Neuromodulation Devices Market to Hit $8.3 Billion by 2030 - Grand View Research, Inc.

News provided by

Jul 26, 2022, 08:00 ET

SAN FRANCISCO, July 26, 2022 /PRNewswire/ -- The global neuromodulation devices market size is expected to reach USD 8.3 billion by 2030, based on a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.5% from 2022 to 2030. Neuromodulation offers minimally invasive or non-invasive treatment options for the treatment of neurological diseases. In addition, the growth in the healthcare budgetary allocation in developing countries is expected to contribute to the market growth. For instance, in the U.S., national healthcare spending increased to USD 4.1 trillion in 2020, or USD 12,530 per person.

Key Industry Insights & Findings from the report:

Based on product type, the spinal cord stimulators segment dominated the market with a revenue share of over 40.0% in 2021. Deep brain stimulators are expected to register the fastest growth rate of 10.8% over the forecast period owing to an increase in the usage of deep brain stimulators for treating essential tremors, Parkinson's disease, dystonia, and epilepsy.
Based on technology, the internal segment dominated the market with a share of over 55.0% in 2021 owing to the increased use of minimally invasive treatments for treating various neurological disorders. The external segment is expected to expand at the fastest CAGR of 10.8% during the forecast period.
Based on application, the Parkinson's disease segment held the largest revenue share of over 25.0% in 2021. The chronic pain segment is expected to exhibit the fastest growth of 11.3% during the forecast period.
Based on biomaterial, the metallic biomaterials segment dominated the market and held over 45.0% share in 2021 owing to the growth in R&D activities.
In 2021, North America dominated the market with a revenue share of over 45.0% owing to the rising prevalence of various types of neurological illnesses and the recurring need for neuromodulation devices and therapies. Asia Pacific is expected to expand at the fastest rate of 10.6% during the forecast period. The growth can be attributed to an aging population and rising government initiatives. For instance, NITI Aayog along with the Ministry of Health and Family Welfare launched a no-cost diagnostic program for patients suffering from neurological disorders in 2016

Read 100-page full market research report, "Neuromodulation Devices Market Size, Share & Trends Analysis Report By Product Type (Spinal Cord Stimulators, Deep Brain Stimulators), By Technology, By Application, By Biomaterial, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Neuromodulation Devices Market Growth & Trends

The COVID-19 pandemic had caused havoc in a variety of industries and trades around the world. The demand for neuromodulation is higher among the older population as they are more likely to be exposed to chronic pain due to various comorbidities and probable immune suppression. Furthermore, the demand is expected to increase among persons infected with the COVID-19 virus. The illness effectively suppresses the immune system.

The significant increase in investments by the government and market players to improve the healthcare infrastructure is promoting the implementation of novel technologies to treat neurological conditions. In the Union Budget of 2021, the PM Atmanirbhar Swasth Bharat Yojana received funding from the government of India totaling USD 8.10 billion over six years. The fund was allocated to strengthen existing national medical institutions to develop capacities of primary, secondary, and tertiary healthcare systems and cater to the detection of emerging diseases.

Major players operating in the market are receiving FDA approval for their products. The organizations are incorporating strategies such as alliances, acquisitions, partnerships, R&D investments, new product launches, and approvals to strengthen their competitive power while expanding their global reach. For instance, in September 2021, Abbott acquired Walk Vascular, LLC, which is a medical device manufacturing company. Walk Vascular, LLC is known for the minimally invasive thrombectomy system that is designed for the removal of blood clots.

Neuromodulation Devices Market Segmentation

Grand View Research has segmented the global neuromodulation devices market based on product type, technology, application, biomaterial, end-use, and region:

Neuromodulation Devices Market - Product Type Outlook (Revenue, USD Million; 2017 - 2030)

Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Transcranial Magnetic Stimulators
Others

Neuromodulation Devices Market - Technology Outlook (Revenue, USD Million; 2017 - 2030)

Internal
External

Neuromodulation Devices Market - Application Outlook (Revenue, USD Million; 2017 - 2030)

Parkinson's Disease
Chronic Pain
Migraine
Epilepsy
Tremor
Depression
Urinary & Faecal Incontinence
Others

Neuromodulation Devices Market - Biomaterial Outlook (Revenue, USD Million; 2017 - 2030)

Polymeric Biomaterial
Metallic Biomaterial
Ceramic Biomaterial

Neuromodulation Devices Market - End-use Outlook (Revenue, USD Million; 2017 - 2030)

Hospitals & Ambulatory Surgery Centers (ASC)
Clinics & Physiotherapy Centers
Others

Neuromodulation Devices Market - Regional Outlook (Revenue, USD Million; 2017 - 2030)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

Japan
China
India

Latin America

Brazil
Mexico

Middle East & Africa

South Africa

List of Key Players in Neuromodulation Devices Market

Boston Scientific Corporation
Abbott
NEVRO CORP.
Neuronetics
Medtronic

Check out more related studies published by Grand View Research:

Deep Brain Stimulation Devices Market - The global deep brain stimulation devices market is anticipated to reach USD 2.50 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.8% from 2022 to 2030. The surge in incidences of neurological disorders, growing awareness about deep brain stimulation therapy, and the introduction of technologically advanced products are attributing to the growth of the market.
Spinal Cord Stimulation Devices Market - The global spinal cord stimulation devices market size is anticipated to reach USD 3.58 billion by 2026 registering a CAGR of 8.7%, according to a new report by Grand View Research, Inc. Increasing incidence of failed back syndrome and complex regional pain syndrome is anticipated to boost the market growth.
Deep Brain Stimulation In Parkinson's Disease Market - The global deep brain stimulation in parkinson's disease market size is anticipated to reach USD 1.42 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% from 2020 to 2028. Surge in the incidence of Parkinson's Disease (PD) and growing awareness about the deep brain stimulation in PD are driving the market.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter