The neuromodulation devices market has been experiencing robust growth and is set to continue on an upward trajectory in the coming years. In 2023, the market was valued at approximately USD 8.65 billion and is projected to expand at a compound annual growth rate (CAGR) of 10.3% from 2024 to 2032, ultimately reaching a value of USD 20.83 billion by 2032. This growth is largely driven by the increasing prevalence of neurological disorders, as well as advancements in neuromodulation technologies that are transforming how these conditions are treated. In this blog, we’ll delve deeper into the key drivers of market growth, the competitive landscape, and what the future holds for this dynamic sector.
What Are Neuromodulation Devices?
Neuromodulation devices are medical technologies used to regulate or alter the electrical activity of the nervous system. These devices deliver electrical impulses to specific nerves or brain regions to treat various neurological disorders. Neuromodulation is increasingly being recognised as a non-invasive or minimally invasive alternative to traditional surgical approaches. It offers a promising solution for conditions such as chronic pain, epilepsy, Parkinson’s disease, depression, and other neurological disorders, without the need for complex surgeries or long-term medication use.
Key Drivers of Market Growth
The neuromodulation devices market is being driven by several factors that point to both increasing demand and rapid innovation in the field. Below, we explore the primary drivers of market growth.
1. Rising Prevalence of Neurological Disorders
Neurological disorders are becoming increasingly common globally, largely due to the aging population, lifestyle factors, and improved diagnostic techniques. According to the World Health Organisation (WHO), neurological conditions such as epilepsy, Parkinson’s disease, and Alzheimer’s disease are expected to rise in prevalence over the coming decades. Additionally, mental health disorders, such as depression and anxiety, are also on the rise, further expanding the pool of patients who could benefit from neuromodulation treatments. As these conditions become more widespread, the demand for effective, non-invasive treatment options is growing, positioning neuromodulation devices as a crucial therapeutic tool.
2. Technological Advancements in Neuromodulation
Advances in technology have significantly improved the effectiveness and accessibility of neuromodulation devices. Over the past decade, the field has seen innovations in device miniaturisation, wireless functionality, and integration with artificial intelligence (AI) to personalise treatments. For instance, wearable neuromodulation devices that are less invasive and more portable are becoming increasingly popular among patients. These technologies offer patients the convenience of managing their conditions from home, providing a significant advantage in terms of compliance and quality of life.
3. Increasing Acceptance of Non-Invasive Treatments
There is growing preference for non-invasive or minimally invasive treatments over traditional surgical procedures, as these options typically involve fewer risks, shorter recovery times, and less discomfort. Neuromodulation devices, such as deep brain stimulators and spinal cord stimulators, provide effective relief for conditions like chronic pain, Parkinson’s disease, and epilepsy, without the need for invasive surgery. As more patients and healthcare providers seek alternatives to invasive procedures, neuromodulation devices are becoming a mainstream choice in managing neurological disorders.
Competitive Landscape: Leading Companies in the Market
The neuromodulation devices market is highly competitive, with several key players leading the charge in technological innovation and market share. These companies are not only developing new products but also working on improving existing devices, gaining regulatory approvals, and expanding their reach across global markets. Some of the prominent players include:
1. NeuroPace, Inc.
NeuroPace is a leader in the development of implantable neurostimulation devices. The company’s RNS System is a cutting-edge device designed for patients with drug-resistant epilepsy. It monitors brain activity and delivers targeted electrical impulses when abnormal activity is detected, helping to prevent seizures.
2. electroCore, Inc.
electroCore is known for its non-invasive gammaCore neuromodulation device, which is used for the acute treatment of pain associated with conditions like migraine and cluster headaches. The device uses electrical stimulation of the vagus nerve to reduce pain intensity and frequency.
3. Medtronic plc
Medtronic is one of the biggest players in the global medical device market. Its Spinal Cord Stimulation (SCS) devices are widely used for managing chronic pain. Medtronic is also a pioneer in deep brain stimulation (DBS) devices, which are used for treating Parkinson’s disease and other movement disorders.
4. LivaNova, PLC
LivaNova’s Vagus Nerve Stimulation (VNS) systems are used to treat drug-resistant epilepsy and treatment-resistant depression. The company is also expanding its portfolio with other neuromodulation devices for neurological and psychiatric disorders.
5. Boston Scientific Corporation
Boston Scientific is another key player in the neuromodulation space, offering spinal cord stimulation systems and deep brain stimulation devices. The company’s products are used for chronic pain management and the treatment of neurological conditions such as Parkinson’s disease.
6. Neuronetics, Inc.
Neuronetics is a leader in Transcranial Magnetic Stimulation (TMS) for the treatment of depression. Their NeuroStar TMS Therapy System is an FDA-approved non-invasive procedure that uses magnetic pulses to stimulate areas of the brain involved in mood regulation.
7. NeuroSigma, Inc.
NeuroSigma has developed the eTNS System, a non-invasive neuromodulation device used for the treatment of ADHD. This device delivers electrical stimulation to the trigeminal nerve and has shown promise as a drug-free treatment option for children and adolescents.
8. Nevro Corp.
Nevro’s HFX spinal cord stimulation system is widely regarded as one of the most advanced solutions for chronic pain management. It offers high-frequency stimulation to patients suffering from intractable pain, providing significant relief without the need for invasive surgery.
9. Synapse Biomedical, Inc.
Synapse Biomedical focuses on neuromodulation devices used in respiratory care. Their NeuRx Diaphragm Pacing System is used to help patients with spinal cord injuries regain diaphragm function.
10. Bioventus
Bioventus is actively involved in the development of neuromodulation technologies for pain management. The company’s products include devices for the treatment of musculoskeletal pain, osteoarthritis, and other conditions that benefit from neuromodulation therapy.
Market Segmentation and Application Areas
Neuromodulation devices are used across a wide range of neurological and psychiatric conditions. The market can be broadly segmented based on device type, application, and end-user.
1. By Device Type:
- Spinal Cord Stimulation (SCS) Devices: Used for chronic pain management.
- Deep Brain Stimulation (DBS) Devices: Treat movement disorders like Parkinson’s disease.
- Vagus Nerve Stimulation (VNS) Devices: Used for epilepsy and depression.
- Transcranial Magnetic Stimulation (TMS) Devices: Primarily used for depression and anxiety disorders.
2. By Application:
- Chronic Pain Management
- Parkinson’s Disease
- Epilepsy
- Depression
- Other Neurological Disorders
3. By End-User:
- Hospitals and Clinics
- Ambulatory Surgical Centres
- Specialty Clinics
- Home Care Settings
Regional Analysis: Where is the Market Heading?
The global neuromodulation devices market is spread across multiple regions, with North America leading in market share, followed by Europe and Asia-Pacific.
- North America: The US is the largest market for neuromodulation devices, driven by high healthcare standards, advanced medical technologies, and a large number of patients suffering from chronic conditions.
- Europe: The European market is growing steadily, supported by increasing healthcare investments and government funding for neurological research and treatment.
- Asia-Pacific: This region is witnessing rapid growth, particularly in emerging markets like China and India, as healthcare access improves and the prevalence of neurological disorders rises.
- Latin America & Middle East & Africa: These regions present significant growth opportunities as healthcare infrastructure improves and awareness of neuromodulation treatments increases.
