Neuro Modulation Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

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Neuro modulation refers to be therapeutic alteration of nerve activity through the delivery of electrical stimulation or chemical agent directly to the targeted area. This advanced medical technology is designed to treat various chronic pain conditions and neurological disorders, by modifying or regulating nervous system activity. They affect every area of the body and treat nearly every disease or symptom from headaches to tremors to spinal cord damage to urinary incontinence. The modulation techniques can be either invasive involving implanted devices or noninvasive using external devices to deliver simulation. 

MARKET OVERVIEW

The market valuation of neuro modulation market was valued at approximately USD 6.2 billion in 2023 and is projected to reach USD 19.2 billion in 2034 exhibiting a CAGR of 12.5% during the forecast period of 2024-2034. Neuro modulation provides effective treatment options for a variety of chronic pain conditions and neurological disorders. The market is aligned with healthcare sector, which makes it a sustainable and growing market.


GROWTH DRIVERS

The increase incidence of chronic diseases like chronic pain and Parkinson’s disease, the demand for effective long-term options like neuro modulation increases, significantly drives the market towards growth. According to UN News, the increasing toll of NCDs meant that if the trend were to continue, by around 2050, chronic diseases such as cardiovascular diseases, cancer, diabetes and respiratory illnesses – will account for 86 per cent of the 90 million deaths each year: a staggering 90 per cent increase in absolute numbers, since 2019. Chronic diseases (CDs) like diabetes, heart disease, stroke, and cancer are a major cause of worldwide mortality and morbidity.

According to a World Health Organization (WHO) report, if current trends continue, CDs could account for 86% of the 90 million deaths each year by 2050, a 90% increase from 2019. The rise in CDs is a serious situation for public health, societies, and economies. The advancements in neuro modulation technologies, where innovations like closed loop systems and rechargeable implants have significantly improved the efficacy and patient compliance of neuro modulation therapies.

These technological advancements make neural modulation devices more effective and user-friendly. It attracts patients and healthcare providers increasing the adoption of the market. The expansion of neuro modulation therapies where it was originally used for only chronic pain. Currently it treats conditions like epilepsy, depression and bladder control issues. This expansion of indication broadens the patients base leading to increased adoption and market growth.

According to WHO, global prevalence of anxiety and depression increased by a massive 25%. Depression is a common mental disorder and around 5% of adults suffer from depression. It is estimated 3.8% of the population experience depression, including 5% of adults and 5.7% of adults older than 60 years. Approximately 280 million people in the world have depression. Depression is about 50% more common among women than among men. More than 700 000 people die due to suicide every year. Suicide is the fourth leading cause of death in 15- to 29-year-olds. The aging population is more prone to chronic conditions that can be treated with neuro modulation which drives the market towards growth.

According to UN, the number of persons aged 60 or above is expected to more than double by 2050 and to more than triple by 2100, rising from 962 million globally in 2017 to 2.1 billion in 2050. The rise in healthcare expenditure globally has facilitated the adoption of advanced medical technologies. This improved healthcare funding allows hospitals and clinics to invest in state of art neuro modulation technologies, which contribute towards the market growth.

According to Becker and WHO, the cost of global healthcare soared from 7.4% in 2022 to 10.7% in 2023, a record high. The 2024 insurer-reported cost trend is forecasted at 9.9% average worldwide, though some regions will see a steeper increase. There is a sharp increase in government spending on health at all country income levels underpinned the rise in health spending to a new high of USD 9 trillion, which is approximately 11% of global GDP.

