New York, June 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neuromodulation Global Market Report 2023" - https://www.reportlinker.com/p06466632/?utm_source=GNW
, Neurosigma Inc., Neuronetics Inc., Bioness Inc., Aleva Neurotherapeutics SA, Integer Holdings Corporation, ReShape Lifesciences Inc., and Inspire Medical Systems Inc.
The global neuromodulation market is expected to grow from $5.78 billion in 2022 to $6.43 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The neuromodulation market is expected to reach $9.62 billion in 2027 at a CAGR of 10.6%.
The neuromodulation market includes revenues earned by entities through sacral nerve stimulation for pelvic disorders and incontinence, deep brain stimulation (DBS) treatment for Parkinson’s disease, and spinal cord stimulation for ischemic disorders (angina, peripheral vascular disease).The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Neuromodulation is the modification of nerve activity (or modulation) by delivering electrical or pharmacological substances directly to a specific location. It is a reversible procedure performed to relieve pain.
North America was the largest region in the neuromodulation market in 2022. The regions covered in the neuromodulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies involved in neuromodulation are internal neuromodulation and external neuromodulation (non-invasive).Internal neuromodulation involves implanting an electrode near a target nerve and delivering a low-voltage electric current through it.
The biomaterials include polymeric biomaterial, metallic biomaterial, and ceramic biomaterial that are used for treating chronic pain, urinary and fecal incontinence, migraine, failed back syndrome, Parkinson’s disease, epilepsy, tremor, depression, and others by various end-users including hospitals, clinics, and home healthcare.
The growing prevalence of neurological disorders is expected to propel the growth of the neuromodulation market going forward.Neurological disorders are technically defined as problems that affect the brain as well as the nerves located throughout the human body and the spinal cord.
Neuromodulation offers the ability to cure and modulate a wide range of neurological disorders and diseases, such as Parkinson’s and Alzheimer’s diseases.For example, in April 2022, according to the European Brain Council, a Belgium-based coordinating international health organization, there were over 600 neurological diseases and nearly 300 psychiatric conditions noted.
Worldwide, there were 50 million people living with Alzheimer’s and other dementias.Epilepsy is common disorder that affected 65 million people around the world.
In Europe, 10.5 million people had dementia, which is expected to increase to 18.7 million in 2050. Thus, the growing prevalence of neurological disorders is driving the growth of the neuromodulation market.
Technological advancements are a key trend gaining popularity in the neuromodulation market.Major companies operating in the neuromodulation market are focused on developing new technological solutions to strengthen their position in the market.
For example, in December 2022, Abbott, a US-based medical devices and healthcare company, launched Eterna spinal cord stimulation (SCS) system, the smallest implantable, rechargeable spinal cord stimulator.Eterna SCS employs Abbott’s patented low-dose BurstDR stimulation, the only SCS waveform innovation with the highest level of clinical proof (1A evidence), which has been shown to relieve pain by 23% more than typical waveform technology approaches.
Further, in March 2021, Abbott, a US-based medical devices and healthcare company, announced the launch of NeuroSphere Virtual Clinic in the United States, a first-of-its-kind technology that allows patients to speak with clinicians, confirm optimal settings and efficiency, and obtain new treatment options as needed remotely. The NeuroSphere Virtual Clinic, which has been approved by the US Food and Drug Administration, has an opportunity to increase the availability of optimal treatment for patients suffering from chronic pain or Parkinson’s disease who do not live close to a healthcare professional, have difficulty accessing care, or are unable to go to the doctor due to circumstances such as COVID-19.
In March 2022, Electromedical Products International Inc (EPI), a US-based medical device manufacturing company, acquired Pulvinar Neuro LLC, for an undisclosed amount.The acquisition enables EPI to advance the development and commercialization of its patented technologies, including transcranial alternating current stimulation (tACS), improve its individualized feedback stimulation, and cloud-enabled digital therapeutics for psychiatric and neurological illnesses.
Pulvinar Neuro is a US-based operator of neurotechnology company intended to support neuroscience research using the latest technologies.
The countries covered in the neuromodulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the chain or as part of other products.
The neuromodulation market research report is one of a series of new reports that provides neuromodulation market statistics, including the neuromodulation industry’s global market size, regional shares, competitors with a neuromodulation market share, detailed neuromodulation market segments, market trends, and opportunities, and any further data you may need to thrive in the neuromodulation industry. This neuromodulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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