Sunday, 14 April 2024
Tuesday, 27 Feb 2024 12:00 am

Neuromodulation Devices Market is expected to reach US$ 11.61 billion by 2030

Neuromodulation devices market is anticipated to garner US$ 11.61 billion by 2030. Insights based on type, application, biomaterial, and end-user.

By The Insight Partners

Internal Segment, by Type, to Hold Significant Share of Neuromodulation Devices Market During 2022–2030  

According to our latest study on "Neuromodulation Devices Market Forecast to 2030 – Global Analysis – by Type, Application, Biomaterial, and End User," the market was valued at US$ 5.73 billion in 2022 and is expected to reach US$ 11.61 billion by 2030; it is estimated to register a CAGR of 9.2% from 2022 to 2030. The rising cases of spinal cord injury and increasing prevalence of neurological disorders fuel the market growth. Rising demand for noninvasive treatment is expected to emerge as one of the new neuromodulation devices market trends in the coming years.

The neuromodulation devices market size is likely to upsurge by 2030 owing to the rising number of advancements and approvals for neuromodulation devices. Manufacturers invest a significant amount in developing advanced products and technologies such as implantable neuromodulation devices. Additionally, an increase in the number of Food and Drug Administration (FDA) approvals for novel neurostimulators with new applications is observed in the market. Following are a few advancements and approvals in the neuromodulation devices market:  

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00018069

  • In April 2023, Neuspera Medical announced that the US FDA had approved its next-generation, ultra-miniaturized Neuspera System that delivers neurostimulation therapy via a wireless platform. The company claims that the ultra-small version of the system helps doctors diagnose deeper anatomy and provides a better patient experience.
  • In January 2023, Axonics, Inc. received approval from the US FDA for the Axonics R20 neurostimulator, an improved version of the Axonicss R15 designed for treating chronic conditions such as overactive bladder. The device has a lifespan of at least 20 years.
  • In January 2022, Nevro Corp announced that it had obtained the US FDA approval for expanding the labeling of its Senza Spinal Cord Stimulation (SCS) system for treating nonsurgical refractory low back pain (NSRBP).
  • In January 2022, Medtronic received US FDA approval for its Intellis rechargeable neurostimulator and Vanta rechargeable neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).

The neuromodulation devices market in APAC is expected to grow in the coming years due to the rising development of the medical device industry in countries such as Japan and China. In addition, innovative technology trends in neurology and the rapid adoption of machine learning (ML) and artificial intelligence (AI) drive market growth in the region. Also, rising awareness regarding neurological disorders among countries such as India, Australia, and South Korea is projected to encourage the neuromodulation devices market growth in APAC.

Neuromodulation Devices Market, by Application

The neuromodulation devices market, by application, is segmented into deep brain stimulation (DBS), sacral nerve stimulation (SNS), gastric electrical stimulation (GES), spinal cord stimulation (SCS), and vagus nerve stimulation (VNS). The spinal cord stimulation segment held the largest market share in 2022 and is expected to record the highest CAGR in the market during 2022–2030. Spinal cord stimulation has been used for years and is advised for a growing number of conditions. Cervical and lumbar radiculitis, failed back surgery syndrome, complex regional pain syndrome, and neuropathy are a few conditions that can be assisted by the therapy. Spinal cord stimulation is efficacious, safe, and cost-effective in chronic pain management. Newer spinal cord stimulation technologies are expanding clinical indications such as visceral and ischemic pain, with the potential for further improved efficacy.   

Neuromodulation Devices Market, by Biomaterial:

Based on biomaterial, the neuromodulation devices market is segmented into metallic, polymeric, and ceramic. In 2022, the metallic segment dominated the market share.  However, the polymeric segment is likely to register the highest CAGR during 2022–2030. In neuromodulation devices, metallic biomaterials are frequently utilized, especially in electrodes and other parts that need to be highly durable and electrically conductive. Owing to their great strength-to-weight ratio and exceptional biocompatibility, titanium and its alloys are frequently used in neuromodulation devices.

Neuromodulation Devices Market, by Geography:   

The neuromodulation devices market report, based on geography, is primarily segmented into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, in 2022, North America dominated the neuromodulation devices market share. The growing prevalence of neurological diseases, high spending on research and development, product approvals by the FDA, and technological advances propel the demand for neuromodulation devices in the region.

In the US, the incidence of neurovascular diseases is rising significantly, and it is among the leading causes of death across the country. Rising incidence of neurological diseases such as Parkinson's disease (PD), increasing awareness about neurological disorders, and growing investments in developing transcranial stimulators are among the main factors driving the overall neuromodulation devices market growth in the US. Deep brain stimulation (DBS) devices have been observed to control the tremors associated with Parkinson's disease effectively. Low dopamine readings and other genetic factors are among the main causes of Parkinson's disease. According to a study titled "2022 Alzheimer's Disease Facts and Figures" published in the Alzheimer's Association, nearly 6.5 million Americans aged 65 and above were diagnosed with Alzheimer's disease in 2022. That number is projected to rise to 13.8 million by 2060. According to the Parkinson's Foundation, ~1 million people in the US have Parkinson's disease, which is expected to increase to 1.2 million by 2030. New product launches and technological advancements drive the neuromodulation devices market in the US. In January 2020, Abbott's Infinity DBS System received approval from the US FDA for treating Parkinson's disease. This system allows for the targeted treatment of a specific area of the brain, called the inner globus pallidus (GPi), which is associated with the symptoms of Parkinson's disease. Therefore, the increasing prevalence of neurological disorders and technological advancements fuel the neuromodulation devices market growth in the US.

The neuromodulation devices market report is focused on prominent companies in the market such as Abbott (St. Jude Medical, Inc), LivaNova PLC, Boston Scientific Corporation, Aleva Neurotherapeutics SA, Bioventus, EnteroMedics Inc, Nevro Corporation, NeuroPace Inc, Synapse Biomedical Inc, and Neurosigma Inc.

Contact Us
Contact Person: Content Team 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com

The Insight Partners :    https://www.theinsightpartners.com

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy