Global Neuromodulation Devices Market Size, Share & Trends Analysis Report By Product Type (Spinal Cord Stimulators, Deep Brain Stimulators), By Technology, By Application, By Biomaterial, By End-use, By Region,- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global neuromodulation devices market size was exhibited at USD 3.21 billion in 2023 and is projected to hit around USD 8.40 billion by 2033, growing at a CAGR of 10.1% during the forecast period of 2024 to 2033.

Key Takeaways:

• North America held the largest revenue share of over 46.0% in 2023.
• The spinal cord stimulators segment dominated the market with a revenue share of over 40.0% in 2023.
• In 2023, internal neuromodulation technology dominated the market with a revenue share of over 55.0%.
• Parkinson’s disease dominated the market with a revenue share of over 25.0% in 2023.
• In 2023, the metallic biomaterials segment dominated the market with a revenue share of over 45.0%.
• The hospitals and ASCs segment held the largest revenue share of above 51.0% in 2023.

Neuromodulation Devices Market: Overview 

The neuromodulation devices market is witnessing rapid growth and innovation, driven by advancements in medical technology, increasing prevalence of neurological disorders, and expanding applications across various medical specialties. This overview aims to provide insights into the key dynamics, trends, and factors shaping the neuromodulation devices market landscape.

Neuromodulation Devices Market Growth

The growth of the neuromodulation devices market is propelled by several key factors. Firstly, the increasing prevalence of neurological disorders, such as chronic pain, movement disorders, epilepsy, and psychiatric conditions, is driving demand for neuromodulation therapies as alternative or adjunctive treatment options. Additionally, advancements in neuromodulation technologies, including improved electrode designs, programming algorithms, and wireless connectivity, are enhancing the efficacy, safety, and usability of neuromodulation devices, expanding their adoption across a broader patient population. Furthermore, rising investment in research and development, coupled with favorable reimbursement policies and regulatory approvals, are further stimulating market growth and innovation in the field of neuromodulation. These growth factors collectively contribute to the expansion of the neuromodulation devices market, providing patients with more effective and personalized treatment options for neurological and psychiatric conditions.

Neuromodulation Devices Market Report Scope

Neuromodulation Devices Market Dynamics

• Technological Advancements and Innovation:

A key dynamic shaping the neuromodulation devices market is the continuous advancement of technology and innovation in neuromodulation therapies. Manufacturers are constantly developing new and improved neuromodulation devices with enhanced features, such as advanced electrode designs, customizable programming options, and wireless connectivity. These technological advancements allow for more precise targeting of neural pathways, improved therapy delivery, and enhanced patient comfort and convenience. Moreover, the integration of artificial intelligence (AI) and machine learning (ML) algorithms into neuromodulation devices holds promise for optimizing treatment outcomes, predicting patient responses, and personalizing therapy settings based on individual patient characteristics.

• Regulatory Landscape and Reimbursement Policies:

Another significant dynamic influencing the neuromodulation devices market is the regulatory landscape and reimbursement policies governing the approval, marketing, and reimbursement of neuromodulation therapies. Regulatory bodies worldwide impose stringent requirements for the safety, efficacy, and quality of neuromodulation devices, necessitating rigorous clinical testing and documentation to obtain regulatory approvals. Moreover, navigating the complex regulatory pathways across different regions and jurisdictions poses challenges for manufacturers seeking to commercialize neuromodulation devices globally. Additionally, reimbursement policies play a crucial role in determining the accessibility and affordability of neuromodulation therapies for patients and healthcare providers. 

Neuromodulation Devices Market Restraint

• High Cost of Neuromodulation Therapies:

One notable restraint in the neuromodulation devices market is the high cost associated with neuromodulation therapies. Neuromodulation devices, such as spinal cord stimulators (SCS), deep brain stimulators (DBS), and transcranial magnetic stimulation (TMS) devices, often involve significant upfront expenses for device implantation, programming, and follow-up care. Additionally, the ongoing maintenance and replacement costs of neuromodulation devices contribute to the overall financial burden for patients and healthcare providers. The high cost of neuromodulation therapies may pose affordability challenges for patients, particularly those without adequate insurance coverage or financial resources. Moreover, reimbursement rates and coverage policies for neuromodulation procedures vary across different payers and healthcare systems, further impacting patient access and affordability of these therapies. 

