Global Neuromodulation Market Size, Share & Industry Trends Analysis Report By Technology (Internal and External), By Biomaterial, By Application, By Regional Outlook and Forecast, 2022 – 2028
The Global Neuromodulation Market size is expected to reach $3.8 billion by 2028, rising at a market growth of 6.0% CAGR during the forecast period.
Neuromodulators are a type of neurotransmitter that is a subgroup of neurotransmitters. Neuromodulators, unlike neurotransmitters, are released in a diffused way. This indicates that exposure to the neuromodulator could expose a complete neural tissue to its effects. As a result, the neuronal circuitry of an entire brain region, rather than simply a single neuron, may be tuned.
The growing incidence of various types of neurological illnesses, such as Alzheimer's disease, dementia, stroke, and brain tumors, is driving the expansion of the neuromodulation market. The increase in the prevalence of brain illnesses and the use of neuromodulation devices in developed nations are both contributing to the expansion of the neuromodulation market share. Deep brain stimulation (DBS) is a technique for treating epilepsy and Parkinson's disease. The market for neuromodulation is growing as the prevalence of epilepsy rises. Epilepsy, for example, is a chronic non-communicable brain disorder that affects people of all ages, according to the World Health Organization (WHO) in February 2022. According to the same source, around 50 million people across the world have been diagnosed with epilepsy.
Furthermore, the increase in the geriatric population aided the market's expansion. Alzheimer's along with other neurological disorders are more common in the elderly population. According to the Alzheimer's Association, a non-profit organization, approximately 6.2 million Americans aged 65 and older were diagnosed with Alzheimer's dementia in 2021.
Since most hospitals are closed owing to continuous lockdowns in numerous countries, the COVID-19 pandemic has had a negative effect on the neuromodulation market's growth. COVID-19's spread resulted in severe public health concerns. However, a large number of clinics and hospitals around the world have been reformed in order to improve hospital capacity and deliver better healthcare. In addition, neuromodulation sales have decreased across multiple regions due to a fall in both new patient and service implant procedures. Plenty of people who otherwise would have gotten tested for their mental illnesses has had to avoid visiting hospitals because of the risk of the infection. In most countries around the world, only patients with severe conditions were allowed to visit hospitals since the hospital beds were all occupied by severely afflicted COVID-19 patients.
Market Growth Factors
Rising Demand for Deep Brain Stimulation
Deep brain stimulation (DBS) uses electrodes coupled to a pulse generator implanted in the patient's body to continuously administer low bipolar or monopolar electric impulses, activating a tiny portion of the brain. DBS is used to treat pain, epilepsy, movement disorders like tremors, Parkinson's disease, dystonia, and psychiatric disorders like Tourette syndrome, obsessive-compulsive disorder, and depression, among others. Manufacturers are now working to improve their existing DBS systems while also designing the next generation of devices. DBS is being targeted to different parts of the brain by researchers, who are testing the treatment on distinct groups of Parkinson's patients.
Rising Incidence of drug resistant chronic conditions
A considerable number of the patient population suffering from chronic illnesses such as chronic back pain, depression, epilepsy, and sleep apnea, among others, is displaying medication and drug resistance. Resistance manifests itself in the form of slow treatment progression and delayed or limited effects. As a result, healthcare professionals are focusing more on neurostimulation techniques for the treatment of chronic illnesses, which is propelling the neuromodulation devices market forward. Epilepsy, treatment-resistant depression, and other chronic diseases impose a significant financial burden on countries in terms of patient treatment.
Market Restraining Factors
Low Diagnosis and Treatment Rates in Developing Countries
In developing countries, the prevalence of neurological diseases such as epilepsy, depression, and others is increasing at an incredible rate. Despite having a substantially larger frequency, emerging countries have lower diagnostic rates, which limits the number of individuals who require treatment. Lower diagnosis rates in these nations are attributed to a variety of causes, including a lack of public awareness and limited access to diagnostic facilities due to inadequate healthcare infrastructure. Low income is also one of the leading factors which forbid some people from visiting the hospital and getting tests done to arrive at the correct diagnosis.
Based on Technology, the market is segmented into Internal and External. The internal segment acquired the largest revenue share in the neuromodulation market in 2021. The significant demand for this technology is due to the growing incidence rate of the chronic leg, back, and arm pain, as well as the applicability of this technology in the effective management of these chronic pains. Due to an increase in the incidence of Parkinson's disease and an increase in product approval for neurological disease treatment, the internal modulation technology would be in demand in the upcoming years.
Based on Biomaterial, the market is segmented into Metallic, Polymeric, and Ceramic. The polymeric segment procured a substantial revenue share in the neuromodulation market in 2021. Polymeric biomaterials (biopolymers) are materials that can be employed for long or short periods of time in physiological conditions. Polymeric biomaterials cover the widest range of synthetic and hybrid materials now employed in medicine. This factor is increasing the growth of this segment of the neuromodulation market.
Based on Application, the market is segmented into Chronic Pain, Urinary & Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson Disease, Epilepsy, Tremor, Depression, and Others. The chronic pain segment acquired the largest revenue share in the neuromodulation market in 2021. Due to an increase in the prevalence of chronic disease and increased R&D activity in the healthcare sector, the demand for neuromodulation in rapidly surging. In addition, the increasing adoption of sedentary lifestyle in people all over the world is one of the major factors that is increasing the instances of chronic pain in these people. This factor would play a major role in accelerating the growth of this segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the largest revenue share in the neuromodulation market in 2021. The significant growth of the regional market is attributed to the rise in prevalence of neurological diseases, the presence of key players in the regional neuromodulation market, and well-established infrastructure in the region. The presence of key market players and large pharmaceutical and biopharmaceutical industries, as well as increased investments in the country for the adoption of innovative technologies, is likely to support the regional market's expansion.
The major strategies followed by the market participants are Approvals and Trials. Based on the Analysis presented in the Cardinal matrix; Abbott Laboratories is the forerunners in the Neuromodulation Market. Companies such as MicroTransponder Inc., Boston Scientific Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, LivaNova PLC, Boston Scientific Corporation, Abbott Laboratories, Nevro Corporation, NeuroSigma, Inc., NeuroPace, Inc., Neuronetics, Inc., MicroTransponder Inc., and Bioventus Inc.
Recent Strategies deployed in Neuromodulation Market
Partnerships, Collaborations, and Agreements
Jun-2021: NeuroSigma entered into a partnership with KT Corporation, a telecommunication company based in South Korea. The partnership aimed at developing and commercializing, inside and outside of Korea, electronic therapies treating neurological and neuropsychological disorders, such as depression, ADHD, and epilepsy. Through this partnership with NeuroSigma, KT supported the design and development of the next-generation category of eTNS products integrating big data, artificial intelligence (AI), and cloud capabilities. Additionally, KT also supported advanced monitoring and AI analysis services, offered via its digital healthcare platform, and the commercialization and manufacturing partnerships in Korea.
Feb-2020: LivaNova teamed up with Verily, an Alphabet company. The collaboration aimed at capturing measures of depression within its RECOVER clinical study, which was analyzing the efficacy of Vagus Nerve Stimulation Therapy (VNS Therapy) for difficult-to-treat Depression (DTD). Under the collaboration with Verily, LivaNova built on its work to study depression and understand the complicated elements that contribute to the disorder, improving its capacity to treat patients who have it.
Oct-2019: NeuroSigma entered into a partnership with Teijin Limited, a chemical, pharmaceutical, and information technology company based in Japan. The partnership granted Teijin Pharma, Teijin's healthcare business, exclusive rights to NeuroSigma's TNS patent rights in Japan related to attention deficit hyperactivity disorder (ADHD), and market the Monarch eTNS System for the non-invasive treatment of ADHD in Japan.
