Summary

The neuromodulation market is expected to register a CAGR of 11% during the forecast period.

Neuromodulation requires surgical interventions but due to the current COVID-19 scenario, the government postponed elective surgeries and procedures. It accounts for a significant percentage of a health system’s revenue. Postponing these procedures will undoubtedly have financial ramifications for these institutions. Due to these postponed surgeries, patients are advised to switch to drugs, especially in pain and sometimes even in epilepsy. Therefore, the highly burdened healthcare systems will not have healthcare professionals free for non-immediate surgeries, which may deter the purchase of neuromodulation devices.

The major factor rising the market growth are the rising prevalence of neurological disorders coupled with increase in the aging population, and new indications and expanded target applications. For instance, according to data from world population prospects: the 2019 revision, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). By 2050, one in four persons living in Europe and Northern America may be aged 65 or over. In 2018, for the first time in history, persons aged 65 or above outnumbered children under five years of age, globally. The number of persons aged 80 years or over is projected to triple from 143 million in 2019 to 426 million, in 2050.

According to a study by the Parkinson’s disease Foundation in 2019, the number of new cases of the disease has increased over the last 30 years. Across the world, over 10 million people are living with Parkinson's Disease, according to the statistics of Parkinson’s Foundation. The incidence of Parkinson’s increases with age, but an estimated 4% of people with the disease are diagnosed before the age of 50 years.

According to the European Academy of Neurology (EAN) 2019, the prevalence of neurological diseases is around 307,859, 199 in the European countries. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization. Degenerative diseases, like dementia and Parkinson’s disease, as well as strokes and headaches, are frequently encountered by neurological diseases in elderly patients.

Neuromodulation is an intracranial, electrical neuromodulation therapy that has FDA approval for the treatment for most of the neurological diseases, such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population. Many companies new to the neuromodulation market are investigating the use of technology to treat a range of disorders, including obesity, depression, leg pain, treatment-resistant hypertension, sexual dysfunction, urinary tract disorders, heart failure, and drug addiction.

Functional neuromodulation has developed a deep brain stimulator BDS-f DBS system designed to treat Alzheimer’s. In January 2021, Functional Neuromodulation received Breakthrough Device designation from the Center for Devices and Radiological Health, United States for the Vercise Deep Brain Stimulation (DBS) Systems, in the treatment of patients 65 years and older with mild probable Alzheimer's disease. The proven efficacy and improving acceptance of this technology are expected to lead to a surge in the market demand, during the forecast period.

Key Market Trends

Deep brain stimulation (DBS) Holds the Significant Market Share During the Forecast Period

Deep brain stimulation (DBS) delivers low bipolar or monopolar electric impulses, stimulating a small region of the brain, constantly, via electrodes that are connected to a pulse generator, which are implanted in the patient’s body. DBS is indicated for pain relief, epilepsy, movement disorders, such as tremors, Parkinson’s disease, and dystonia, and certain psychiatric disorders, like Tourette syndrome, obsessive-compulsive disorder, and depression.

Currently, manufacturers are improving their existing DBS systems, while developing the next generation of devices. The researchers are targeting DBS to different areas of the brain and studying the treatment in different populations of people living with Parkinson’s. In July 2019, Medtronic PLC received US Food and Drug Administration (FDA) approval for its advanced Patient Programmer technology for deep brain stimulation (DBS) therapy. In addition, in August 2018, Abbott received US Food and Drug Administration (FDA) approval of new software upgrade for its Infinity DBS system. Hence, all these new advancements in the technologies have led to the increase in the adoption of DBS driving the growth of the market studied.

North America Captured the Largest Market Share and is Expected to Retain its Dominance

North America dominated the overall neuromodulation market with the United States accounting as the major contributor to the market.

The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, is expected to boost the regional growth of the market, over the forecast period. As per the International Neuromodulation Society, in 2018, in the United States, migraine affected 26 million people, while the number of people affected by spinal cord injuries and Parkinson’s disease was 250,000, and 1.5 million, respectively. Hence, neuromodulation is extensively researched in the country, for the management of chronic diseases.

The Food and Drug Administration is working to enhance the transparency and predictability of the regulatory process for developers and innovators of neurological medical devices. For instance, in 2018, FDA approved Nevro’s Senza II System for spinal cord stimulation (SCS). It is the first SCS system with clinically proven sustained 24-month superiority in pain reduction, for back and leg pain with 10-year battery life. Hence these regulatory approvals and ongoing development of neuromodulation technologies is spurring the growth of the neuromodulation market in North America.

Competitive Landscape

The Neuromodulation market is moderately competitive. The major market players in the market include Medtronic PLC, Boston Scientific Corporation, Abbott Laboratories, Synapse Biomedical Inc., and Nevro Corporation, among others. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Neurological Disorders
4.2.2 Increase in the Aging Population
4.2.3 New Indications and Expanded Target Applications
4.3 Market Restraints
4.3.1 Inconsistent Reimbursement Policies
4.3.2 Lack of Trained Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Internal Neuromodulation
5.1.1.1 Spinal Cord Stimulation (SCS)
5.1.1.2 Deep Brain Stimulation (DBS)
5.1.1.3 Vagus Nerve Stimulation (VNS)
5.1.1.4 Sacral Nerve Stimulation (SNS)
5.1.1.5 Gastric Electrical Stimulation (GES)
5.1.2 External Neuromodulation (Non-invasive)
5.1.2.1 Transcutaneous Electrical Nerve Stimulation (TENS)
5.1.2.2 Transcranial Magnetic Stimulation (TMS)
5.1.2.3 Others
5.2 By Application
5.2.1 Parkinson's Disease
5.2.2 Epilepsy
5.2.3 Depression
5.2.4 Dystonia
5.2.5 Pain Management
5.2.6 Other Applications
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Medtronic PLC
6.1.4 Nevro Corporation
6.1.5 Neuropace Inc.
6.1.6 Neurosigma Inc.
6.1.7 Neuronetics Inc.
6.1.8 LivaNova PLC
6.1.9 Nuvectra
6.1.10 Synapse Biomedical Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS