Theses›Healthcare & bio›Neuromodulation

Neuromodulation

Venture-backed neuromodulation exits stay capped at the strategic tuck-in band (~$0.5-0.65B) through 2029, because four incumbents own the channel and copy the differentiator

  • Bear
  • Early
  • $18B by 2035

The callNew indications grow twice as fast as the market, and Medtronic, Boston Scientific and Abbott buy or copy the winner; component suppliers are the ones that keep value outside them.

D1D2R1R2R3C1foragainst D1D2R1R2R3C1foragainst
Fig. 1The balance. Drivers and catalysts against restraints, each block sized by its weight; catalysts hang dashed because they have not happened yet, sized by their odds. It tips toward the restraints.
  1. D1Nerve stimulation becomes a prescribed alternative to drugs for arthritis, depression and heart failure, written by the specialist who now writes the drug.
  2. D2A cluster of approvals already happened: closed-loop spinal, adaptive DBS, SetPoint's VNS for RA, Nyxoah's Genio, Flow's at-home tDCS, plus a 48% CMS VNS payment rise.
  3. R1The majors buy the winner at $600-650M (Nalu, SPR) after $60-140M of trial spend, so an early holder keeps perhaps 1-2% of the sale.
  4. R2The independent route is punished: Nevro sold at 0.6x revenue, Saluda is down about 80% since listing, Galvani burned $400M and shut.
  5. R3Payment can turn: Inspire's code was cut and spinal stimulation went under prior authorisation in six states in 2026.
  6. C1Boston Scientific, Medtronic, Abbott or Globus buying another neuromodulation company for $300M-1B, confirming the exit mode and its price.end-2027
Rests onthe beliefs underneath
Supported by · confidence
Threatened by · confidence
What would prove itdated tests, open and resolved
2027202820292030today12345678predictionswatch 2027202820292030today12345678predictionswatch
Fig. 2Each ring is a dated test: dashed while open, struck through when overdue, ticked or crossed once resolved.
  1. 1Cognito Therapeutics' HOPE pivotal trial reports a statistically significant benefit on at least one primary endpoint (ADCS-ADL or MMSE).Mar 2027 · open
  2. 2Boston Scientific, Medtronic, Abbott or Globus announce at least one more neuromodulation acquisition priced between $300M and $1B by 31 Dec 2027.Dec 2027 · open
  3. 3Another strategic neuromodulation acquisition at $300M-1B, confirming the exit price.Dec 2027 · open
  4. 4SetPoint Medical is acquired by a strategic by 31 Dec 2028.Dec 2028 · open
  5. 5A randomised, sham-controlled trial of low-intensity focused ultrasound neuromodulation with 60+ patients, using a device that does not need an MRI scanner, reports a statistically significant primary-endpoint win by 31 Dec 2028.Dec 2028 · open
  6. 6A 60+ patient sham-controlled focused-ultrasound trial without an MRI scanner reading out positive, a route around the implant channel.Dec 2028 · open
  7. 7No venture-backed neuromodulation company is acquired above $1B enterprise value between 7 Oct 2026 and 31 Dec 2029 unless it first reported more than $250M annual revenue.Dec 2029 · open
  8. 8Any venture-backed company bought above $1B without first passing $250M of revenue, which would change the view.Dec 2029 · open
Expressionslisted, private, technologies
  • ABTAbbott Laboratories
    • full
  • MDTMedtronic plc
    • full
  • BSXBoston Scientific
    • not screened
     Spinal cord stimulators, DBS, Vertiflex spinal implants, Axonics sacral stimulators and Nalu peripheral nerve stimulators sold to hospitals and clinics.
  • INSPInspire Medical Systems
    • not screened
     Implanted hypoglossal nerve stimulators for obstructive sleep apnoea sold to ENT surgeons and hospitals.
  • LIVNLivaNova
    • not screened
     Vagus nerve stimulation systems for drug-resistant epilepsy (and a new hypoglossal device) sold to epilepsy centres and hospitals.
  • GMEDGlobus Medical (Nevro)
    • not screened
     High-frequency spinal cord stimulators (ex-Nevro, acquired 2025) sold to pain clinics and hospitals.
  • STIMNeuronetics
    • not screened
     NeuroStar TMS systems and treatment sessions for depression sold to psychiatry practices, plus owned Greenbrook clinics.
  • SLD.AXSaluda Medical
    • not screened
     Evoke closed-loop spinal cord stimulators sold to pain clinics in the US and Australia.
Private · 25 private companies, 11 of them in the US.

WISE · SetPoint Medical · Salvia BioElectronics · Onward Medical · Sievert Larsen & Associates / Synergia Medical · Neuroloop · Cortec Neuro · Inbrain Neuroelectronics · Precisis · Amber Therapeutics · Flow Neuroscience · ShiraTronics · Motif Neurotech · Nia Therapeutics · Neuronoff · Mainstay Medical · MicroTransponder · Insightec · Nalu Medical · SPR Therapeutics · iota Biosciences · Axonics · Galvani Bioelectronics (GSK + Verily JV) · Nudge · Sonomind

1 more private company tracked, not shown

Who has already bet on itprivate rounds, from public sources

$370M raised by 7 companies, $297M of it in the last three years. Wave under way: Large rounds in the last three years; the category is funded and getting crowded.

Backed by a top-tier venture firm: Amber Therapeutics, INBRAIN Neuroelectronics, Flow Neuroscience. Backed by a strategic investor: INBRAIN Neuroelectronics.

  • $100MAmber Therapeutics
    • Founded 2019
     Series A, Jun 2024 $100M (NEA, F-Prime Capital, Lightstone Ventures)
  • $91MSalvia BioElectronics
    • Founded 2017
     Series B, May 2025 $60M (Innovation Industries, Invest-NL, EIC Fund) · Series A, Sep 2020 $31M (Panakès Partners, INKEF Capital, SHS)
  • $68MINBRAIN Neuroelectronics
    • Founded 2019
     Series B, Oct 2024 $50M (imec.xpand, EIC Fund, Fond ICO Next Tech)
  • $66MShiraTronics
    • Founded 2019
     Series B, Oct 2024 $66M (Norwest Venture Partners, Seroba, OSF Ventures)
  • $19MMotif Neurotech
    • Founded 2022
     Series A, Jan 2024 $19M (Arboretum Ventures, KdT Ventures, Satori Neuro)
  • $15Miota Biosciences
    • Founded 2017
     Series A, May 2018 $15M (Astellas, Horizons Ventures, Bold Capital Partners)
  • $12MFlow Neuroscience
    • Founded 2016
     Series A, Aug 2021 $9M (Khosla Ventures, Swiss Health Ventures (CSS Group), Zuhlke Ventures)
What changedthe record, newest first
  • 4 Nov 2026Non-invasive brain stimulation now has two FDA-approved home devices for depression; focused ultrasound has the money but not yet the trials.
  • 7 Oct 2026The expensive part of neuromodulation is the implant. Focused ultrasound can now reach deep brain targets without surgery, and an at-home brain stimulator got FDA approval on a single remote trial. If ultrasound wins one proper randomised trial, the economics of the whole category change.