According to the latest study on “Neuromodulation Market Forecast to 2027 –COVID-19 Impact and Global Analysis – by Technology, Application, and End User,” the market was valued at US$ 7,613.45 million in 2019 and is projected to reach US$ 16,333.98 million by 2027; it is expected to grow at a CAGR of 10.3% during 2020–2027. The report highlights trends prevailing in the global neuromodulation market, and drivers and restraints pertaining to the market growth.
The growth of the neuromodulation market is driven by the factors such as increasing incidence of neurological disorders and growing developments in neuromodulation technology. Further, the rising demand of neurostimulation devices to treat chronic pain offer lucrative opportunities to the global neuromodulation market players. However, the high cost of neuromodulation devices hinders the market growth.
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Abbott; Boston Scientific Corporation; Medtronic; NeuroPace, Inc.; NeuroSigma, Inc.; NEVRO CORP; Synapse Biomedical Inc.; Soterix Medical Inc; Integer Holdings Corporation; and Magstim are among the key players operating in the neuromodulation market.
These companies focus on partnerships, product launches, and collaborations, among other business strategies, to sustain their market positions. For instance, in September 2020, Boston Scientific announced its WaveWriter Alpha portfolio of Spinal Cord Stimulator (SCS) Systems for the European market. The portfolio comprises four MRI conditional and Bluetooth-enabled implantable pulse generators (IPGs). The products from this line feature rechargeable and non-rechargeable options, and an access to waveforms that help cover multiple pain areas.
On the basis of technology, the neuromodulation market is bifurcated into external (non-invasive) neuromodulation and internal neuromodulation. In 2019, the internal neuromodulation segment accounted for a larger share of the market. The growth of the market for this segment is attributed to the rising number of product launches and increasing innovations in neuromodulation devices.
Depression is the most common neurological disorder among all age groups. In the developing regions, most people suffer from depression owing to various socioeconomic factors such as financial stress and poverty. Other neurological disorders such as dystonia, Parkinson’s disease, and obsessive-compulsive disorder are usually observed in aging population. According to a study ‘Incidence and Prevalence of Major Neurologic Disorders,’ published in January 2018, ~36% of elderly have moderate or severe memory impairment in the US. Each year nearly 1.2 million adults are diagnosed with brain disorders, of which 51.3% is due to stroke and 21% due to Alzheimer’s disease. In addition, nearly 135 million people are diagnosed with Parkinson’s disease, traumatic brain injury, and epilepsy each year. Moreover, ~500,000 cases of brain tumor, multiple sclerosis, and amyotrophic lateral sclerosis are reported annually. Therefore, the growing prevalence of neurological disorders is consequently propelling the demand for neuromodulators as these help in relieving neurological symptoms. Furthermore, the rising demand for neurostimulation devices to treat chronic pain.
Chronic pain management helps relieve pain with the use of drugs, therapies, and lifestyle changes. Electrical stimulation devices play a major role in pain management as they are primarily developed for relieving several types of chronic and acute pain.Growing geriatric population, increasing chronic condition prevalence, and sedentary lifestyle are a few of the risk factors that may cause chronic pain. For instance, according to a study published by Arthritis Foundation in 2019, aging population is responsible for the growing prevalence of all types of diseases across the world. The same study stated that1 in 3 people in the US suffers from arthritis each year. Therefore, the rising prevalence of chronic pain is expected to drive the growth of the segment during the forecast period.
The report segments the global neuromodulation market as follows:
- External (Non-Invasive) Neuromodulation
- Respiratory Electrical Stimulation
- Transcutaneous Electrical Nerve Stimulation
- Transcranial Magnetic Stimulation
- Internal Neuromodulation
- Deep Brain Stimulation
- Sacral Nerve Stimulation
- Gastric Electrical Stimulation
- Spinal Cord Stimulation
- Vagus Nerve Stimulation
- Chronic Pain Management
- Failed Back Syndrome
- Parkinson’s Disease
- Obsessive-Compulsive Disorder
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