Neuromodulation Devices Market anticipated worth US$8.5 Billion By 2023
Decisiondatabases.com has announced the addition of the "Global Neuromodulation Devices Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” report to their offering. The global neuromodulation devices market is expected to grow at a CAGR of 11% from 2017 to 2023, to reach $8.5 Billion by 2023 from $4.05 Billion in 2016. Neuromodulation devices are advanced medical devices that suppress or enhance the activity of the nervous system for the effective treatment of a particular disease.
Growing prevalence of lifestyle-associated disorders such as obesity and depression, the increasing prevalence of diseases such as Alzheimer’s and Parkinson’s, the growing demand for minimally invasive surgeries, the add-on therapy nature of neuromodulation devices, the upswing in unmet medical needs, the boost in healthcare expenditure by consumers, increasing technological advancements, growing demand for minimally invasive surgeries, and the increase in external funding for clinical studies are the factors which are responsible for driving the neuromodulation devices market globally. Other factors which drive the global neuromodulation devices market include rising geriatric population, increasing awareness among people, miniaturization of devices, strong product pipeline offered by players and expanded target applications and new indications.
The report segments the global market for neuromodulation devices on the basis of product type, area of application, and geography. By product type, the market can be segmented into internal neuromodulators (Sacral nerve stimulation, vagus nerve stimulation, deep brain stimulation, spinal cord stimulation, and other neurostimulators) and external neuromodulators (Repetitive transcranial magnetic stimulation and transcutaneous electrical nerve stimulation). Among all of these, spinal cord stimulation is expected to dominate the market for neuromodulation devices globally. Also, repetitive transcranial magnetic stimulation is anticipated to be the fastest growing segment among various neuromodulation technologies. By area of application, the neuromodulation devices market can be segmented into St. Jude Medical’s Eon Mini Neurostimulator System, Boston Scientific’s Precision Spinal Cord Stimulation System, Medtronic’s Enterra Therapy System, Medtronic’s Spinal Cord and Deep Brain Neurostimulation Systems, IntraPace’s Abiliti System, Cyberonics’ VNS Therapy System, Codman & Shurtleff’s Medstream System, and Nevro’s Senza System for Spinal Cord Stimulation.
Geographically, the neuromodulation devices
market can be segmented into regions such as Latin America, Western Europe, Eastern Europe, North America, Asia-Pacific excluding Japan, Middle East and Africa. Of these, North America is the largest market for neuromodulation devices across the world due to increasing development in neuromodulation devices, growing awareness among people and high prevalence of disease conditions such as chronic pain, Parkinson’s disease and epilepsy, followed by Western Europe. The second-largest market for neuromodulation devices is anticipated to be Europe. Also, Asia-Pacific is expected to be fastest growing region for neuromodulation devices market due to change in lifestyle, growing population and initiative taken by the government to aware people about the neurological disorders and their treatments. Japan is also an influential market for neuromodulation devices owing to increase in the approval rate of neuromodulation devices by Pharmaceutical and Medical Devices Agency and ageing population.
The major participants in the global neuromodulation devices market are Accellent, Medtronic, Boston Scientific Corporation, Nevro Corp, DynaMD, NeuroSigma Inc., BioControl Medical, NeuroPace Inc., St. Jude Medical Inc. Soterix Medical Inc. and Synapse Biomedical Inc. These companies are focusing on miniaturization of the neuromodulation devices and advancement of the technology.
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