Neuromodulation Devices Global Market estimated to be worth $9.9 billion by 2026

Neuromodulation is the alteration or modulation of nerve activity by delivering electrical or magnetic field directly to a target area for the treatment of various conditions such as pain management, central nervous system disorders, gastroenterology and urology, and other disorders. Neuromodulation treatment is considered when all other conventional methods fail to improve the condition of the patient. The Internal neuromodulation devices are designed to deliver electrical stimulation through an electrode (leads) that are placed inside the body through a traditional or minimally invasive procedure. Internal neuromodulation devices acts directly upon nerves to alter or modulate the nerve activity in the target area resulting in alleviation of pain, restoration of bowel and bladder control, reduction in symptoms of parkinson’s, epilepsy, essential tremors and others. External neuromodulation devices are either placed or moved at specific locations over the body to deliver therapy for chronic pain, diabetic neuropathy, depression and others. Some the common nerve targets used for stimulations are sacral nerve, peripheral nerve, vagus nerve, phrenic nerve, posterior tibial nerve, cranial nerve, hypoglossal nerve and others.

According to IQ4I Research analysis, the neuromodulation devices global market is expected to grow at a high single digit CAGR to reach $9,917.0 million by 2026. Some of the factors driving the market are increasing incidence of chronic pain, increasing Parkinson’s and Alzheimer’s diseases, low approval rate of CNS drugs, favorable reimbursement scenario in major markets, the emergence of neuromodulation as an add-on therapy, technological innovations, rise in the number of clinical studies performed and expansion in emerging markets. However, there are several obstacles like side effects and risks associated with the use, availability of alternative treatments, lack of trained professionals and stringent regulatory guidelines.

The neuromodulation devices market is classified into product, application, end-user, and geography. Based on the product, the market is segmented as internal and external neuromodulation devices. The Internal neuromodulation devices segment accounted for the largest revenue in 2019 and is expected to grow at a high single digit CAGR from 2019 to 2026. Among internal neuromodulation devices, spinal cord stimulator (SCS) segment accounted for the largest share in 2019 and is expected to growing at a high single digit CAGR from 2019 to 2026 due to increase in the incidence of chronic pain. Among external neuromodulation devices, transcutaneous electrical nerve stimulation (TENS) segment accounted for the largest share in 2019 and is expected to growing at a low single digit CAGR from 2019 to 2026.

Among various applications, Pain management holds the largest share in 2019 and is expected to growing at a high single digit CAGR from 2019 to 2026 due to increase in the prevalence of chronic pain, failed back surgery disorder, migraine, and ischemia. Among various end-user, Hospitals and Ambulatory surgery centers accounted for the largest share in 2019 and is expected to growing at a high single digit CAGR from 2019 to 2026 due to availability of a wide range of treatments and improved patient safety.

The Neuromodulation devices market by geography is segmented into North America, Europe, Asia-Pacific and Rest of the world regions. North America region dominated the neuromodulation devices global market with a largest share in 2019 and it is expected to grow at a high single digit CAGR from 2019 to 2026, mainly due to high technological advancements, growing awareness about medical care, treatment style, increase in the aging population, strong product pipeline, new indications, investments and funds, increase in neurological disease population, sophisticated infrastructure related to healthcare and high expenditure present among the population of North America are boosting the neuromodulation devices market. The Asia-Pacific region is the fastest-growing region with a double digit CAGR from 2019 to 2026, due to rising incidences of neurological disorders, government initiatives to increasing awareness by education campaigns, large pool of patients, increasing geriatric population, advancements in surgeries and technologies, increased healthcare facilities, increasing adoption of implantable devices, skilled personnel and low-cost for the surgery are driving the market.

Neuromodulation devices market has huge opportunity for existing players and new entrants, the neuromodulation device manufacturers can develop and launch new products to gain the sparely occupied market. According to IQ4I analysis, in U.S. it is estimated that 1 million people have Parkinson’s disease, of that 850K people are eligible for treatment. In 2019, the total implanted Deep brain stimulators (DBS) to treat Parkinson’s disease are estimated to be xx devices, indicating a penetration rate of x.x% with an opportunity of x.x % in the market.

Some of the companies are coming up with new technological advancements to maintain their leadership status in the neuromodulation devices market. For instance, Saluda Medical (Australia) has developed Evoke ECAP controlled closed loop spinal cord stimulation (SCS) system for patients suffering from chronic pain which received CE mark approval in September 2019. It is a first closed-loop SCS system that measure’s the spinal cords response to stimulation and adjusts on every pulse.

Players in this market have adopted product approval strategy to take a better global position. For instance, in September 2019, Axonics Modulation Technologies, Inc. (U.S.) received USFDA approval for Axonics r-SNM System, an implantable sacral neuromodulation device for the treatment of urinary and bowel dysfunction. In August 2019, CVRx, Inc. (U.S.) a private medical device company received Premarket Approval (PMA) from USFDA to market BAROSTIM NEO device to treat chronic heart failure and this device has also received CE Mark approval for sale in Europe.

The neuromodulation devices market is highly consolidated with the top five players occupying x.x% of the market share and the remaining x.x% of the market is occupied by other players. The top players in the market are Medtronic Plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), LivaNova Plc (U.K.), Nevro Corporation (U.S.), Inspire Medical Technologies (U.S.), Nuvectra (U.S.), Neuropace Inc. (U.S.), Bioness Inc. (U.S.), Beijing PINS Medical Co., Ltd. (China), Neuronetic (U.S.) and Laborie Medical Technologies, Inc. (Canada).

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