• Limited Efficacy and Clinical Evidence:

Another significant restraint in the neuromodulation devices market is the limited efficacy and clinical evidence supporting the use of certain neuromodulation therapies for specific indications. While neuromodulation devices have demonstrated efficacy in managing certain neurological and psychiatric conditions, such as chronic pain, movement disorders, and depression, the clinical evidence supporting their use may vary depending on the indication and patient population. Additionally, response rates to neuromodulation therapies can vary among individuals, leading to uncertainty regarding treatment outcomes and long-term efficacy. Furthermore, the lack of standardized protocols and guidelines for patient selection, treatment optimization, and follow-up care may contribute to variability in treatment outcomes and suboptimal patient responses.

Neuromodulation Devices Market Opportunity

• Expansion of Indications and Therapeutic Applications:

One prominent opportunity within the neuromodulation devices market lies in the expansion of indications and therapeutic applications for neuromodulation therapies. While neuromodulation devices have traditionally been used to treat conditions such as chronic pain, movement disorders, and psychiatric disorders, there is growing interest in exploring their potential for addressing a broader range of neurological and neuropsychiatric conditions. Emerging areas of therapeutic interest include epilepsy, Alzheimer's disease, traumatic brain injury, addiction, and neurodevelopmental disorders. Moreover, advancements in neuromodulation technologies, such as closed-loop systems, adaptive stimulation algorithms, and targeted neural modulation techniques, offer new possibilities for precision medicine approaches and personalized treatment strategies. 

• Technological Innovation and Product Development:

Another significant opportunity within the neuromodulation devices market is technological innovation and product development. Rapid advancements in neuromodulation technologies, including electrode designs, stimulation parameters, and device miniaturization, are driving innovation and enhancing the capabilities of neuromodulation devices. Moreover, the integration of advanced features such as wireless connectivity, remote monitoring, and artificial intelligence (AI) algorithms enables more personalized and adaptive neuromodulation therapies tailored to individual patient needs. Additionally, the development of non-invasive neuromodulation techniques, such as transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS), offers new opportunities for expanding the reach and accessibility of neuromodulation therapies beyond traditional implantable devices. 

Neuromodulation Devices Market Challenges

• Limited Understanding of Mechanisms of Action:

One notable challenge in the neuromodulation devices market is the limited understanding of the mechanisms of action underlying neuromodulation therapies. While neuromodulation devices have demonstrated efficacy in managing certain neurological and psychiatric conditions, the precise mechanisms by which they exert their therapeutic effects are not fully elucidated. This lack of mechanistic understanding hinders the optimization of treatment protocols, patient selection criteria, and stimulation parameters, leading to variability in treatment outcomes and suboptimal patient responses. Additionally, the heterogeneity of patient populations and the complexity of neurological disorders further complicate efforts to identify predictive biomarkers or therapeutic targets for neuromodulation therapies. 

• Regulatory and Reimbursement Challenges:

Another significant challenge facing the neuromodulation devices market is navigating regulatory and reimbursement hurdles. Regulatory approval processes for neuromodulation devices vary across different regions and jurisdictions, necessitating comprehensive preclinical and clinical data to demonstrate safety, efficacy, and quality. Moreover, the regulatory landscape is constantly evolving, with changing requirements and standards adding complexity and uncertainty to the approval process. Additionally, reimbursement policies and coverage decisions for neuromodulation therapies vary among payers and healthcare systems, impacting patient access and affordability. Variability in reimbursement rates and coverage criteria may limit market adoption and hinder investment in research and development of innovative neuromodulation technologies. 

Segments Insights:

Product Type Insights

The spinal cord stimulators segment dominated the market with a revenue share of over 40.0% in 2023 owing to the increased use of spinal cord stimulators for treating chronic pain and nerve pain. Based on product type, the market is segmented into deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, transcranial magnetic stimulators, vagus nerve stimulators, and others.

The deep brain stimulators segment is expected to exhibit the fastest growth rate of 10.8% from 2024 to 2033 due to their rising adoption in treating a variety of neurological disorders including essential tremors, Parkinson’s disease, dystonia, and epilepsy. The deep brain stimulator is a device that delivers electrical impulses to a specific area of the brain to relieve pain and overcome abnormal brain activity.

