacral nerve stimulation, spinal cord stimulation, vagus nerve stimulation,  deep brain stimulation, and gastric electrical stimulation. The spinal cord stimulation segment accounted for the largest share of the neuromodulation market in 2022, owing to the increasing number of people suffering from failed back surgery syndrome, ischemia, and chronic pain as well as the favorable reimbursement scenario for spinal cord stimulation.

The external neuromodulation market is segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES). In 2022, transcutaneous electrical nerve stimulation will dominate the external neuromodulation market. This is mainly due to the higher prevalence of depression, its chronic and recurrent nature, and the life-shortening effects of this disease, which have created a demand for TENS therapy. 

Based on application, the neuromodulation market has been segmented into vagus nerve stimulation,  spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, gastric electrical stimulation, transcutaneous electrical nerve stimulation, and transcranial magnetic stimulation. The neuromodulation market for Spinal cord stimulation by application is further segmented into chronic pain, failed back syndrome and ischemia. In 2022, chronic pain applications dominated neuromodulation market. This growth can mainly attributed to the growing aging population and subsequent increase in prevalence of neurological disorders.

The neuromodulation market is categorized into four major regions: North America, Europe, the Asia Pacific, and Rest of the World. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the increasing public and private investments, increasing incidence of neurological disorders and ongoing research.

Major Players:

Medtronic (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), LivaNova (UK), NeuroPace (US), Neuronetics (US), Helius Medical Technologies (US), Renishaw (UK), GTX Medical (Netherlands), Bioinduction (UK), Axonics (US), Nevro Corporation (US), Nalu Medical (US), Aleva Neurotherapeutics (Switzerland), GiMer Medical (Taiwan), Magtism (UK), NeuroSigma (US), BioWaveGo USA (US), Synapse Biomedical (US), BIOTRONIK (Germany), Theranica Bio-Electronics (Israel), MicroTransponder (US), Soterix Medical (US), Saluda Medical (US), Electrocore, Inc. (US) and tVNS Technologies (Germany)

Recent Developments of Neuromodulation Industry:

In 2023, Medtronic (Ireland) received CE (Conformité Européenne) Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS).
In 2023, Boston Scientific Corporation (US) received the US FDA approval for the Vercise Neural Navigator 5 Software/ It is a part of the Vercise Genus Deep Brain Stimulation (DBS) Systems.
In 2023, Boston Scientific Corporation (US) entered into an agreement to acquire Relievant Medsystems, Inc. (US) to expand its neuromodulation portfolio to provide more treatment options for people living with chronic low back pain.
In 2022, Medtronic (Ireland) received FDA approval for InterStim X System, which is a next-generation personalized sacral nerve stimulation therapy used for bladder and bowel control.

Total Views: 20Word Count: 630See All articles From Author

Add Comment

General Articles

1. Blockchain And Ai: Innovative Ways They Can Work Together Shape
Author: QSS Technosoft

2. Join The Vidyavision Student Community
Author: vidyavision

3. Hair Growth 101: Scandinavian Biolabs’ Guide To Healthier, Fuller Hair
Author: Jonson Jon

4. The Ultimate Guide To Ordering Flowers In Barcelona
Author: order flowers Barcelona

5. Máy Hút ẩm Công Nghiệp Kosmen
Author: BPS Việt Nam

6. How Beneficial The Cleaning Products Can Be?
Author: Edward Smith

7. The Role Of Glass Cloth Electrical Tape In Power Transformers
Author: jarod

8. Combatting Carotid Artery Stenosis: Effective Strategies For Prevention And Care
Author: Dr. Sumit Kapadia

9. How Managed It Services Are Shaping The Future Of Support
Author: ICSI

10. Leading System Aluminium Doors & Windows Manufacturer In Amritsar
Author: Sleek Edge

11. Exploring The Opportunities At Anantrao Pawar College Of Engineering
Author: AnantraoPawarCollege

12. Home Remodeling Contractors Around South Lyon
Author: manish

13. Blockdag Crypto Mining Rigs
Author: BlockDAG

14. Discover The Power Of Branding Courses: Boost Your Skills And Advance Your Career
Author: Andrew F.

15. Panorama Test: A Complete Guide To Non-invasive Prenatal Screening
Author: Stan Jan

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: