According to the International Neuromodulation Society, citing a market research report from Neurotech Reports, neuromodulation is poised to be a major growth industry over the next decade. In 2018 the market was estimated to be worth US$8.4 billion, with the potential to be worth US$13.3 billion in 2022.
Implications for platinum
In addition to its use in neuromodulation devices, platinum has a broad range of medical applications including catheters, stents, clot-retrieval devices and pacemakers. It is also used in some treatments for cancer. Demand for platinum in medical applications was 240,000 oz in 2018.
As with forecast demand for neuromodulation devices, overall demand for healthcare is expected to rise. This is due to changing demographics, population growth (to reach more than 8.5 billion globally by 2050 according to the United Nations Environment Programme) and increasing access to advanced medical care in both developed and developing countries. This implies a positive outlook for platinum demand from medical applications.