NEUROMODULATION DEVICES MARKET ANALYSIS

The global neuromodulation devices market is estimated to be valued at US$ 14.1 billion in 2023 and is expected to exhibit a CAGR of 15.2% during the forecast period (2023-2030).

Analysts’ Views on the Global Neuromodulation Devices Market:

The global neuromodulation devices markets growth can be hindered due to product recall, thus increasing product approval by regulatory authorities is expected to drive the market growth over the forecast period. For instance, in July, 2021, NEVRO CORP, a medical device company, announced that the U.S. Food and Drug Administration (FDA) approved senza system for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN).

Figure 1. Global Neuromodulation Devices Market Share (%), by Device Type, 2023

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Global Neuromodulation Devices Market - Driver

Increasing distribution agreements among key market players

On March 22, 2023, Helius Medical Technologies, Inc., a neurotech company, and HealthTech Connex Inc., a biotechnology company, entered an exclusive distribution agreement for the Portable Neuromodulation Stimulator (PoNS) device. This agreement granted HealthTech Connex Inc. the exclusive right to purchase, market, sell, and distribute Helius’s PoNS device throughout the metropolitan Vancouver and Fraser Valley regions of British Columbia, Canada, subject to established minimums.

Figure 2. Global Neuromodulation Devices Market Share (%), by Region, 2023

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Global Neuromodulation Devices Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global neuromodulation devices market over the forecast period. North America holds 37.8% of the market share due to the increasing prevalence of neurological disorders, which is expected to drive the North America neuromodulation devices market over the forecast period. For instance, according to Alzheimer’s Association, it was stated that around 5.8 million people in the U.S. aged 65 and older were living with alzheimer’s dementia in 2020.

Global Neuromodulation Devices Market - Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global neuromodulation devices market. For instance, in August 2021, D'Or Institute for Research and Education,  a research institute in Brazil, started a clinical study for investigating the effects of transcranial Direct Current Stimulation (tDCS) on COVID-19 patients to check the effect of neuromodulation therapy in them. tDCS is a non-invasive brain stimulation technique which applies a low intensity electrical current in order to modulate neuronal activity.

The global neuromodulation devices market report is segmented into device type, application, end user, and region.

Based on device type, the market is segmented into spinal cord stimulation devices, deep brain stimulation devices, sacral nerve stimulation devices, vagus nerve stimulation devices, and gastric electric stimulation devices. Out of which, the spinal cord stimulation devices segment is expected to hold a dominant position in the global neuromodulation devices market during the forecast period, and this is attributed to the increasing product launches of spinal cord stimulation devices.

Based on application, the market is segmented into pain management, neurological and movement disorder management, musculoskeletal disorder management, metabolism and GIT management, and others (incontinence management, etc.). Out of which, the pain management segment is expected to hold a dominant position in the global neuromodulation devices market during the forecast period, and this is attributed to the increasing prevalence of musculoskeletal disorder among patients

Based on end user, the market is segmented into hospitals, ambulatory surgical centers, specialized clinics, and others (nursing facilities, etc.). Out of which, the hospitals segment is expected to dominate the market over the forecast period, and this is attributed to the rising number of hospitals.

Among all segmentation, the device type segment has the highest potential due to the increasing launch of spinal cord stimulation devices by key market players.

Global Neuromodulation Devices Market Cross Sectional Analysis:

In the device type segment, spinal cord stimulation devices hold a dmominat position in North America due to increasing product launch in the U.S. For instance, in January 2021, BD, a medical device company announced that the launch of WaveWriter Alpha, a Spinal Cord Stimulator (SCS) system in the U.S. The SCS portfolio features the largest portfolio of full-body MRI conditional devices that combine therapy options for personalized pain relief.

Global Neuromodulation Devices Market: Key Developments

• Increasing CE mark approval of neuromodulation devices by regulatory authorities is expected to propel growth of the global neuromodulation devices market. For instance, in January, 2020, Bioness Inc., a subsidiary company of Bioventus, announced that it had received CE mark approval for StimRouter neuromodulation system for the treatment of fecal incontinence across Europe.
• Increasing product approval by regulatory authorities is expected to drive the market growth over the forecast period. For instance, in August 2022, Abbott, a medical technology company, announced that it had received U.S. Food and Drug Adminstration (FDA) approved Proclaim Plus Spinal Cord Stimulation (SCS) system featuring FlexBurst360 therapy. The next generation of Abbott’s proprietary BurstDR stimulation, FlexBurst360 therapy offers pain coverage across up to six areas of the trunk and/or limbs and enables programming that can be adjusted as a person’s therapeutic needs evolve

Global Neuromodulation Devices Market: Key Trends

Increasing adoption of organic strategies such as acquisition by key market players to expand its product portfolio

Increasing adoption of organic strategies, such as the acquisition, by key market players to expand its product portfolio is expected to drive the global neuromodulation devices market growth over the forecast period. For instance, in March 2021, Bioventus, a medical device company, announced that they had acquired Bioness, Inc., a neuromodulation and rehabilitation medical devices company, to expand its product portfolio. Under this acquisition, Bioventus includes the entire portfolio of Bioness products as well as its research and development pipeline and Bioness has become a wholly-owned subsidiary of Bioventus.

Global Neuromodulation Devices Market: Restraint

Increasing product recall by regulatory authorities can hinder the market growth which can be balanced by product launch by key market players

Increasing product recall by regulatory authorities is expected to hinder the market growth over the forecast period. For instance, in December 2019, LivaNova, a medical technology company, announced that the U.S. Food and Drug Administration (FDA) recalled Vagus Nerve Stimulation (VNS) device as FDA received 14 reports of rest errors that caused the neuromodulation system to stop delivering treatment

Global Neuromodulation Devices Market - Key Players

The major players operating in the global neuromodulation devices market include Medtronic, BD, LivaNova, Axonics, Inc., ShiraTronics, Abbott, Bioventus, Neuronetics, NEVRO CORP, Integer Holdings Corporation, BIOTRONIK, NeuroPace, Inc., NeuroMetrix, Inc., Helius Medical Technologies, Inc., and Synapse Biomedical Inc.

Global Neuromodulation Devices Market

Definition: Neuromodultion is the alteration of neuronal and synaptic properties by neurons. Neuromodulation is a term that broadly describes a field of pain medicine involving implantable and non-implantable technologies that act directly on nerves, electronically or pharmaceutically, to alter pain signals travelling to the brain in order to alleviate physical suffering. It is widely regarded as a solution for chronic pain, but it can be used to treat a variety of different conditions.