According to the new market research report “Neuromodulation Market by Technology- Internal (Deep Brain Stimulation, Vagus Nerve Stimulation), External (Transcranial Magnetic Stimulation), Application (Ischemia, Chronic Pain, Parkinson’s, Depression, Tremor, Epilepsy, Migraine) – Global Forecast to 2025“, published by MarketsandMarkets™, the Neuromodulation Market is projected to grow at a CAGR of 8.6% during the forecast period to reach USD 8.8 billion by 2025 from USD 5.8 billion in 2020.
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The Factors such as the rising prevalence of neurological disorders, increasing research into expanding the applications of neuromodulation, and awareness on neurodegenerative disorders are driving market growth.
The internal neuromodulation segment accounted for the largest share of the Neuromodulation Market.
Based on technology, the neuromodulation is segmented into internal neuromodulation and external neuromodulation. The internal neuromodulation segment accounted for the largest share of the market in 2019. This can be attributed to the benefits of internal neuromodulation technologies, such as reductions in post-surgical complications and length of hospital stay, as well as long-term cost savings associated with the use of internal neuromodulation devices.
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The transcutaneous electrical nerve stimulation segment accounted for the largest share of the External Neuromodulation Market in 2019.
Based on type, the External Neuromodulation Market is segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES). TENS accounted for the largest share of this market in 2019. This is mainly due to the higher incidence of chronic disorders, the wide range of applications of these devices, their cost-effectiveness, and the rising demand for non-invasive therapy.
North America to dominate the Neuromodulation Market during the forecast period
In 2019, North America dominated the market, followed by Europe. The major factors driving the growth of this market include the rising prevalence of chronic diseases, the increasing geriatric population, and the rising number of cases of Lyme and Alzheimer’s disease.
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The prominent players in this market include Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), and LivaNova (UK), Synapse Biomedical, Inc. (US), Nevro Corporation (US), NeuroSigma (US), NeuroPace (US), Neuronetics (US), and BioControl Medical (Israel).
Medtronic (Ireland) dominated the global neuromodulation market. The company’s leading position can be attributed to its wide portfolio of neuromodulation devices and a strong geographical footprint. The company operates in the US, Europe, and the Asia Pacific. It serves clinicians, physicians, hospitals, and patients in more than 160 countries. R&D is a key area of focus for Medtronic—it invested USD 2,330 million in 2019, as compared to USD 2,256 million in 2018 and USD 2,193 million in 2017. The company focuses on organic as well as inorganic growth strategies to gain a competitive edge.