The Neuromodulation market was valued at US$ 7,613.45 million in 2019 and is projected to reach US$ 16,333.98 million by 2027; it is expected to grow at a CAGR of 10.3% during 2020-2027.

The growth of the market is attributed to increasing incidence of neurological disorders and growing developments in neuromodulation technology. However, the high cost of neuromodulation devices hinders the growth of the market.

Neuromodulators alter the nerve activity by delivering electrical or pharmaceutical agents precisely at the target site. These are frequently used for chronic pain relief. The growing technological advancements in neuromodulation have increased its applications. For instance, deep brain stimulation (DBS) is used for treating Parkinson's disease, sacral nerve stimulation for resolving pelvic disorders and urinary incontinence, and spinal cord stimulation for addressing ischemic disorders such as angina and peripheral vascular disease. Companies operating in the neuromodulation market are receiving FDA approvals for their innovative products and raising funds for product development, which, in turn, propels the growth of the market.

On the basis of technology, the global neuromodulation market is bifurcated into external (non-invasive) neuromodulation and internal neuromodulation. The external (non-invasive) neuromodulation segment held a larger share of the market in 2019, and it is expected to register a higher CAGR during the forecast period.Based on application, the global neuromodulation market is segmented into chronic pain management, failed back syndrome, epilepsy, tremor, incontinence, depression, dystonia, gastroparesis, Parkinson's disease, obsessive-compulsive disorder, and migraine. The chronic pain management segment held the largest share of the market in 2019, and the same segment is expected to register the highest CAGR during the forecast period.

Food Safety and Inspection Service(FSIS), US Food and Drug Administration (FDA), National Institute of Health (NIH),National Health Agency (ANVISA), European Medical Association, and Asia-Pacific Centre for Neuromodulation (APCN)are a few of the secondary sources referred for preparing this report.