Neuromodulation Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3204
Neuromodulation Market size is projected to experience significant growth from 2019 to 2025.
Neuromodulation market will experience a significant growth in the forth coming years, due to increasing prevalence of neurological disorders. As per a study by NCBI, it has been estimated that about 30 million people are diagnosed with some form of neurological disorder in India, and the rate of prevalence is growing with time. Hence, supporting the growth of the neuromodulation market.
Recent technological advancements in the field of neuromodulation devices will augment the growth of the market. Technological enhancements such as Spinal Cord Stimulation (SCS) has been proven as one of the most efficient therapy for the management of intractable pain syndromes. Such technological advancements will support the neuromodulation market growth in the forecast time frame.
Unavailability of favorable reimbursement policies for neurological ailments will restrain the growth of the market. Furthermore, lack of trained professionals in the field neurological treatment solutions will be a hindrance. Hence, the aforementioned reasons might assist in declining the market growth.
The transcutaneous supraorbital neurostimulator is an FDA approved neuromodulation device for both acute and preventive treatment of migraine. It is estimated to witness a considerable growth in the forecast period due to rising prevalence of migraine headache. The easy accessibility and efficient outcomes of the device helps in augmenting the demand of the product thus, increasing the growth of neuromodulation market.
The internal neuromodulation market is driven by the growing incidence of Parkinson’s disease, failed back surgeries, urinary incontinence and other related syndromes. As well as, it is experiencing a new surge of technological enhancements. For instance, there has been major technical advancements of burst stimulation and high-frequency in the Traditional (40-50 Hz) spinal column stimulation cutting down its ineffectiveness in certain criteria. Thus, augmenting market growth.
Depression is the leading cause of disease burden worldwide and major contributor in the rising incidence of disability. The global prevalence of depressive symptoms has been rising in the recent years and the majority of case are increasing among the millennials. Hence, the rising prevalence of depressions and depressive symptoms will boost the growth of the neuromodulation devices market.
Polymeric bio materials are used because of the flexibility, biocompatible nature, ease of fabrication and as well as their wide range of electrical, mechanical, thermal and chemical behaviors when combined with different materials as composites. Hence, the growing use of neuromodulation devices will augment the market of polymeric bio material market.
Clinics are expected to hold majority of the share in the field of neuromodulation market, as neurological therapy solutions are mostly available in the clinical settings. The state of art facilities available in the clinics for the treatment of neurological syndromes will augment the growth of the market.
U.S neuromodulation market is estimated to hold the majority of market share owing to advancements in technology in and venture capital investments by major market players. Hence technological advancements coupled with capital investments for product pipelines by major players will boost the growth of the market. Apart from U.S., India is another country leading the neuromodulation market, this is due to increasing prevalence of chronic pain related syndromes and other neurological diseases.
Some of the key industry players operating in neuromodulation market are, Medtronic, Inc, ST. Jude Medical, Inc., Nevro Corporation, Neurosigma, Inc., Boston Scientific Corporation, Cyberonics, Inc., Biocontrol Medical, Neuropace, Inc., Synapse Biomedical, Inc., Neuronetics, Inc. These companies opt for mergers, acquisitions and partnerships in order to increase their efficiency and sustain in the market by providing better solutions. Additionally, they are even focused on technological advancements and miniaturization of their devices.
Neuromodulation market by product, 2014-2025 (USD Million)
- Transcutaneous supraorbital neurostimulator
- Single pulse transcranial magnetic stimulator
- Non-invasive vagus nerve stimulator
Neuromodulation market by technology, 2014-2025 (USD Million)
- Internal Neuromodulation
- Deep Brain Stimulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Sacral Nerve Stimulation (SNS)
- Spinal Cord Stimulation (SCS)
- Gastric Electrical Stimulation (GES)
- External Neuromodulation (Non-Invasive)
- Transcutaneous Electrical Nerve Stimulation (Tens)
- Transcranial Magnetic Stimulation (TMS)
- Respiratory Electrical Stimulation (RES)
Neuromodulation market by application, 2014-2025 (USD Million)
- Parkinson's disease
- Chronic pain
- Failed back surgery
- Urine incontinence
- Fecal incontinence
- Migraine headache
- Spinal cord injury
Neuromodulation market by bio-material, 2014-2025(USD Million)
- Ceramic biomaterials
- Metallic biomaterials
- Polymeric biomaterials
Neuromodulation market by end-use, 2014-2025(USD Million)
- Home healthcare
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Medtronic, Inc.
- ST. Jude Medical, Inc.
- Nevro Corporation
- Neurosigma, Inc.
- Boston Scientific Corporation
- Cyberonics, Inc.
- Biocontrol Medical
- Neuropace, Inc.
- Synapse Biomedical, Inc.
- Neuronetics, Inc.
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