The global Neuromodulation devices market will be worth $12.45bn by 2023

Monday 4 March 2013, Amsterdam

A new report, a London-based business information provider, predicts that the global market for neuromodulation devices will be worth $12.45bn by 2023. The market generated sales of $3.03bn in 2011. Neuromodulation devices are one of the fastest growing sectors of the medical devices market. Driven by an increased incidence of age-related diseases and expanding clinical indications, the market for neuromodulation devices is poised to show strong growth as physicians and specialists look towards safer, alternative methods of diseases management and treatment.

The modern era of neuromodulation began in the early 1960s. An increased understanding of neurophysiology and advancement of technology since then has led to substantial growth in neuromodulation devices market. We predict that during the next 10 years, the market will continue to grow as it becomes accepted as an alternative treatment option to pharmaceuticals. Much of this growth is attributable to an increased prevalence of a number of neurological disorders amongst the patient population, such as Parkinson’s disease, epilepsy and depression. Furthermore, competition amongst the large and small medical device companies and emergence of new devices will drive market growth in the neuromodulation field.

Hemant Mistry, healthcare industry analyst, says “The neuromodulation device market has experienced substantial growth in recent years, as their benefits in cost saving particularly have become more evident. Such devices can not only provide long-term relief to patients, but can also offer an effective alternative to the use of drugs that are well-known to have side effects. As a result, this may help to reduce additional costs incurred by the patient in order to treat these side effects. In an economic environment where hospitals are facing reduced budgets and patients are changing their spending and purchasing behaviour, the use of neuromodulation devices offers both health and financial benefits (although the initial cost of the device and surgery to implant the device is high, their prescription is cost-effective in the long-term). With future developments in the pipeline such as, phrenic nerve and gastric stimulators, and devices with enhanced hardware that allows for targeted stimulation, the market for neuromodulation devices has significant potential to grow in the future”.

Research also suggests that the world neuromodulation devices market will benefit from increased clinical applications. In the case with spinal cord stimulation (SCS) established indications include back and leg pain, spinal cord injury and ischemic pain (vascular and angina pectoris). There is however a growing database of clinical-based evidence to support the use of SCS in providing pain relief in a number of new clinical indications, such as interstitial cystitis, cerebral ischemia, bronchospasm, gastrointestinal motility and metabolic disorders. With deep brain stimulation (DBS), while it is, as yet, only clinically approved for use in Parkinson’s disease, substantial strides have been made in attempting to expand the clinical applications of this method of treatment into other conditions such as Alzheimer’s disease, psychiatric disorders, epilepsy and chronic pain. Expanding the application of neuromodulation will not only allow patients to self manage their condition, but can also help to redefine the understanding of the pathophysiology of different medical conditions.

We predict that this market will grow rapidly to 2023. The future of neuromodulation devices appears promising and has significant potential for growth owing to the increasing demand for safer, cost-effective treatment alternatives to oral medications and the increased acceptance of this technique in a growing number of clinical applications.