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

Report Overview

The global neuromodulation devices market size was valued at USD 3.19 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2030. Neurological disorders including Parkinson’s disease, cerebrovascular diseases, Alzheimer’s disease, stroke, and tremors affect the peripheral nervous system and central nervous system in the body, and neuromodulation therapy is an effective way to manage these diseases. Neuromodulation is a minimally invasive or non-invasive therapy used for treating patients with neurological disorders, and neuromodulation devices are implantable medical devices used for altering a particular nerve with the help of electrical stimulations.

According to a statistics report by the American Academy of Neurology, nearly 1 million people in the U.S. are affected by Parkinson’s disease, with 60,000 new cases added each year. Furthermore, the data published by the Hearing Health Foundation in 2020, 48 million people are having deafness and tinnitus in the U.S. and 477 million worldwide. According to the factsheet by the World Health Organization, nearly 50 million people globally suffer from epilepsy and around 2.4 million cases are diagnosed annually. Thus, with the increasing cases of neurological disorders, the demand for neuromodulation devices is expected to grow during the forecast period.

Many regions of the world were substantially affected by the COVID-19 pandemic and the countries are still recovering from the pandemic. Aside from the health sector, the pandemic has had a substantial influence on a variety of industries. The rise in the prevalence of lifestyle diseases such as chronic pain and depression, increased investment by private players for research and development of neurological disorders, and the increasing number of neurological diseases are some of the factors driving the market. Moreover, the adoption of technologically advanced devices, the surge in the geriatric population, and the rise in demand for non-invasive and minimally invasive surgery fueled the industry growth.

However, negative effects such as anaphylactic reaction and prickling and tingling of the skin caused by the implantation of a neuromodulation device into the body and an increase in device cost are projected to impede market expansion. Furthermore, the availability of other treatment alternatives, such as drug therapies and surgery, limits the industry growth. On the contrary, research into the use of neuromodulation in the treatment of several diseases such as interstitial cystitis, stroke, brain tumor, and obsessive-compulsive disorder is underway and is projected to generate the profit potential for the expansion of the market in the forecast period. For instance, in September 2021, Advanced Science conducted research supported by Hong Kong Research Grants Council General Research Fund, on Precise Ultrasound Neuromodulation in the deep brain region using nano gas vesicles. The study aimed to demonstrate an effective method for neurostimulation with low-intensity and non-invasive ultrasound.

Product Type Insights

The spinal cord stimulators segment dominated the market with a revenue share of over 40.0% in 2021 owing to the increased use of spinal cord stimulators for treating chronic pain and nerve pain. Based on product type, the market is segmented into deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, transcranial magnetic stimulators, vagus nerve stimulators, and others.

The deep brain stimulators segment is expected to exhibit the fastest growth rate of 10.8% from 2022 to 2030 due to their rising adoption in treating a variety of neurological disorders including essential tremors, Parkinson’s disease, dystonia, and epilepsy. The deep brain stimulator is a device that delivers electrical impulses to a specific area of the brain to relieve pain and overcome abnormal brain activity.

Technology Insights

In 2021, internal neuromodulation technology dominated the market with a revenue share of over 55.0% owing to an increase in the number of patients suffering from different types of headaches, depression, and heart-related diseases. The neuromodulation devices are crucial in the treatment of chronic pain as they use non-invasive or minimally invasive technologies. The internal neuromodulation devices are specialized to act directly on the pain spot and they alter nerve activity by sending electrical stimulation to a particular nerve, thereby making it a more effective way of treating the disease.

External technology is anticipated to exhibit the fastest growth rate of 10.8% during the forecast period owing to the increasing number of patients with chronic disorders, a wide range of applications of the device, rising demand for non-invasive therapy, and the cost-effectiveness of the device. The external neuromodulation segment includes therapies such as transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation.

Application Insights

Parkinson’s disease dominated the market with a revenue share of over 25.0% in 2021 due to its high product efficacy in treating epilepsy and the lack of treatment choices for the disease. Parkinson's disease is a chronic neurodegenerative brain disorder that causes movement problems. According to Global Burden Diseases (GBD) study in 2020, about 6.2 million people were suffering from Parkinson’s disease.

