Meticulous Research®, a leading name in global market research, has unveiled a new 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, Pediatrics)—Global Forecast to 2030.’ The report forecasts that the neuromodulation systems market will reach $10.29 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.2% over the forecast period.
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Several factors contribute to this anticipated growth, including the increasing prevalence of neurological disorders and nerve injuries, as well as significant advancements in neuromodulation and neurostimulation technologies. The market is also expanding due to the growing applications of neuromodulator systems, supported by ongoing clinical trials exploring their potential in new therapeutic areas.
Emerging markets are expected to provide considerable growth opportunities as the demand for non-invasive devices increases. However, the market faces obstacles such as a shortage of skilled healthcare professionals and stringent regulatory challenges, including product recalls, which could slow down growth.
Segmentation and Market Trends
The neuromodulation systems market is segmented by type into internal and external neuromodulation. The report indicates that internal neuromodulation systems will account for the largest market share in 2024, thanks to their superior efficiency, convenience for long-term use, and customizable features that enhance patient compliance and safety. This makes internal neuromodulation the preferred choice for treating various neurological conditions.
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Regional Market Insights
The report provides a detailed regional analysis, with North America expected to lead the global neuromodulation systems market in 2024. Factors such as high RD investments, an advanced healthcare infrastructure, and the presence of key industry players contribute to North America's market dominance. Additionally, the region's rapid adoption of innovative technologies solidifies its position as a global leader.
Key Industry Competitors
Leading companies in the neuromodulation systems market include 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.), and Aleva Neurotherapeutics SA (Switzerland). These players are at the forefront of technological advancements and are instrumental in driving market growth on a global scale.
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