Neuromodulation machines are medical devices that apply electrical or chemical stimulation to areas of the nervous system. These machines are applied to a range of neurological conditions, from chronic pain to Parkinson’s, epilepsy and depression. The neuromodulation devices market is growing steadily with rising incidence of neurological diseases, technological advancement, and increased usage of these devices.
Market Overview
The neuromodulation devices market is segmented by product type (spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, sacral nerve stimulators), application (pain management, movement disorders, urinary incontinence), and geography.
Key Market Trends
Certain trends are influencing the market:
- Growing Number of Brain Disorders: Increasing numbers of brain diseases including Parkinson’s, epilepsy, and chronic pain have created the need for effective treatments.
- Technology Advances: Constant technology advances including device miniaturization, wireless, battery life and more are enabling neuromodulation devices to perform and function at a better level.
- Rapidly Increasing Ageing Population: Older people are more vulnerable to neurological disorders, and hence the demand for neuromodulation therapy is on the rise.
- As Health Care Spending Increases: Growing healthcare spending, especially in developed nations, is spurring the use of modern medical equipment such as neuromodulators.
Market Size and Forecast
The neuromodulation devices market was valued at US$ 5.73 billion in 2022 and is expected to reach US$ 11.61 billion by 2030. The market is estimated to register a CAGR of 9.2% from 2022 to 2030.
Frequently Asked Questions
Why is the market growing?
- Increasing prevalence of neurological disorders
- Advancements in technology
- Growing geriatric population
- Rising healthcare expenditure
Where will the market be growing?
North America and Europe are the mature neuromodulation device markets but Asia-Pacific is also a growing market due to increasing healthcare spending and awareness.
How difficult is the market?
- Cost-prohibitive devices and surgeries.
- Potential side effects and complications
- Complex regulatory landscape
- Slightly poor reimbursement in some places.
What are the future opportunities of the neuromodulation devices market?
- Development of closed-loop neuromodulation systems
- AI/ML – Machine Learning and AI Integrated.
- Miniaturization of devices
- Personalized medicine approaches
What will manufacturers and providers be able to do in this neuromodulation devices growth market?
- Invest in R&D to build new devices and treatments.
- Work with thought leaders and clinicians.
- Adopt patient education and awareness activities.
- expand into emerging markets
- Prioritize patient safety and efficacy
This neuromodulation devices market is projected to expand significantly as people seek more effective and less invasive therapies for neurological conditions. By getting acquainted with market trends and problems, healthcare professionals and companies can capitalize on the market and deliver better patient care.
