Meticulous Research®—a leading global market research company, published a research report titled ‘Neuromodulation Systems Market by Type (Spinal Cord, Sacral Nerve, Vagus Nerve, Deep Brain Stimulation), Application (Parkinson's Disease, Tremor, Depression, Epilepsy, Gastroparesis, Obesity, Psychiatry, Neurology, Pediatry)—Global Forecast to 2030.’
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In a recent publication by Meticulous Research®, the neuromodulation systems market is forecasted to soar to $10.29 billion by 2030, achieving a Compound Annual Growth Rate (CAGR) of 8.2% over the forecast period. This robust growth is attributed to the rising prevalence of neurological disorders and nerve injuries, advancements in neuromodulation and neurostimulation technologies, and expanding applications of neuromodulator systems as evidenced by ongoing clinical trials.
Market Dynamics and Growth Drivers
Several key factors are driving the market’s expansion:High Prevalence of Neurological Disorders: Increasing incidences of conditions like Parkinson's disease, epilepsy, and chronic pain are fueling the demand for neuromodulation systems.Technological Advancements: Innovations in neurostimulation technologies are enhancing the efficacy and safety of neuromodulation devices.Expanding Applications: Clinical trials are broadening the scope of neuromodulation systems, further propelling market growth.
Opportunities and Challenges
Emerging markets and the rising demand for non-invasive devices present significant growth opportunities. However, the market faces challenges such as a shortage of skilled healthcare professionals, regulatory hurdles, and product recalls, which could impede growth.
Market Segmentation and Future Outlook
The neuromodulation systems market is segmented by type:Internal Neuromodulation: This segment, which includes spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and gastric electrical stimulation, is expected to dominate the market due to its higher efficiency, long-term use convenience, customizable features, and improved patient compliance.External Neuromodulation: Comprising transcranial magnetic stimulation and transcutaneous electrical stimulation, this segment is also gaining traction, especially in psychiatry and neurology applications.In 2023, the internal neuromodulation segment is projected to hold the largest market share, driven by its diverse applications and superior benefits over external neuromodulation systems.
Geographic Insights
North America: Expected to hold the largest market share in 2023, driven by substantial R&D investments, an advanced healthcare system, the presence of leading market players, and high adoption rates of new technologies.
Europe, Asia-Pacific, Latin America, and the Middle East & Africa: These regions are also analyzed for market trends and growth opportunities, with specific focus on emerging markets and regulatory landscapes.
Key Industry Players
LivaNova PLC (U.K.)Nevro Corp. (U.S.)Medtronic plc (Ireland)Abbott Laboratories (U.S.)NeuroSigma, Inc. (U.S.)Neuronetics, Inc. (U.S.)NeuroPace, Inc. (U.S.)Bioventus Inc. (U.S.)MicroTransponder, Inc. (U.S.)Soterix Medical, Inc. (U.S.)Boston Scientific Corporation (U.S.)Synapse Biomedical Inc. (U.S.)Aleva Neurotherapeutics SA (Switzerland)
These companies are at the forefront of innovation, continuously developing advanced neuromodulation solutions to meet the growing market demands.
Conclusion
Meticulous Research®’s latest report highlights the significant growth prospects and evolving landscape of the neuromodulation systems market. With the market projected to reach $10.29 billion by 2030, stakeholders are poised to benefit from emerging opportunities and advancements in this dynamic field. The comprehensive analysis provided in this report equips industry players with valuable insights to navigate the complexities and capitalize on the burgeoning opportunities in the neuromodulation systems market.
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