In February 2022, Medtronic (Ireland) received FDA approval for its InterStim X System, a next-generation personalized sacral nerve stimulation therapy for bladder and bowel control.
Northbrook, IL 60062 — (SBWIRE) — 11/24/2022 — Neuromodulation Market is projected to reach USD 10.4 billion by 2027 from USD 6.0 billion in 2022, at a CAGR of 11.8% during the forecast period. The neuromodulation market is driven by rising prevalence of neurological disorders, expanding applications of neuromodulation, and rising awareness of neurodegenerative disorders.
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Key Market Player
The major players operating in this neuromodulation market are Medtronic (Ireland), Medtronic (Ireland) was the leading player in the neuromodulation market in 2021, with the highest market share of 25–30%. The company’s leading position can be attributed to its wide portfolio of neuromodulation devices and strong geographical presence. The company adopted various inorganic and organic growth strategies to expand its share in the market. Medtronic increased its R& D investments in 2021 by 7% compared to 2020. The FDA approval for the Intellis neurostimulator and the Vanta neurostimulator and the acquisition of Stimgenics, LLC (US) have positively impacted the companys penetration in the market
Boston Scientific Corporation (US) is the second-leading player in the neuromodulation market, with a share of 15–20% in 2021. Its wide presence in various regions and robust portfolio of neuromodulation and neurostimulation devices have helped the company gain the second-largest share in the market. Some products have boosted the companys strength in the market, including its spinal cord stimulation (SCS) systems, next-generation WaveWriter Alpha SCS System, and deep brain stimulation (DBS) systems. The company also acquired Vertiflex in 2019 to broaden its product portfolio for pain management.
Abbott Laboratories (US) was the third-largest player in 2021, with a share of 10–15%. The company’s leading position can be attributed to its wide product portfolio. The firm focuses on organic and inorganic growth strategies. It has a strong global presence in more than 160 countries. Increasing R&D expenditures, new product launches, and regulatory approvals have strengthened the companys foothold in the market.
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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
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