Ageing became a common cause to many neurological disorder cases.

calendar_today 17 January, 2023 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global neuromodulation market was pegged at ~US$ 6.07 billion in 2021. The market is expected to witness a CAGR of ~8.4% from 2022 to 2030. 

The devices which are involved in producing electrical or chemical impulses for neurological conditions are called neuromodulation devices. These impulses then control all the abnormal signals produced because of the condition. high prevalence of neurological disorders, the rising geriatric population, increased patients with genetic neurological disorders,  high interest in research and development of neurological diseases, and increased usage of customizable neuromodulation devices. However, the high amount required for the procedures, and lack of professionals can restrain the growth of this market.

As the person age, the nervous system undergoes some natural changes. The brain and spinal cord lose many nerve cells which results in slow transmission of messages. Which causes many abnormal changes in the brain that can affect the reflexes, ability to think, sensations, etc. In addition according to an alzheimer association report published in the journal of alzheimer’s association on march 2021, Alzheimer's dementia affects 6.2 million Americans aged 65 and older, according to estimates. If no medical advances are made to prevent, slow down, or cure alzheimer disease, this figure might increase to 13.8 million by 2060. In 2019, the most recent year for which data are available, official death certificates reported 121,499 deaths from alzheimer disease, making alzheimer's the sixth-leading cause of death in the United States and the fifth-leading cause of death among americans of 65 and older.

A high increase is observed in the research and development of neurological disorders by many market players,  and R&D centers like Alzheimer’s research center. The researchers are involved in making new and innovative devices, and drug development for the betterment of the condition. Companies are experimenting with methods to increase the effectiveness and efficiency of drug development throughout the whole industry. Scientific innovation is essential for treating neurological disorders, as it helps to get insights about fundamental disease mechanisms and implement those findings into biomarkers and drug development. R&D Systems also provides a wide range of tools to investigate many facets of nervous system function, from axon guidance and pattern formation during development through aging and causes of neurodegenerative disease. Sanofi is a leading pharmaceutical and research company that has involved itself in the findings of solutions for nervous-related disorders. The R&D team gained insights into multiple sclerosis a disease that affects the CNS (Central nervous systems). They are investigating a small molecule called BTK’s (Bruton’s tyrosine kinase) an enzyme found in the nerve cells which degenerates and causes inflammation in the nervous system. The goal is to create therapeutic solutions i.e. Bruton’s tyrosine kinase inhibitors that can act on both PNS (Peripheral nervous system) and CNS (central nervous system).

However, the high cost of the devices and lack of trained personnel can hamper the growth of this market.

The global market for neuromodulation devices has been divided into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America has the highest market share due to an increase in patients with neurological disorders, Although surgeries are an option for neurological disorders high adoption of neurostimulator devices is noted, improved healthcare awareness, and high technological advancements have led to new innovative devices. Europe is the second-largest stakeholder in the global market after North America due to its high rate of population aging, rise in Parkinson's disease cases, presence of key market participants, and substantial financial investments made by both public and private organizations in this field. According to the Italian business WISE Srl, a €15 million Series C financing was recently closed to fund the development of a device that inhibits chronic pain signals in the spinal cord by electrically activating nerve cells in September 2020. A Dutch company called Salvia Bioelectronics raised €26M in Series A funding to develop a neuromodulation therapy for migraines. Similarly to this, the Belgian group Nyxoah raised € 85 million to fund the creation of an implant that treats sleep apnea by electrically stimulating the neurons under the tongue. The Asia Pacific region is also anticipated to rise throughout the forecast period due to factors such as the rising frequency of neurological disorders observed, low availability of pharmaceutical solutions to treat patients with the diseases, and an expansion of research and development studies in this field is also found.

Some of the prominent players operating in the global neuromodulation devices market are Boston Scientific Corporation, Abbott Laboratories, Bioness Inc., Bio Induction Ltd., Soterix Medical Inc., Nevro Corporation, Synapse Biomedical Inc., GiMer Medical Ltd., Integer Holdings Corporation, Neuronetics Inc., among others.

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