MARKET SEGMENTATION:

·         By Technology- Internal Modulation (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Gastric Electrical Stimulation) and External Modulation (Transcutaneous Electrical Nerve Stimulation, Transcranial Magnetic Stimulation, Respiratory Electrical Stimulation)

·         By Application- Spinal Cord Stimulation (failed back syndrome, Chronic Pain, Ischemia), Deep Market Stimulation (Parkinson’s Disease, Tremor, Depression, and others), Sacral Nerve Stimulation (Urine Incontinence, Fecal Incontinence), Vagus Nerve Stimulation (Epilepsy and others), Gastric Electrical Stimulation Market (Gastroparesis, Obesity), Transcutaneous Electrical Nerve Stimulation (Treatment-resistant Depression and others), Transcranial Magnetic Stimulation (Depression and Migraine Headache), Respiratory Electrical Stimulation (spinal cord injury)

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Neuro Modulation Market Segment By Technology Review:

The neuro modulation market is segmented by technology into internal and external modulation. Each segment encompasses various specific technologies that target different neural pathways and applications. The internal modulation involves implantable devices that directly stimulates specific nerves or regions of the brain or spinal cord. The spinal cord stimulation devices deliver electrical impulses to the spinal cord, in order to block pain signals from reaching to the brain. It is mainly used for chronic pain management, especially in conditions like failed back surgery syndrome or complex regional pain syndrome.


The deep brain stimulators involves implanting electrodes in specific areas of the brain to regulate abnormal impulses. It is effective in treating movement disorders like Parkinson's disease, dystonia and essential tremor. The vagus nerve devices stimulates the vagus nerve to modulate electric electrical brain activity. It is used for epilepsy treatment and treatment resistant depression. The sacral nerve stimulation involves stimulating the sacral nerves to manage bladder and bowel control disorders. It is effective for conditions like overactive bladder, urinary retention, and fecal incontinence.

The gas electrical simulation delivers electrical pulses to the stomach muscle to regulate gastric motility. It is used for gastroparesis and other gastrointestinal motility disorders. The external modulation involves noninvasive devices that stimulates nerves or brains regions through the skin. The transcutaneous electrical nerve stimulation devices apply low voltage electric currents through the skin to relief pain. It is widely used for pain management, including arthritis, back pain and neuropathic pain.

The transcranial magnetic stimulation uses magnetic fields to stimulate nerve cells in the brain. It is mainly used for depression treatment, particularly in patients unresponsive to traditional therapies. The respiratory electrical stimulation devices stimulate respiratory muscles to improve breathing function. It is used for conditions like chronic obstructive pulmonary disease and sleep apnea.

Neuro Modulation Market Segment By Application Review:

In the spinal cord stimulation, the failed back syndrome is the condition where patients continue to experience pain after undergoing back surgery. The chronic pain is a persistent pain that lasts for months or even years, affecting the quality of life. Ischemia is a condition characterized by restricted blood flow to tissues, which causes pain and other complications. In the deep brainstem simulation, the Parkinson's disease is a progressive neurological disorder affecting movement and coordination.

The tremor is an involuntary shaking or trembling often associated with neurological disorders like essential tremor. The depression is a severe mood disorder causing persistent feelings of sadness and loss of interest. In the sacral nerve stimulation, the urine incandescence is the loss of bladder control leading to involuntary urination. The fecal incontinence is the inability to control bowel movements, leading to accidental leakage. In the vagus nerve stimulation segment, epilepsy is a neurological disorder marked by recurrent unprovoked seizures. In the gastric electrical stimulation, gastroparesis is a condition that affects the stomach muscles, preventing proper stomach emptying.

The obesity is a condition characterized by excessive body fat, increasing the risk of various health issues. The transcutaneous electrical nerve stimulation offers a noninvasive alternative for managing depression systems, appealing to the patient seeking alternatives to medication. In the transcranial magnetic stimulation segment migraine headaches are neurological condition characterized by intense and debilitating headaches. In the respiratory electrical stimulation, spinal cord injury is the damage to the spinal cord that can result in loss of function including respiratory issues.

