What is the Global market size of the Neuromodulation Devices Market?

Global Neuromodulation Devices Market size was valued at USD 3656.12 million in 2021 and is poised to grow from USD 4000 million in 2022 to USD 8300 million by 2030, growing at a CAGR of 9.5% in the forecast period (2023-2030).

Neuromodulation Devices Market Size, Share, Growth Analysis, By Product Type(Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators), By Application(Pain Management, Neurological Disorders, Respiratory Disorders, Others), By End-User(Hospitals, Specialty Clinics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2716 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 93 | Figures: 76

Neuromodulation Devices Market Dynamics

Neuromodulation Devices Market Driver

The global neuromodulation devices market is driven by a number of reasons. One of the key factors propelling the neuromodulation devices market is the increase in health issues. Due to the exceptional capacity to offer comfort in various kinds of illnesses, neuromodulation devices have grown in favor over the years for treating chronic pain, shoulder pain, headaches, and brain injuries. In addition to treating depression, digestive, and sleeping issues, neuromodulation devices are used. Therefore, the business for neuromodulation devices is being driven by the widespread use of these devices to treat a variety of disorders.

Neuromodulation Devices Market Restraint

The neuromodulation devices market is experiencing growing challenges due to a variety of causes. High capital investment is the main barrier for the market. The high cost of manufacturing Neuromodulation devices is posing a challenge for the new key players and has grown to be a significant market restraint. In addition, the neuromodulation devices market is constrained by the dearth of qualified professionals because the use of neuromodulation devices requires highly competent professionals.

Neuromodulation Devices Market Report Snapshots

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Neuromodulation Devices Market size was valued at USD 3656.12 million in 2019 and is poised to grow from USD 4000 million in 2023 to USD 8300 million by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

The neuromodulation devices market is highly concentrated, with the top 3–4 companies holding more than 90% of the market. With a varied portfolio, great brand recognition, widespread geographic reach, and a robust distribution network, Medtronic has been able to dominate the industry. Abbott and Boston Scientific Corporation have both experienced a decline in market share over the past few years as a result of delays in the introduction of cutting-edge products in the spinal cord stimulation and other key categories. 'Medtronic', 'Synapse Biomedical', 'Abbott Laboratories', 'Boston Scientific Corporation', 'LivaNova PLC', 'Nevro Corp.', 'NeuroSigma Inc.', 'NeuroPace Inc.', 'Cyberonics Inc.', 'NDI Medical LLC', 'NeuroMetrix Inc.', 'NeuroVista Corporation', 'Neuronetics Inc.', 'BioControl Medical', 'SPR Therapeutics', 'MicroTransponder Inc.', 'Soterix Medical Inc.', 'Sapiens Neuro', 'BrainsWay Ltd.', 'Saluda Medical Pty Ltd'

The neuromodulation devices market is driven by a number of reasons. One of the key factors propelling the neuromodulation devices market is the increase in health issues. Due to the exceptional capacity to offer comfort in various kinds of illnesses, neuromodulation devices have grown in favor over the years for treating chronic pain, shoulder pain, headaches, and brain injuries. In addition to treating depression, digestive, and sleeping issues, neuromodulation devices are used. Therefore, the business for neuromodulation devices is being driven by the widespread use of these devices to treat a variety of disorders.

A sizable fraction of patients with long-term illnesses, such as chronic back pain, depression, epilepsy, and sleep apnea, among others, are showing signs of drug and medicine resistance. Resistance is evident in the treatment's slow progression and any outcomes that are delayed or insufficient. The market trends for neuromodulation devices are being driven by healthcare practitioners turning their attention to neurostimulation methods for the management of chronic illnesses as a result.

The neuromodulation market size in North America was at its highest level, and the region's dominance is mostly attributable to its patients' higher rates of diagnosis and treatment as well as their greater use of neuromodulation devices to treat chronic illnesses. The second-largest market share belonged to Europe. The demand for these devices is being fueled by a strong healthcare infrastructure as well as an increase in non-invasive device approvals in the region.

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Neuromodulation Devices Market Dynamics

Neuromodulation Devices Market Report Snapshots

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