Neuromodulation Devices Market size is expanding
Market research indicates that the global neuromodulation devices market size is going to increase over the next decade and by 2030, it is expected to have a market value of USD 8.3 billion – an impressive 9.5% CAGR from 2022 to the target year.
Neuromodulation is increasingly being used for therapeutic purposes as it offers minimally invasive or non-invasive treatment options for the treatment of neurological diseases. Growth of the healthcare sector in the last decade – specifically the developing nations – has enabled allied branches to expand as well and neuromodulation is no different.
Budgetary allocations by governments around the world for healthcare is increasing and this will also have a positive impact on the global neuromodulation industry. For instance, in the U.S., national healthcare spending increased to USD 4.1 trillion in 2020 or USD 12,530 per person.
Investment by government and market players to improve the healthcare infrastructure is promoting the implementation of novel technologies to treat neurological conditions. In the Indian Union Budget of 2021, the PM Atmanirbhar Swasth Bharat Yojana received funding from the government of India totaling USD 8.10 billion over a six-year period. The fund was allocated to strengthen existing national medical institutions to develop capacities of primary, secondary, and tertiary healthcare systems and cater to the detection of emerging diseases.
Major players operating in the market are receiving FDA approval for their products. The organizations are incorporating strategies such as alliances, acquisitions, partnerships, R&D investments, new product launches, and approvals to strengthen their competitive power while expanding their global reach. For instance, in September 2021, Abbott acquired Walk Vascular, LLC, which is a medical device manufacturing company. Walk Vascular, LLC is known for the minimally invasive thrombectomy system that is designed for the removal of blood clots.