The new report by Expert Market Research titled, ‘Global Neuromodulation Devices Market Price, Trends, Growth, Analysis Report and Forecast 2021-2026’, gives an in-depth analysis of the Global Neuromodulation Devices market, assessing the market based on its segments like type, product type, biomaterial, applications, end use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 6 billion
• Forecast CAGR (2021-2026): 9 %
• Forecast Market Size (2026): USD 10 billion
Increasing neurological disorders, more studies on the expansion of neuromodulation applications, and the understanding of neurodegenerative diseases are mainly driving development in this market. The high cost of the procedures and equipment for neuromodulation along with the lack of qualified staff would, however, reduce this market’s growth over the forecast period.
Industry Definition and Major Segments
Neuromodulation is a prominent technology that is involved in the use of energy or chemical agents to activate individual neurological areas or modify nerve activity. Electrical stimulation is used for each of these systems. For the conduct of the operation, the electrodes are connected to the cortex, spinal cord or peripheral nerves. These machines may be used to improve quality of living or to help patients with illnesses such as tremor, faecal and urinary incontinence, persistent discomfort, Parkinson’s disease dystonia, epilepsy and other psychiatric conditions.
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On the basis of type, neuromodulation devices are divided into:
• Internal Neuromodulation
• External Neuromodulation
The neuromodulation devices are segmented on the basis of product type into:
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Vagus Nerve Stimulators
• Sacral Nerve Stimulators
• Gastric Electrical Stimulation
• Transcranial Magnetic Stimulation
• Transcutaneous Electrical Nerve Stimulation Devices
• Others
On the basis of biomaterial, the industry is segmented into:
• Ceramics Biomaterials
• Metallic Biomaterials
• Polymeric Biomaterials
On the grounds of application, market is divided into:
• Pain Management
• Epilepsy
• Essential Tremors
• Urinary and Fecal Incontinence
• Depression
• Dystonia
• Parkinson’s Disease
• Others
The end use segments for neuromodulation devices are the following:
• Rehabilitation Centres
• Hospitals
• Specialty Clinics
• Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
Numerous uses in the healthcare industry are found for neuromodulation systems. Due to their high effectiveness in the care, demand for neuromodulation devices is growing. The market’s key players have invested in technology improvement research and development. This would lead to improved care and further implementations, thus accelerating the industry’s progress. The increase in patients with chronic pain also drives demand in the industry.
The Asia Pacific is expected to grow at the highest rate in the market. The major factors driving the growth of this market include the high incidence of neurological disorders, increasing public and private investments, and ongoing research.
Key Market Players
The major players in the market are ElectroCore, Inc., Boston Scientific Corporation, Medtronic, plc, Abbott Laboratories, Synapse Biomedical Inc., Bioness Inc., among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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