Neuromodulation has gained significant traction over the past couple of years, which has reflected favorably on the global market for neuromodulation devices. These devices are also finding applications in minimally-invasive surgeries and several neuromodulation therapies. The recent study conducted by Market Research Future (MRFR) claims that global neuromodulation devices sales will remain steady over the next nine years.
Neuromodulation is increasingly being used in healthcare to leverage the power of electrical impulses for therapeutic benefits. While several new areas of use have emerged in recent years, deep brain stimulation (DBS) remains the primary healthcare application of neuromodulation. DBS is a therapeutic technique focused towards resolving chronic and intractable pain. Such pains are quite common among the elderly population; the latest data resealed by United Nations suggest that the number of older persons — those aged 60 years or above — is expected to more than double by 2050.
The rising number and proportion of elderly people is almost all the countries in the world is creating diverse healthcare requirements. This, in turn, is expected to support the growth of the global market for neuromodulation devices in the forthcoming years. Other factors that are expected to have a positive impact on the market include increasing incidence of neurological disorder, advances in technology, device miniaturization and arrival of new neuromodulation devices.
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Moreover, faster approval rate of new neuromodulation technologies is encouraging players to concentrate on their R&D pipelines. However, new entrants will have to overcome formidable challenges in order to compete with established players who collectively account for a controlling stake of the market. Mergers and acquisitions is expected to remain a key trend in the industry as big players focus on expansion and local vendors try to leverage the know-hows of industry leaders. Offering new and novel solutions will be key to achieving a competitive edge in the market.
Global Neuromodulation Devices Market – Key Players
Medtronic (Ireland), Accellent (U.S), St. Jude Medical, Inc. (U.S.), Synapse Biomedical Inc. (U.S.), Nevro Corp (U.S.), DynaMD, Boston Scientific Corporation (U.S.), NeuroSigma, Inc.(U.S.), NeuroPace, Inc. (U.S.), Neuronetics, Inc. (U.S.), Soterix Medical Inc. (U.S), and BioControl Medical (Israel) are some of the prominent players at the forefront of competition in the Global Neuromodulation Devices Market and are profiled in MRFR Analysis.
Medtronic is one of the significant players of the global neuromodulation devices market. The company was founded in 1949 and is headquartered in Ireland. Medtronic’s annual sale in 2015 was USD 20,261 million and reached USD 28,833 million in 2016. Such significant increase in the sales lead to a huge investment in the R&D. In 2016, the company invested 7.7% of its total revenue into the research and development processes.
In October 2016, Medtronic got an approval for its suite of cardiac rhythm and heart failure devices. This advancement gave patients- Medtronic SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds). This helped Medtronic to strengthen its position in the market.
In September 2016, Boston Scientific and EndoChoice Holdings, Inc. announced that the companies have entered into a definitive agreement under which Boston Scientific had agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice became part of the Boston Scientific endoscopy business.
Global Neuromodulation Devices Market – Segments
Global Neuromodulation Devices Market has been segmented on the basis of agents which comprises of electrical, optical and chemical signals others. On the basis of devices include spinal cord stimulation devices, deep brain stimulation devices (DBS), sacral nerve stimulation devices, Vagus nerve stimulation devices and Gastric electric stimulation devices.
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Global Neuromodulation Devices Market – Regional Analysis
Among regions, North America currently accounts for a noteworthy share of the market and expected to present lucrative growth opportunities for players in 2018 and beyond. Presence of leading healthcare technology companies in the region is major advantage for the market in North America. In addition, high healthcare expenditure and awareness about availability of advanced medical treatment modules is propelling the growth of the market in the region. North America is followed by Europe and Asia Pacific (APAC) respectively.
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