The sales of tibial neuromodulation devices are projected to rise at a CAGR of 8.1% during the forecast period 2022 to 2032. The global tibial neuromodulation devices market size is anticipated to be valued at USD 97.7 Million in 2022 and is projected to surpass USD 230.7 Million by 2032.
Rising urological illness incidence, increased demand for minimally invasive procedures, and outpatient usage are the factors driving tibial neuromodulation devices' market expansion over the projection period. The use of tibial neuromodulator devices is becoming more widespread, providing surgeons with the power, precision, and control required for soft or hard tissue, bone modulation.
High treatment costs and a lack of understanding about the devices and other treatment options available in the market are some of the factors affecting the demand for tibial neuromodulation devices.
| Attribute | Details |
|---|---|
| Tibial Neuromodulation Devices Market Value (2022) | USD 97.7 Million |
| Tibial Neuromodulation Devices Market Anticipated Value (2032) | USD 230.7 Million |
| Tibial Neuromodulation Devices Projected Growth Rate (2022 to 2032) | 8.1% |
Tibial neuromodulation devices work either by actively stimulating the neurons to cause a biological reaction or by directly applying for targeted pharmacological medicines in modest dosages to the area of action. Electrodes are applied to the spinal cord, brain, or peripheral nerves by neurostimulation devices.
The growing number of people suffering from ailments such as urine incontinence, Parkinson's disease, spinal cord damage, migraine, and epilepsy is driving the sales of tibial neuromodulation devices. The tibial neuromodulation devices market is also projected to benefit from increased awareness of neurodegenerative and neurological illnesses, as well as expanded application areas.
Growth opportunities in the tibial neuromodulation devices market include expanding market share through mergers and acquisitions and investing in new economies, as well as technological advancements in percutaneous tibial neuromodulation devices, which are driving the tibial neuromodulation devices market growth.
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The rising frequency of chronic conditions, combined with the limits of pharmaceutical medications in effectively treating these diseases, has propelled the demand for tibial neuromodulation devices. The functional capabilities of various nerves in the human body, as well as the consequences of electrical stimulation of these nerves for the therapy of various illnesses, have been continuously explored.
As a result, new strategies and gadgets for addressing and treating chronic illnesses have emerged, boosting the tibial neuromodulation devices market growth.
These treatments range from spinal cord stimulation for pain relief to vagus nerve stimulation for epilepsy and other diseases. The tibial neuromodulation devices market is characterized by the introduction of specialized devices and methodologies to treat specific illnesses, as well as ongoing improvements in neurostimulation techniques.
A considerable proportion of patients suffering from chronic diseases such as chronic back pain, depression, epilepsy, and sleep apnea, among others, are resistant to treatment and drugs. Resistance is seen in the treatment's slow progression and delayed or limited consequences. As a result, healthcare professionals are moving their focus to neurostimulation approaches for chronic disease treatment, which is driving the sales of neuromodulation devices during the forecast period.
According to the Centers for Disease Control and Prevention (CDC), an estimated 50 million people in the United States suffer from chronic pain each year, with an additional 19 million suffering from severe chronic pain. Epilepsy, treatment-resistant depression, and other chronic illnesses impose a significant financial burden on countries. As a result, the tibial neuromodulation devices market share is anticipated to rise significantly during the forecast period.
In growing countries such as China, Brazil, and India, the prevalence of neurological diseases such as epilepsy, depression, and others is increasing at a rapid pace. Despite a higher frequency, lower diagnostic rates in developing nations limit the number of individuals who require treatment. As a result of this, the sales of tibial neuromodulation devices are anticipated to decline over the forecast period.
Lower diagnosis rates in these nations are caused by a variety of causes, including a general lack of awareness and limited access to diagnostic facilities due to inadequate healthcare infrastructure. This is exacerbated by the fact that a percentage of the diagnosed population does not receive treatment for a variety of reasons. These are some of the primary factors restricting the number of patients receiving treatment, hence limiting the tibial neuromodulation devices market growth.
North America is projected to hold 34.1% of the tibial neuromodulation devices market share during the forecast period. The primary reasons for the high demand for tibial neuromodulation devices in the region include higher rates of diagnosis and treatment among the patient population, as well as increased adoption of neuromodulation devices for the treatment of chronic illnesses. This is exacerbated by the larger prevalence of chronic illnesses in the United States, as well as suitable reimbursement regulations for these devices in the country.
Europe is projected to dominate the tibial neuromodulation devices market with a share of 40.1% during the forecast period. Major factors propelling the tibial neuromodulation devices market share in Europe include a well-developed healthcare infrastructure, combined with an increase in non-invasive device approvals in the region. As a result of these factors, the sales of tibial neuromodulation devices are projected to grow rapidly from 2022 to 2032.
From 2022 to 2032, new entrants and regional players are projected to get their CE mark approvals for their non-invasive devices which is further expected to boost the tibial neuromodulation devices market growth in Europe.
How are New Entrants Revolutionizing the Tibial Neuromodulation Devices Market?
The start-up ecosystem in the tibial neuromodulation devices market is moderate with a few startups conducting clinical trials to determine the therapeutic efficacy of their products. Deep Brain Innovations LLC, Scion NeuroStim, and ALEVA NEUROTHERAPEUTICS SA are some of the startups in the tibial neuromodulation devices market.
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Who are some of the Key Market Players in the Tibial Neuromodulation Devices Market?
The neuromodulation devices market is consolidated, with the top four firms accounting for more than 90% of the market in 2022. Medtronic's extensive portfolio, along with strong brand awareness, widespread regional presence, and a solid distribution network, is responsible for propelling the business to market leadership in 2022.
The key market players profiled in the report include Cogentix Medical, Palex Medical SA, and Medtronic plc. Rainbow Medical Group. The key players in this market adopted product launch, partnership, and expansion as their key strategies to meet the changing consumer demands.
Recent Developments in the Tibial Neuromodulation Devices Market:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.1% from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, End-User, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America; Canada; Brazil; Argentina; Germany; United Kingdom; France; Spain; Italy; Nordics; BENELUX; Australia & New Zealand; China; India; ASIAN; GCC Countries; South Africa |
| Key Companies Profiled | Cogentix Medical, Palex Medical SA, Medtronic plc. Rainbow Medical Group. |
| Customization | Available Upon Request |
The tibial neuromodulation devices market is predicted to register a CAGR of 8.1 % from 2022 to 2032.
Europe region is anticipated to lead the tibial neuromodulation devices market during the forecast period.
The tibial neuromodulation devices market is likely to hold a valuation of USD 230.7 Million by 2032.
Based on application, the overactive bladder segment dominates the tibial neuromodulation devices market.
| Estimated Market Share in 2023 | USD 375.5 million |
|---|---|
| Forecasted Market Size by 2033 | USD 615.5 million |
| Projected Market CAGR (2023 to 2033) | 5.1% |
| Market Estimated Size (2023) | USD 268.2 million |
|---|---|
| Market Forecasted Size (2033) | USD 434.0 million |
| Market CAGR (2023 to 2033) | 4.9% |
| Expected Market Value (2023) | USD 14,051.6 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 22,427.6 million |
| Projected CAGR (2023 to 2033) | 4.8% |
| Market Value (2023E) | USD 235.91 million |
|---|---|
| Market Value (2033F) | USD 355.98 million |
| Value CAGR (2023 to 2033) | 4.2% |
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