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Global Neuromodulation Market to Reach $8.2 Billion by 2026

Neuromodulation functions through the active stimulation of the nerves to generate a biological reaction or through the direct application of targeted pharmaceutical agents in small doses to the area of action. Neurostimulation devices work by applying electrodes to the spinal cord, brain, or to the peripheral nerves. Growth in the global market is being fueled by the expanding base of people suffering from various illnesses such as urinary incontinence, Parkinson`s disease, spinal cord damage, migraine, and epilepsy. The market is also expected to gain from the rising awareness regarding neurodegenerative and neurological disorders, and expanding application areas. The rising incidence of depression and its associated symptoms, especially among millennials, opens up new opportunities. Furthermore, increasing aging population globally, and growing awareness of the efficacy and safety of neurostimulator devices are aiding market growth. Despite the strong growth prospects, the global market is expected to face challenges due to the significant costs associated with neuromodulation equipment and procedures, shortage of experienced workforce, unfavorable reimbursement policies, and strict regulations related to the approval of devices.

Amid the COVID-19 crisis, the global market for Neuromodulation estimated at US$5.9 Billion in the year 2022, is projected to reach a revised size of US$8.2 Billion by 2026, growing at a CAGR of 8.2% over the analysis period. Spinal Cord Stimulation, one of the segments analyzed in the report, is projected to grow at a 8.3% CAGR to reach US$3.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Deep Brain Stimulation segment is readjusted to a revised 8.6% CAGR for the next 7-year period. This segment currently accounts for a 16.7% share of the global Neuromodulation market. Spinal Cord Stimulation (SCS) segment is making robust gains, driven by widespread availability of a broad range of commercial SCS products and the expanding range of applications for these devices. SCS systems are used in neurological problems such as arachnoiditis, neuropathy, neuritis, nerve damage, problems related to failed-back surgery, and complex regional pain syndrome. Deep brain stimulation is expected to register considerable growth, owing to its use in the treatment of various neurological conditions such as depression, tremor, Parkinson`s disease, and others. DBS technique is already approved by the US FDA for treating obsessive-compulsive disorder, dystonia, essential tremor, epilepsy, and Parkinson`s disease.

The U.S. Market is Estimated at $2.8 Billion in 2022, While China is Forecast to Reach $597.6 Million by 2026

The Neuromodulation market in the U.S. is estimated at US$2.8 Billion in the year 2022. The country currently accounts for a 48.43% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$597.6 Million in the year 2026 trailing a CAGR of 10% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 8.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR while Rest of European market (as defined in the study) will reach US$663.5 Million by the end of the analysis period. The US represents the leading regional market, fueled by technological advancements and significant investments made by leading companies for product development. Besides the increasing incidence of neurological diseases and expanding geriatric population, increasing spending on healthcare sector, positive reimbursement framework and presence of several leading industry players in the region are fueling market growth. Highly developed healthcare infrastructure, increased prevalence of diseases and growing approvals for non-invasive devices in Europe have been adding to the demand for these devices. Growth in the Asia-Pacific region is supported by significant prevalence of neurological disorders, the research activities underway, growing investments by private and public players, and increasing initiatives for improving awareness about mental health.

Sacral Nerve Stimulation Segment to Reach $1.2 Billion by 2026

In the global Sacral Nerve Stimulation segment, USA, Canada, Japan, China and Europe will drive the 7.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$696.3 Million will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$70.2 Million by the year 2026.