Last year, more than 215,000 neuromodulation procedures were performed worldwide, with expectations that this number will climb to nearly 400,000 by 2029. Furthermore, it is expected that the market value will increase significantly from $4.9 billion to $8.2 billion during that same period. So, what’s driving this impressive market growth? Our latest global neurological devices market report has just been released, and we’re excited to share the key factors that are contributing to the global neuromodulation device market’s expansion. Keep reading to find out more about the market drivers, listed below in no particular order:
1. Technological Advancements
Longer battery life is a great benefit for patients who have implantable, rechargeable spinal cord stimulation devices. Medtronic has been approved for a battery life of up to eleven years, which means patients don’t have to worry about replacing the battery as often. This is especially helpful for those who don’t want to rely solely on medication for pain relief.
The spinal cord stimulation market is growing thanks to advances in technology. Devices are becoming more effective and efficient, as well as smaller and lighter. There are also more programming options available to patients. The market is also becoming more innovative, with new wireless injectable devices, higher frequency stimulation, and burst stimulation options being introduced.
2. Increased Use of Rechargeable Implants
Every company that produces SCS (Spinal Cord Stimulation) devices provides rechargeable options. These rechargeable generators are becoming increasingly popular because they require fewer revision surgeries and result in lower long-term expenses compared to primary cell generators, which have a shorter lifespan. Additionally, rechargeable generators are more affordable than non-rechargeable generators.
3. Global Demographics
As people get older, they often need more treatments for pain management. And since the population is aging, there are more potential patients who might require these treatments. As technology advances, SCS devices are becoming smaller and easier to implant without complications. This is particularly beneficial for older patients who may be hesitant to undergo invasive surgery due to the associated risks. In response to this trend, manufacturers are continuously improving their SCS products to make them safer, more effective, and accessible to a wider range of patients.
4. Trial Capability
One of the advantages of the neuromodulation devices is that they can be trialed before being implanted. This means patients can test them out beforehand and decide if they find them helpful, which reduces the risk associated with the procedure. This lower risk barrier may encourage more doctors to recommend the treatment, and more patients to consider it. Another advantage is that the procedure itself is reversible, which is a significant benefit that can help persuade patients to try the device for a longer term. In addition, some manufacturers have made their devices compatible with leads from other brands, which allows patients to try different products and helps maintain the installed base.
In conclusion, the global neurological devices market is expected to experience significant growth in the coming years. With more than 215,000 neuromodulation procedures performed worldwide last year and an expected climb to nearly 400,000 by 2029, the market value is projected to increase from $4.9 billion to $8.2 billion in the same period. Technological advancements, increased use of rechargeable implants, global demographics, and trial capability are among the key drivers contributing to this growth. As manufacturers continue to innovate and make their products more effective, efficient, and accessible, patients and physicians alike are likely to embrace neuromodulation as an increasingly popular treatment option for pain management.