Neuro Modulation Market Regional Analysis:

North America is a significant market driven by high prevalence of chronic diseases like chronic pain, Parkinson's disease and epilepsy which boosts the need for neuromodulation devices. According to CDC, estimated 50 million adults in the United States experienced chronic pain. During 2021, an estimated 20.9% of U.S. adults which is 51.6 million persons experienced chronic pain, and 6.9% which is 17.1 million persons experienced high-impact chronic pain with a higher prevalence.

Moreover, the region has developed and well-established healthcare system with significant investment in medical technology. Europe is a valuable market driven by the presence of rising elderly population, which increases the demand for neuromodulation devices. The region also has a presence of key global companies like LivaNova and Medtronic. Asia Pacific is a rapidly growing market driven by rising incidents of neurological disorders and growing healthcare infrastructure in emerging economies like China, India, Japan and more. The Middle East and Africa is a promising driven by growing investments in infrastructure development including healthcare infrastructure. South America market is expected to grow due to increase in healthcare access.


Key Challenges:

The new modulation devices and procedures are expensive. The high cost may be a significant barrier for patients and healthcare providers mainly in the low-income regions, which may limit the accessibility and adoption of the market. The approval process for neuromodulation devices rigorous, requiring extensive clinical trials and substantial evidence for safety and efficacy. This lengthy and costly regulatory process may delay the introduction of new devices to the market entering the market growth. The neuro modulation procedures are technically complex and requires specialized training for healthcare providers. The need for specialized training may limit the number of qualified practitioners restricting the availability of these therapies and slows the market progress.

Competitive Landscape:

In the highly competitive neuro modulation market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategi partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes – Boston Scientific Corporation received approval from FDA for the Vercise Genus Deep Brain Simulation systems, in 2023. Boston Scientific Corporation acquired Relievant Medsystems, in 2023. Medtronic got approval from FDA for InterStim X System, in 2022. Medtronic launched the SenSight Directional Lead System, in August 2021. Axonics Modulation Technologies collaborated with Micro Systems Technologies to develop neuromodulation devices for pelvic health, in June 2021. Saluda's Evoke spinal cord stimulation system received approval from the FDA, in March 2022. Orchestra BioMed collaborated with Medtronic for the purpose of heart neuromodulation therapy, in July 2022. CVRx launched a brand new Barostim Programmer, the first FDA-approved neuromodulation device in the world, in July 2022.

Global Key Players:

·         Boston Scientific Corporation

·         Abbott Laboratories

·         Synapse Biomedical Inc.

·         Medtronic PLC

·         Nevro Corporation

·         LivaNova

·         Bioinduction

·         Neuronetics

·         Helius Medical Technologies

·         NeuroPace

·         Electrocore Inc.

·         Other Players

Attributes

Details

Base Year

2023

Trend Period

2024 – 2034

Forecast Period

2024 – 2034

Pages

215

By Technology

Internal Modulation (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Gastric Electrical Stimulation) and External Modulation (Transcutaneous Electrical Nerve Stimulation, Transcranial Magnetic Stimulation, Respiratory Electrical Stimulation)

By Application

Spinal Cord Stimulation (failed back syndrome, Chronic Pain, Ischemia), Deep Market Stimulation (Parkinson’s Disease, Tremor, Depression, and others), Sacral Nerve Stimulation (Urine Incontinence, Fecal Incontinence), Vagus Nerve Stimulation (Epilepsy and others), Gastric Electrical Stimulation Market (Gastroparesis, Obesity), Transcutaneous Electrical Nerve Stimulation (Treatment-resistant Depression and others), Transcranial Magnetic Stimulation (Depression and Migraine Headache), Respiratory Electrical Stimulation (spinal cord injury)

By region

North America, Europe, Asia Pacific, the Middle East and Africa, and South America

Company Profiles

Boston Scientific Corporation, Abbott Laboratories, Synapse Biomedical Inc., Medtronic PLC, Nevro Corporation, LivaNova, Bioinduction, Neuronetics, Helius Medical Technologies, NeuroPace, Electrocore Inc., Other Players

Edition

1st edition

Publication

June 2024

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