Approvals and Trials
Mar-2022: Bioventus received FDA approval for the next generation StimRouter Neuromodulation System. This system is used for the therapy of chronic pain of peripheral nerve origin, excluding craniofacial pain. The newly approved StimRouter system offers a similar clinically tested, long-term pain relief while substantially improving the patient's control and user experience.
Jan-2022: Nevro received FDA approval for expanded labeling for its Senza Spinal Cord Stimulation (SCS) System for the treatment of Non-Surgical Refractory Back Pain (NSRBP). The SENZA-NSRBP study participants who were given 10 kHz Therapy showed great improvements in function, pain relief, awareness of positive change in quality of life, and reduction in everyday opioid use versus Conventional Medical Management.
Aug-2021: MicroTransponder received FDA approval for Vivistim paired VNS system for chronic ischemic stroke rehabilitation. This system, Vivistim electrically stimulates the vagus nerve to decrease deficiencies in upper limb and extremity motor function and to enhance patients’ capacity to move their arms and hands. Under the skin in the patient's chest, an implantable pulse generator is implanted with a lead wire that leads up to electrodes placed on the left side of the neck where the vagus nerve is.
Jun-2021: LivaNova received FDA approval for proceeding with its, “Treating Obstructive Sleep Apnea using Targeted Hypoglossal Neurostimulation (OSPREY)”, an investigational device exemption (IDE) clinical study. The aura6000 was developed to sustain muscle tone of the tongue and upper airway so that airway blockage and resulting sleep apnea are substantially decreased or removed. The OSPREY study was used to analyze the apnea-hypopnea index responder rate of subjects with device stimulation activated to decide whether it is statistically higher than the rate of subjects without stimulation. The overall safety and efficacy of the device in its ability to treat patients with OSA were evaluated.
Acquisitions and Mergers
Aug-2021: Medtronic acquired Intersect ENT, a world leader in ear, nose, and throat (ENT) medical technology devoted to transforming patient care. The acquisition enabled Medtronic to expand its portfolio of products used during ear, nose, and throat procedures. The complementary customer base and product lines would further enhance Medtronic's efforts to have a positive impact on patients who suffer from chronic rhinosinusitis (CRS).
Mar-2021: Bioventus completed the acquisition of Bioness, a key player in neuromodulation and rehabilitation medical equipment through its ingenious peripheral nerve stimulation therapy and premium rehabilitation solutions. The acquisition matched Bioventus’ goal of assisting patients to regain active lifestyles and the strategy of accretive revenue growth through acquisitions that leverage the Company’s existing infrastructure.
Jan-2020: Medtronic completed the acquisition of Stimgenics, the pioneer of a new spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation. The therapy is a novel and distinctive programming option to treat patients with chronic pain. It is delivered via the Medtronic Intellis platform. The DTM waveform had a more significant impact on the neural-glial interaction than other frequencies.
Product Launches and Product Expansions
May-2022: Medtronic unveiled CareGuidePro, a smartphone application and web portal. CareGuidePro is Medtronic's foremost patient-centric digital health system designed for spinal cord stimulation patients, planned as a seamless solution that would merge into the care provider's workflow. This digital health system paves the way for a more engaging and informative patient experience that results in a better physician-patient dialogue, leading to improved therapy management.
Mar-2021: Abbott launched NeuroSphere Virtual Clinic, an unparalleled technology that permits patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as required. Through this product, Physicians can communicate and digitally prescribe new stimulation settings remotely, enabling them to expand care beyond their clinic walls and optimize therapy management using NeuroSphere Virtual Clinic.
Mar-2022: Boston Scientific Corporation expanded its geographical footprint by launching its R&D Center in Pune. The expansion aimed to capitalize on the country’s R&D expertise and offer varied opportunities for engineers and innovators in India. The R&D Center provided expertise to all of the company's therapy areas, specifically peripheral interventions, interventional cardiology, cardiac rhythm management, neuromodulation, endoscopy, and urology and pelvic health. The R&D team provided support in the fields of software engineering, mechanical design, and analysis, sustaining engineering, quality, and compliance.
Scope of the Study
Market Segments covered in the Report:
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