The chronic pain segment is expected to register the fastest growth rate of 11.3% over the forecast period owing to the rise in the incidence rate of chronic diseases, an increase in investments by the private players in the Neurotherapy field, and an increase in the research and development activities in the sector. According to the National Institutes of Health (NIH), chronic pain is a discomfort that lasts more than 12 weeks.     

Biomaterial Insights

In 2021, the metallic biomaterials segment dominated the market with a revenue share of over 45.0% owing to the advancements and growth in the R&D for neuromodulation solutions. The segment is also expected to maintain its position during the forecast period. Based on biomaterial, the market is segmented into polymeric, metallic, and ceramic biomaterials.

The polymeric biomaterials segment is expected to register the fastest growth rate of 10.4% during the forecast period owing to the flexibility benefits. Polymers can be shaped into support structures, including electrospun matrices, nerve conduits, and scaffolds, and are capable of regenerating damaged neural tissues. Polymers are used in medical implantable devices, and they offer a wide range of shape and mechanical characteristics, such as biocompatibility and bioactivity.

End-use Insights

The hospitals and ASCs segment held the largest revenue share of above 50.0% in 2021 and is expected to retain its dominance during the forecast period. It is also expected to register the fastest CAGR over the forecast period. Based on end-use, the market is segmented into hospitals and ambulatory surgery centers (ASCs), clinics and physiotherapy centers, and others.

Hospitals provide neuromodulation surgery and implantable device therapy for patients with neurological disorders. The most popular neuromodulation therapy provided by hospitals is spinal cord stimulation treatment for patients suffering from neurological disorders. Ambulatory surgical centers have transformed the outpatient experience for the patients as it is a more convenient, efficient, and cost-effective alternative to neurological outpatient procedures.

Regional Insights

North America held the largest revenue share of over 45.0% in 2021. The increasing number of patients suffering from neurological disorders, which is increasing the need for the adoption of neuromodulation devices, increased competition among market players, and significant expenditure on research and development to produce novel therapeutic solutions are contributing to the market growth in North America. There has been a steady growth in the number of patients with neurological disorders from various states in the U.S. and Canada, thus fueling demand for neuromodulation devices.

Asia Pacific is expected to expand at the fastest rate of 10.6% during the forecast period due to the rising frequency of neurological disorders, rapidly expanding healthcare infrastructure, growing government backing, and an increasing number of startups in this region.

Key Companies & Market Share Insights

The market players are focusing on expansion, diversification, partnerships, acquisitions, and mergers to strengthen their market presence. For instance, in August 2021, Medtronic announced the acquisition of Intersect ENT, which is into ENT technology. The acquisition is expected to help Medtronic expand its ENT portfolio by offering Intersect ENT products such as PROPEL and SINUVA, which are used in sinus procedures to treat nasal polyps. 

Moreover, in October 2021, Boston Scientific Corporation entered into an agreement to acquire Baylis Medical Company Inc. The company offers products and services such as advanced transseptal access solutions, guidewires, dilators, and sheaths, which are used for supporting catheter-based heart procedures. The agreement of acquisition was closed in February 2022. Some prominent players in the global neuromodulation devices market include: 

• Boston Scientific Corporation

• Abbott

• NEVRO CORP.

• Neuronetics

• Medtronic 

Neuromodulation Devices Market Report Scope

Global Neuromodulation Devices Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global neuromodulation devices market report based on product type, technology, application, biomaterial, end-use, and region:

• Product Type Outlook (Revenue, USD Million; 2017 - 2030)

  • Spinal Cord Stimulators

  • Deep Brain Stimulators

  • Sacral Nerve Stimulators

  • Vagus Nerve Stimulators

  • Transcranial Magnetic Stimulators

  • Others

• Technology Outlook (Revenue, USD Million; 2017 - 2030)

  • Internal

  • External

• Application Outlook (Revenue, USD Million; 2017 - 2030)

  • Parkinson’s Disease

  • Chronic Pain

  • Migraine

  • Epilepsy

  • Tremor

  • Depression

  • Urinary & Faecal Incontinence

  • Others

• Biomaterial Outlook (Revenue, USD Million; 2017 - 2030)

  • Polymeric Biomaterial

  • Metallic Biomaterial

  • Ceramic Biomaterial

• End-use Outlook (Revenue, USD Million; 2017 - 2030)

  • Hospitals & Ambulatory Surgery Centers (ASC)

  • Clinics & Physiotherapy Centers

  • Others

• Regional Outlook (Revenue, USD Million; 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa