Latest News- Neuromodulation Market: Implantable neuromodulation devices is expected to lead the Product segment during 2024-2028

The Neuromodulation Market is being driven by Growing geriatric population

The Neuromodulation Market is expected to grow at a CAGR of 12.57% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6214.7 million. The neurology research sector has experienced substantial financial support from both government and healthcare organizations due to the rising prevalence of neurological disorders. Notably, in March 2023, the Canadian government allocated USD38.3 million towards brain health research. In 2022, the National Institutes of Health's National Institute on Aging granted USD25 million for similar initiatives. The National Institute of Health Research (NIHR), the foremost funder of healthcare research, invested £1.2 billion (USD1.6 billion) in 2021, backing 254 neurological studies and training programs. One such project utilizes MRI technology to assess alterations in brain oxygen levels. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product

  • Implantable neuromodulation devices
  • External neuromodulation devices

• End-user

  • Hospitals
  • ASCs
  • Others

• Geography

  • North America

    • US

  • Europe

    • Germany
    • UK

  • Asia

    • China
    • Japan

  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing geriatric population
• Increasing awareness initiatives and access to healthcare
• Increasing prevalence of neurological disorders

However, the market also witnesses some limitations, which are as follows:

• High cost of neuromodulation devices
• Limitations and complications associated with neuromodulation devices
• Stringent regulations associated with manufacturing of neuromodulation devices

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Market Scope in Neuromodulation Market Research Report

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Research Analysis Overview

The Neuromodulation sector is experiencing significant growth due to the increasing prevalence of chronic conditions such as pain, depression, dystonia, and early-onset Alzheimer's in the early-onset patient population. Neuromodulation technologies, including Deep Brain Stimulation (DBS) and Closed-loop systems, are gaining popularity for treating mental health disorders and lifestyle diseases like epilepsy, essential tremor, and Parkinson's disease. DBS leaders like Medtronic and NeuroPace offer both invasive and non-invasive Neuromodulation therapies. Insurance coverage for these medical devices is expanding, with Medicaid and Medicare recognizing their value in managing conditions like epilepsy and depression. Non-invasive techniques are also gaining traction due to their lower risk profile and cost-effectiveness. Neuromodulation therapies are revolutionizing the medical device markets by providing effective solutions for various neurological and psychiatric disorders.

Market Research Overview

The Neuromodulation market, a significant segment of the global healthcare equipment industry, encompasses companies and innovations focused on developing advanced technologies for the diagnosis, monitoring, and treatment of chronic conditions, primarily chronic pain, depression, and dystonia. Technavio's market analysis includes closed-loop systems, such as Deep Brain Stimulation (DBS) technology, which offers personalized treatment solutions through data-driven, clinically tested devices. The global healthcare equipment market, as reported by Technavio, represents the combined revenue generated by manufacturers of diagnostic equipment, devices, implants, accessories, and consumables, with a focus on capital equipment, instruments, and advanced, differentiated devices that undergo rigorous research and development.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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