Technology Insights

In 2023, internal neuromodulation technology dominated the market with a revenue share of over 55.0% owing to an increase in the number of patients suffering from different types of headaches, depression, and heart-related diseases. The neuromodulation devices are crucial in the treatment of chronic pain as they use non-invasive or minimally invasive technologies. The internal neuromodulation devices are specialized to act directly on the pain spot and they alter nerve activity by sending electrical stimulation to a particular nerve, thereby making it a more effective way of treating the disease.

External technology is anticipated to exhibit the fastest growth rate of 10.8% during the forecast period owing to the increasing number of patients with chronic disorders, a wide range of applications of the device, rising demand for non-invasive therapy, and the cost-effectiveness of the device. The external neuromodulation segment includes therapies such as transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and respiratory electrical stimulation.

Application Insights

Parkinson’s disease dominated the market with a revenue share of over 25.0% in 2023 due to its high product efficacy in treating epilepsy and the lack of treatment choices for the disease. Parkinson's disease is a chronic neurodegenerative brain disorder that causes movement problems. According to Global Burden Diseases (GBD) study in 2020, about 6.2 million people were suffering from Parkinson’s disease.

The chronic pain segment is expected to register the fastest growth rate of 11.3% over the forecast period owing to the rise in the incidence rate of chronic diseases, an increase in investments by the private players in the Neurotherapy field, and an increase in the research and development activities in the sector. According to the National Institutes of Health (NIH), chronic pain is a discomfort that lasts more than 12 weeks. 

Biomaterial Insights

In 2023, the metallic biomaterials segment dominated the market with a revenue share of over 45.0% owing to the advancements and growth in the R&D for neuromodulation solutions. The segment is also expected to maintain its position during the forecast period. Based on biomaterial, the market is segmented into polymeric, metallic, and ceramic biomaterials.

The polymeric biomaterials segment is expected to register the fastest growth rate of 10.4% during the forecast period owing to the flexibility benefits. Polymers can be shaped into support structures, including electrospun matrices, nerve conduits, and scaffolds, and are capable of regenerating damaged neural tissues. Polymers are used in medical implantable devices, and they offer a wide range of shape and mechanical characteristics, such as biocompatibility and bioactivity.

End-use Insights

The hospitals and ASCs segment held the largest revenue share of above 51.0% in 2023 and is expected to retain its dominance during the forecast period. It is also expected to register the fastest CAGR over the forecast period. Based on end-use, the market is segmented into hospitals and ambulatory surgery centers (ASCs), clinics and physiotherapy centers, and others.

Hospitals provide neuromodulation surgery and implantable device therapy for patients with neurological disorders. The most popular neuromodulation therapy provided by hospitals is spinal cord stimulation treatment for patients suffering from neurological disorders. Ambulatory surgical centers have transformed the outpatient experience for the patients as it is a more convenient, efficient, and cost-effective alternative to neurological outpatient procedures.

Regional Insights

North America held the largest revenue share of over 46.0% in 2023. The increasing number of patients suffering from neurological disorders, which is increasing the need for the adoption of neuromodulation devices, increased competition among market players, and significant expenditure on research and development to produce novel therapeutic solutions are contributing to the market growth in North America. There has been a steady growth in the number of patients with neurological disorders from various states in the U.S. and Canada, thus fueling demand for neuromodulation devices.

Asia Pacific is expected to expand at the fastest rate of 10.6% during the forecast period due to the rising frequency of neurological disorders, rapidly expanding healthcare infrastructure, growing government backing, and an increasing number of startups in this region.

Some of the prominent players in the neuromodulation devices market include:

• Boston Scientific Corporation
• Abbott
• NEVRO CORP.
• Neuronetics
• Medtronic 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2023 to 2033. For this study, Nova one advisor, Inc. has segmented the global neuromodulation devices market.

Product Type

• Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Transcranial Magnetic Stimulators
• Others

Technology

Internal

External

Application

• Parkinson’s Disease
• Chronic Pain
• Migraine
• Epilepsy
• Tremor
• Depression
• Urinary & Faecal Incontinence
• Others

Biomaterial

• Polymeric Biomaterial
• Metallic Biomaterial
• Ceramic Biomaterial

End-use

• Hospitals & Ambulatory Surgery Centers (ASC)
• Clinics & Physiotherapy Centers
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)