Noninvasive Neuromodulation Market Size and Industry Growth
The new report by Expert Market Research titled, ‘ Global Noninvasive Neuromodulation Market Growth, Share, Size, Scope, Price, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Noninvasive Neuromodulation market, assessing the market based on its segments like product, application, end use and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 10.7 billion
- Forecast CAGR (2023-2028): 12%
- Forecast Market Size (2026): USD 21 billion
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The global Noninvasive Neuromodulation Market has grown steadily over the years, with increasing investment in medical and technological advancements. It was also propelled by increasing incidences of diseases due to genetic or lifestyle related issues, in the historical period.
Noninvasive Neuromodulation Industry Definition and Major Segments
Neuromodulation is the modification of nerve activity by the application of a stimulus, which may be electrical or chemical, to various neurological locations in the body. Neuromodulation’s primary role is in therapies; it can help recover function or alleviate symptoms with a neurological basis.
Noninvasive means that it does not have the potential to damage healthy tissue or physically touch the body. To treat spinal cord and transcranial stimulations, a variety of noninvasive neuromodulation methods are used.
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Based on product, the market is divided into:
- Repetitive Transcranial Magnetic Stimulation (rTMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Transcranial Direct Current Stimulation (tDCS)
- Transcranial Alternating Current Stimulation (tACS)
- Transcutaneous Vagus Nerve Stimulation (tVNS)
- Transcutaneous Spinal Cord Stimulation (tSCS)
- Electroconvulsive Therapy (ECT)
Based on application, the market is segmented into:
- Pain Management
- Urinary and Fecal Incontinence
- Spinal Cord Injury
Based on end use, the market is segregated into:
- Rehabilitation Centres
- Speciality Clinics
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Noninvasive Neuromodulation Market Trends
Transcutaneous spinal cord stimulation involves the application of a low-voltage electric current to the spinal cord. This technique, which aids in numbing and reducing chronic pain, has seen tremendous market development. The immediate effect on body functions and pain management is boosting this technique, which will help the noninvasive neuromodulation industry expand during the forecast era.
The ability to alleviate discomfort and treat a wide range of injuries is propelling this industry forward. North America is expected to lead the market due to significant investments in development and implementation of these techniques. TENS – Transcranial Electrical Nerve Stimulation – is a noninvasive neuromodulation treatment that has grown in popularity over the years.
This technique is used to treat a wide variety of acute and chronic pains, including joint, muscle, spinal cord, and tendon pain, and is expected to drive market development.
The industry is being boosted by rising demand for these units, which are small and compact and can thus be used at home or whenever pain relief is needed. These are increasingly being recommended by physical therapists, acupuncturists, and other healthcare professionals, propelling the market’s growth rate over the forecast period.
Key Market Players
The major players in the market are GE Global Research, Sooma Oy, Soterix Medical Inc., electroCore Inc., Bioness Inc., Helius Medical Technologies Inc. and few others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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