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

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).

Innovations in neurostimulation techniques have been made possible by the rising prevalence of chronic conditions and the limits of pharmaceutical therapy in effectively treating these diseases. Numerous studies have been conducted on the functional properties of various human nerves and the outcomes of electrically stimulating these nerves to treat various illnesses. As a result, new methods and tools for identifying and treating chronic illnesses have emerged. These methods cover anything from spinal cord stimulation for the treatment of pain to vagus nerve stimulation for the treatment of epilepsy and other diseases. The market is characterized by the introduction of customized devices and methods for treating particular illnesses as well as ongoing advancements in neurostimulation methods.

More awareness of neurodegenerative diseases, increased research into broadening the uses of neuromodulation, and the rising prevalence of neurological disorders are the main factors driving the growth of this market. However, throughout the projected period, the high cost of neuromodulation operations and equipment, together with a lack of a qualified workforce, is anticipated to hinder the expansion of this market.

US Neuromodulation Devices Market is poised to grow at a sustainable CAGR for the next forecast year.