The global neuromodulation market continues to experience significant growth and attract exciting new entrants. With innovative applications of neuromodulation devices to treat chronic conditions that respond poorly to traditional medications, the market is seeing strong investment and M&A activity. Leveraging data from LSI's Market Intelligence platform, our analysts explored the size, projections, emerging players, and growth drivers in the neuromodulation market.
The neurostimulation market remains highly competitive, with established top medical device companies and new medical technology firms continually vying for market share. Valued at nearly $6.6 billion in 2023, this market is projected to increase at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2028.
The evolving competitive landscape is fueled by the potential of neuromodulation technologies to address significant patient populations suffering from conditions such as incontinence, depression, and Alzheimer's disease. These chronic conditions have historically been challenging to manage with conventional pharmacological treatments, creating an urgent need for advanced health technology solutions.
In January of 2024, Boston Scientific announced its definitive agreement to acquire Axonics, Inc. a publicly traded company pioneering new medical technology to deliver minimally invasive sacral neuromodulation (SNM) therapy to treat overactive bladder and fecal incontinence. The $3.4 billion transaction has been interpreted by analysts as a potential catalyst in the revival of medtech M&A and in investment into differentiated neuromodulation therapies.
Earlier this month, University of Oxford spinout Amber Therapeutics raised $100 million in funding to accelerate the development of its fully implantable therapy capable of addressing stress as well as treating urinary incontinence and overactive bladder. The round, one of the largest Series A financings for an emerging European medtech company, was led by New Enterprise Associates (NEA) with participation from blue-chip transatlantic investors including F-Prime Capital, Lightstone Ventures, Intuitive Ventures, Oxford Science Enterprises (OSE) and 8VC.
In the mental health space, Sooma Medical announced its €5m raise in March of 2024 to expand access to its transcranial direct current stimulation (tDCS) device for at-home treatment of depression. Applications of neuromodulation in mental health include multiple emerging players like Ampa Health and its NextGen TMS™ device, which leverages proven transcranial magnetic stimulation (TMS) to treat people with medication-resistant depression. Treatment is administered in the privacy and comfort of a patient’s home or treatment in semi-private facilities in San Diego, Los Angeles, the San Francisco Bay Area, and Toronto via medical health professionals from an affiliate company.
This approach is in contrast to the implantable neuromodulation devices being developed by Inner Cosmos, which announced promising findings from the initial phase of its human trials in April of 2024. Meron Gribetz, CEO of Inner Cosmos, presented the company’s innovative medical technology at LSI USA ‘23 in Dana Point, California. The recording of the presentation can be found below:
There is also a breadth of exciting medical device development in Alzheimer's disease, which has long been underserved by a lack of effective pharmacological treatment options. Cognito Therapeutics is developing a novel therapy designed to evoke gamma oscillation in the brain with non-invasive visual and auditory stimulation. The company’s Phase 2 OVERTURE trial has shown promising results, with patients experiencing significant slowing of disease progression and preservation of cognition, daily function, and whole brain volume.
Also progressing to market is Sinaptica Therapeutics™, which is developing a personalized closed-loop neuromodulation therapy for Alzheimer’s disease that aims to enhance neuroplasticity through stimulation of key brain networks involved in memory. The company published promising Phase 2 placebo-controlled results demonstrating a slowing of disease progression by more than 80% at 6 months.
Both Brent Vaughan, CEO of Cognito Therapeutics and Ken Mariash, CEO of Sinaptica Therapeutics™ have presented their technology at previous LSI events. The recordings of their presentation can be found below:
For those seeking in-depth insights into the neurostimulation market and other adjacent medtech markets, LSI’s Market Snapshots library is an invaluable resource. With over 350 market snapshots across various medtech segments, the library provides consistent and reliable coverage from industry insiders. Each snapshot includes detailed analyses of unit volumes, competitive landscapes, and key market trends, making it easier for stakeholders to make informed decisions.
In 2023 alone, LSI added more than 40 new snapshots to the library. For more information on snapshots to be released in 2024 or to explore the full library, get in touch with our team and discover how LSI can support your business with trusted data and insights.
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