The global neuromodulation market is valued at an estimated USD 6.0 billion in 2022 and is projected to reach USD 10.4 billion by 2027, at a CAGR of 11.8% during the forecast period. Market growth is driven by factors such as the growing incidence of rising incidence of Parkinson’s disease, high incidence of urine incontinence, extensive use of external neuromodulation in healthcare, low cost and ease of use are the major factors hampering the growth of this market.
“The internal neuromodulation segment accounted for the highest growth rate in the neuromodulation market, by product, during the forecast period”
The neuromodulation market is segmented into Internal neuromodulation and external neuromodulation. The internal neuromodulation is expected to register the highest growth rate during the forecast period. Factors such as the minimally invasive nature, reduced physical impact and improved quality of life are contributing to the growth of this segment.
“Deep Brain Stimulation segment accounted for the highest CAGR”
Based on type, the internal neuromodulation market is segmented into spinal cord stimulation (SCS), deep brain stimulation (DBS), vagus nerve stimulation (VNS), sacral nerve stimulation (SNS), and gastric electrical stimulation (GES). Deep brain stimulation segment is expected to register highest growth rate during forecast period as DBS is a minimally invasive technique that allows the stimulation parameters to be changed to reduce side effects.
“The Asia Pacific market is expected to grow at the highest CAGR during the forecast period”
The global neuromodulation market is segmented into five regions - North America, Europe, the Asia Pacific, and Rest of the World. The Asia Pacific region is expected to witness the highest growth in the neuromodulation market during the forecast period. The high growth in this region can primarily be attributed to the increasing geriatric population, and high disease burden of neurological disorders among senior population
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 28%, Tier 2 - 42%, and Tier 3 - 30%
- By Designation: C-level - 30%, D-level - 34%, and Others - 36%
- By Region: North America - 46%, Europe - 25%, Asia Pacific - 18%, and the Rest of the World – 11%
This report provides a detailed picture of the global neuromodulation market. It aims at estimating the size and future growth potential of the market across different segments, such as type, application and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall neuromodulation market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities and challenges.