The Neuromodulation Market is expected to register 11% CAGR over the forecast period. According to the Institute of Health Metric and Evaluation, the prevalence of neurological diseases is around 307,859, 199 in the European Union Countries. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization. Degenerative diseases, like dementia and Parkinson’s disease, as well as strokes and headaches, are frequently encountered neurological diseases in elderly patients. Neuromodulation is an intracranial, electrical neuromodulation therapy that has FDA approval for the treatment for most of the neurological diseases such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population. The proven efficacy and improving acceptance of this technology are expected to lead to the surge in the market demand during the forecast period.
Key Market Trends
Spinal Cord Stimulation (SCS) Holds the Largest Market Share in the Internal Neuromodulation Type
The process of numbing/reducing chronic pain by passing continuous low voltage electric current to the spinal cord is referred to as spinal cord stimulation (SCS). The SCS devices are FDA approved and are the most widely accepted neurostimulation techniques across the world.
In 2019, Abbott recieved an US FDA (Food & Drug Administration) approval for " Low-dose Recharge-free Spinal Cord Stimulation System for the patients with chronic pain. These devices are of basic three types namely, rechargeable, conventional, and radiofrequency systems. SCS is used in neurological problems, such as nerve damage, arachnoiditis, failed-back surgery syndrome, neuropathy, complex regional pain syndrome, and neuritis. Along with the associated benefits and effectiveness, SCS also has some pitfalls, such as overstimulation, intermittent stimulation, lead dispositioning, and device malfunctioning. However, the benefits of the SCS outrank the pitfalls, thus boosting the segment’s growth over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
- North America dominated the overall neuromodulation market with the United States accounting as the major contributor to the market.
- The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, is expected to boost the regional growth of the market over the forecast period.
- Recently, Axonics introduced it's new programmer " r-SNM system" used for programming the external neurostimulator as well as implantable neurostimulator. In addition, the rising concern about the prevalence of neurological disorder and other associated disorders is stimulating the need for the adoption of neuromodulation techniques.
- Moreover, according to the Parkinsons Foundation, almost 60,000 people in the United States are diagnosed with parkinsons every year. Hence, the aforementioned factors are expected to fuel the market growth.
The major market players in the market include Medtronic PLC, Boston Scientific Corporation,Abbott Laboratories, Synapse Biomedical Inc., and Nevro Corporation, among others. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.
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