Neuromodulation Market Size, Share, Growth & Forecast till 2028

Posted by Lisa Seghers on October 13th, 2022

Neuromodulation are commonly used in biotechnology, pharmaceutical, and chemical laboratories to transfer specific volumes of liquids. Different types of designs, such as electronic Neuromodulation and ultralight pipettes, are available in the market. Neuromodulation Market are used to measure liquids with accuracy for various biological experiments, pharmaceutical applications, and so on. These devices help prevent contamination and secure handling of liquids during laboratory procedures.

According to the new research report published by The Insight Partners, titled “Global Neuromodulation Market to 2027 – Global Analysis and Forecasts by Function, Application, Form and Geography.’ Neuromodulation Market Forecast to 2027 — COVID-19 Impact and Global Analysis — by Technology, Application, and End User,” the market was valued at US$ 7,613.45 million in 2019 and is projected to reach US$ 16,333.98 million by 2027; it is expected to grow at a CAGR of 10.3% during 2020–2027.

The growth of the market is mainly attributed to rising incidence of neurological disorders and growing developments in neuromodulation technology. However, the high cost of neuromodulation devices hinders the market growth. Further, the rising demand for neurostimulation devices to treat chronic pain offer lucrative opportunities for the players operating in the global neuromodulation market.

Depression is the most common neurological disorder among all age groups. In the developing regions, most people suffer from depression owing to various socioeconomic factors such as financial stress and poverty. Other neurological disorders such as dystonia, Parkinson’s disease, and obsessive-compulsive disorder are usually observed in aging population.

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According to a study ‘Incidence and Prevalence of Major Neurologic Disorders,’ published in January 2018, ~36% of elderly have moderate or severe memory impairment in the US. Each year nearly 1.2 million adults are diagnosed with brain disorders, of which 51.3% is due to stroke and 21% due to Alzheimer’s disease. In addition, nearly 135 million people are diagnosed with Parkinson’s disease, traumatic brain injury, and epilepsy each year. Moreover, ~500,000 cases of brain tumor, multiple sclerosis, and amyotrophic lateral sclerosis are reported annually. Therefore, the growing prevalence of neurological disorders is consequently propelling the demand for neuromodulators as these help in relieving neurological symptoms.

Market leaders are involved in partnerships, product launches, acquisitions, and other strategies to improve their performance and consolidate the market position. For instance, In July 2020 Abbott has received approval from the FDA for the use of its Patient Controller app on compatible personal Apple smartphone devices. This approval allows patients living with neurological conditions, including chronic pain or movement disorders, the ability to manage therapy directly from their personal smartphone.

Prominent players in the neuromodulation market are focusing on organic strategies such as product launches, product approvals, and geographic and manufacturing expansions. These strategies help them strengthen their market positions, along with allowing them to broaden their geographic footprints. Additionally, various companies are undertaking acquisitions to garner their significance and remain competitive in the market.

Abbott, Boston Scientific Corporation, Medtronic, NeuroPace, Inc., NeuroSigma, Inc.,NEVRO CORP, Synapse Biomedical Inc. Soterix Medical Inc, Integer Holdings Corporation, and Magstim are among the players operating in the Neuromodulation market. These players focus on product development and innovation to sustain their market positions. For instance, in January 2020, Medtronic plc acquired Stimgenics, LLC. Stimgenics is a pioneer in the novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation.

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