The global neuromodulation market size was US$ 2636.4 million in 2021. The global neuromodulation market size is forecast to reach US$ 4,442.50 million by 2030, growing at a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2022 to 2030.
Neurological disorders include disorders affecting the brain and nerves throughout the human body and the spinal cord. Neurological disorders include acute spinal cord injury, Alzheimer's disease, amyotrophic lateral sclerosis (ALS), ataxia, bell's palsy, brain tumors, cerebral aneurysms, epilepsy, and seizures. A variety of symptoms result from biochemical, structural, or electrical abnormalities in the brain, spinal cord, or other nerves, including memory loss, poor mental ability, inability to coordinate, and constant or sudden headaches. Neuromodulation technology uses either stimulation or modulation of brain activity to bring about a change in the nervous system.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market growth. The spread of COVID-19 caused severe public health concerns. Hospitals and clinics worldwide were reforming to provide better healthcare and increase hospital capacity. According to Livanova, a medical technology firm, reports a decrease in neuromodulation sales due to a decline in both new patient and service implant procedures. In addition, many countries implemented lockdown protocols in order to contain the spread of the novel coronavirus. In order to treat patients with COVID-19, healthcare resources had diverted from elective procedures. The delay and the subsequent public health measures throughout 2020 contributed significantly to a decline in the number of neurosurgeries performed.
Regional Insights
North America accounted for a large share of the global neuromodulation market in 2021 and is forecast to retain its lead throughout the forecast period. As a result of the growing prevalence of neurological diseases, the presence of major players for the development of neuromodulation devices, and well-established infrastructure in the region.
The Asia Pacific is forecast to experience lucrative growth in the neuromodulation industry. A growing number of hospitals, an increase in epilepsy cases, and an aging population contribute to the growth of the market in the region.
Leading Competitors
The leading prominent companies profiled in the global neuromodulation market are:
Scope of the Report
The global neuromodulation market segmentation focuses on Technology, Application, Biomaterial, and Region.
Segmentation based on Technology
Segmentation based on Application
Segmentation based on Biomaterial
Segmentation based on Region
