The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Neuromodulation Global Market Report 2024, the neuromodulation market is expected to show significant growth in the forecast period.

The neuromodulation market has experienced rapid growth in recent years, driven by various factors such as rising prevalence of chronic disorders, clinical evidence and research, patient demand for non-invasive therapies, government initiatives and funding, and collaborations and partnerships. The market, valued at $6.43 billion in 2023, is projected to reach $7.14 billion in 2024, with a compound annual growth rate (CAGR) of 11.1%. This growth is expected to continue in the forecast period, reaching $10.64 billion by 2028, with a CAGR of 10.5%.

Rising Healthcare Expenditures Driving Market Growth

One of the key drivers of growth in the neuromodulation market is the rising healthcare expenditures. Increased healthcare spending contributes to the development and adoption of new therapies and diagnostic methods for neurological disorders. For example, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021, leading to more research into new neuromodulation technologies. This trend is expected to drive the growth of the neuromodulation market.

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Technological Advancements Fueling Innovation
Technological advancements are playing a crucial role in driving innovation in the neuromodulation market. Major companies in the market are focused on developing new technological solutions to strengthen their position. For instance, Abbott launched the Eterna spinal cord stimulation (SCS) system, the smallest implantable, rechargeable SCS system, which has been shown to relieve pain more effectively than typical waveform technology approaches. Additionally, Abbott launched the NeuroSphere Virtual Clinic, a technology that allows patients to speak with clinicians and obtain new treatment options remotely, increasing the availability of optimal treatment for patients suffering from chronic pain or Parkinson’s disease.

Acquisitions Enhancing Market Players’ Capabilities
Acquisitions are also shaping the neuromodulation market, with companies acquiring technologies to enhance their capabilities. For example, Electromedical Products International Inc (EPI) acquired Pulvinar Neuro LLC, a neurotechnology company, to advance the development and commercialization of its technologies, including transcranial alternating current stimulation (tACS) and cloud-enabled digital therapeutics for psychiatric and neurological illnesses.

Market Segmentation and Regional Outlook
The neuromodulation market is segmented by technology, biomaterial, application, and end-user. By region, North America was the largest market in 2023. The Asia-Pacific region is expected to be the fastest-growing region in the global neuromodulation market during the forecast period.

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