2024-2033 Neuromodulation Market Forecast: Predicted Growth Rate and Market Size
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How Rapidly is the Neuromodulation Market Forecasted to Grow Between 2024 and 2033?
Recent years have seen a swift expansion in the neuromodulation market size. The forecast predicts an increase from $6.43 billion in 2023 to $7.14 billion in 2024, aided by a compound annual growth rate (CAGR) of 11.1%. This notable growth during the historic interval can be ascribed to various factors such as the escalating incidence of chronic diseases, clinical research and evidence, patient preference for non-invasive treatment methods, government-driven initiatives and funding, expansion of approved applications, along with numerous collaborations and partnerships.
In the coming years, the neuromodulation market is set to experience remarkable expansion. The market size is predicted to escalate to $10.64 billion by 2028, with a compound annual growth rate (CAGR) of 10.5%. This projected growth in the coming period can largely be attributed to the miniaturization of devices, augmented consideration towards neurological disorders in older people, increased applications within psychiatry, patient-oriented strategies, and enhanced global access to healthcare. Noteworthy trends expected during this forecast period encompass the incorporation of artificial intelligence (AI), technological advancements, non-invasive neuromodulation techniques, closed-loop neuromodulation systems, broader indications, and rise of wireless and wearable neuromodulation devices.
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What Factors Are Behind the Rapid Growth of the neuromodulation Market?
The rise in neurological disorders is anticipated to stimulate the expansion of the neuromodulation market. Neurological disorders are medically classified as issues that impact the brain, nerves dispersed throughout the human body, and the spinal cord. Neuromodulation presents the potential to treat a variety of neurological diseases and disorders, including Alzheimer’s and Parkinson’s diseases. As an illustrative instance, in April 2022, the Belgium-based international health agency, European Brain Council, reported over 600 neurological diseases and almost 300 psychiatric conditions. Globally, Alzheimer’s and other types of dementia were affecting 50 million people. Epilepsy, a frequent disorder, impacted 65 million individuals globally. Europe recorded 10.5 million individuals living with dementia, a figure that is projected to rise to 18.7 million in 2050. Hence, the neuromodulation market is growing due to the increasing occurrence of neurological disorders.
What Are the Principal Segments of the Neuromodulation Market?
1) By Technology: Internal Neuromodulation, External Neuromodulation (Non-invasive)
2) By Biomaterial: Polymeric Biomaterial, Metallic Biomaterial, Ceramic Biomaterial
3) By Application: Chronic Pain, Urinary And Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson Disease, Epilepsy, Tremor, Depression, Other Applications
4) By End-User: Hospitals, Clinics, Home Healthcare
What Emerging Patterns Are Redefining the Neuromodulation Market?
One significant trend emerging in the neuromodulation market is the progression of technological advancements. Major companies in this sector are aiming to consolidate their market presence by introducing innovative technological solutions. For instance, in December 2022, Abbott, an American healthcare and medical devices company, released the Eterna spinal cord stimulation (SCS) system, which happens to be the smallest rechargeable and implantable spinal cord stimulator. The Eterna SCS system uses Abbott’s unique low-dose BurstDR stimulation, the only SCS waveform innovation holding the most considerable level of clinical evidence (1A evidence), which has demonstrated an enhancement in pain relief by 23% more than standard waveform technology methods. Furthermore, in March 2021, Abbott announced the introduction of the NeuroSphere Virtual Clinic in the U.S, a revolutionary technology that facilitates patient-clinician interaction, confirmation of settings and performance, and the provision of new treatment plans remotely when required. The NeuroSphere Virtual Clinic, backed by approval from the U.S Food and Drug Administration, promotes the widespread availability of optimal treatment for chronic pain or Parkinson’s disease patients who may not reside near a healthcare provider, have issues accessing care, or cannot visit a doctor due to conditions like COVID-19.
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Which Geographical Regions Are Shaping the Neuromodulation Market Growth?
North America was the largest region in the neuromodulation market in 2023. The regions covered in the neuromodulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Neuromodulation Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the neuromodulation market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Neuromodulation Market Include
1. Neuromodulation Market Executive Summary
2. Neuromodulation Market Segments
3. Neuromodulation Market Size And Template Market Growth Rate
4. Key Neuromodulation Market Trends
5. Major Neuromodulation Market Drivers
……
25. Key Mergers And Acquisitions In The Neuromodulation Market
26. Top Neuromodulation Companies
27. Neuromodulation Market Opportunities And Strategies
28. Neuromodulation Market, Conclusions And Recommendations
29. Appendix
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