According to research report titled ‘Global Neuromodulation Market Size study, by Technology (Internal Neuromodulation, External Neuromodulation), by Application (Parkinson's Disease, Epilepsy, Depression, Dystonia, Pain Management, Others) and Regional Forecasts 2020-2027’ available with Market Study Report, global neuromodulation market was valued at USD 8.1 billion in 2019, and is anticipated to expand at 13.1% CAGR over 2020-2027, amassing USD 21.7 billion by the end of the assessment period.
 

As per research findings, the proven efficacy, as well as enhanced acceptance of neuromodulation for  various neurological disorders is expected to boost market growth in the ensuing years.
 

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For the record, Global Burden of Disease Study, conducted in 2015, cites that around 6.2 million people were afflicted with Parkinson’s disease worldwide and the figure is anticipated to cross 13 million by the year 2040. This is likely to create a burgeoning demand for neuromodulation devices in the upcoming years.
 

Moreover, persistent research activities aimed at the expansion of neuromodulation applications is positively impacting the industry outlook.  Rising awareness regarding the safety and efficiency of neurostimulator devices is also promoting global neuromodulation market expansion.
 

For the uninitiated, neuromodulation is an FDA approved intracranial and electrical therapy used for treatment of neurological diseases. Major applications of neuromodulation therapy lie in treatment of diseases that majorly affect the geriatric population, such as epilepsy, Parkinson’s disease, dystonia, depression, pain management, and others.
 

Elaborating on the factors hindering global neuromodulation progression, high costs associated with neuromodulation procedures, as well as the limited availability of skilled healthcare professionals are projected to impede business development during the forecast period.
 

Considering the regional outlook, North American region witnessed colossal market growth in the recent past due to prompt adoption of neuromodulation technology and strong presence of pharmaceutical and biopharmaceutical industries in the region.
 

Meanwhile, Asia Pacific market is anticipated to register a hefty growth rate during the forecast period, attributable to prevailing neurological disorders in the expanding geriatric populace and advancing healthcare infrastructure in developing countries like China and India.
 

Major players in global neuromodulation market are Abbott Laboratories, Medtronic plc, NeuroPace Inc., LivaNova plc, Synapse Biomedical Inc., Boston Scientific Corporation, NeuroSigma Inc., Nuvectra Corporation, Nevro Corporation, and Neuronetics Inc.