Chicago, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Neuromodulation Market is projected to grow from USD 6.0 billion in 2022 to USD 10.4 billion by 2027, at a CAGR of 11.8% from 2022 to 2027, according to a new report by MarketsandMarkets™. The market is driven by government support for research on neurological disorder along with increasing prevalence of neurological disorders. Emerging economies are expected to provide lucrative growth opportunities for the market.
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The internal neuromodulation accounted for the largest share of the neuromodulation market, by type segment, in 2021
The global market is segmented into internal neuromodulation and external neuromodulation based on type. In 2021, internal neuromodulation accounted for the largest share of the global market. This is mainly due to factors such growing incidence of spinal cord injuries and rising number of people suffering from severe GERD and gastroparesis.
Spinal cord stimulation segment to register the highest growth rate among internal modulation during the forecast period
The global internal neuromodulation market is segmented into spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and gastric electrical stimulation based on type. The spinal cord stimulation segment accounted for the largest share of the market in 2021, owing to the high incidence of chronic pain, and growing incidence of FBSS due to rising number of surgeries each year.
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North America is the largest regional market for neuromodulation market
The global neuromodulation market has been segmented into four major regions—North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America dominated the global market in 2021. The large share of the North American market is primarily driven by the rising prevalence of chronic diseases, increasing geriatric population, and the rising number of cases of Lyme and Alzheimer’s disease
Major players operating in this Neuromodulation Market are:
- Medtronic (Ireland),
- Boston Scientific Corporation (US),
- Abbott Laboratories (US), and
- LivaNova (UK).
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