The neuromodulation market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by technology, application, and region).
Expected Revenue Growth Analysis:
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.
Download PDF Brochure:
Key Factors Driving Market Growth:
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 neuromodulation 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 spinal cord stimulation 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.
The transcutaneous electrical nerve stimulation segment accounted for the largest share of the External Neuromodulation in 2019.
Based on type, the External Neuromodulation is segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES). TENS accounted for the largest share of spinal cord stimulation 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 spinal cord stimulation market include the rising prevalence of chronic diseases, the increasing geriatric population, and the rising number of cases of Lyme and Alzheimer’s disease.
Request Sample Pages:
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).