Covina, Sept. 28, 2023 (GLOBE NEWSWIRE) -- What is Neuromodulation?
Neuromodulation is an intracranial, electrical neuromodulation therapy that has FDA approval for the treatment for most of the neurological diseases such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population.
Growing geriatric population across globe coupled with rising neurological disorders have provided lucrative opportunities in target market growth. Further, rising incidence of Parkinson’s and Alzheimer’s disease has facilitated the demand for market growth. Furthermore, increase in awareness regarding the safety and efficacy of neurostimulator devices and technological advancement related to battery longevity and miniaturization of implantable neuromodulation devices is anticipated to increase the demand for Neuromodulation market growth over the forecast period.
- NO OF PAGES:164
- BASE YEAR: 2030
The following factors are likely to contribute to the growth of the Neuromodulation Market during the forecast period:
- Increasing prevalence of chronic diseases.
- Technological advancements in neuromodulation devices.
- Aging population and higher incidence of neurological disorders.
- Shift towards non-opioid pain management.
- Expanding indications for neuromodulation therapies.
- Patient preference for minimally invasive treatments.
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Key Highlights:
- In November 2022, CVRx launched new device ‘Barostim Neo2 IPG’ a next-generation version of neuromodulation device. The new launched ‘Barostim Neo2 IPG’ neuromodulation device offers same clinically proven Barostim therapy with more convenient design for patients.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020-2030 |
| Accounted in 2020 | US$ 5.23 billion |
| Is estimated in 2030 | US$ 12.23 billion |
| CAGR of | 8.90% |
| Market representation | Revenue in USD Million & CAGR from 2020 – 2030 |
| Market Segmentation | By Technology – Internal Neuromodulation (Deep Brain stimulation , spinal cord stimulation , and Gastric Electrical stimulation ) and, External Neuromodulation (Transcutaneous Electrical Nerve Stimulation , Transcranial Magnetic Stimulation and other )). By Application– Depression, Dystonia, Parkinson's Disease, Epilepsy, Pain Management, And Other Applications. |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Rest of Asia-Pacific Latin America - Brazil, Mexico, Rest of Latin America Middle East & Africa – GCC, Israel, South Africa, Rest Of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Analyst View:
Growing incidence of Lyme Alzheimer’s diseases across globe have become major contribution in target market growth. Further, well developed & improved healthcare infrastructure with advanced medical equipment is expected to foster the demand for Neuromodulation market growth.
List of the prominent players in the Neuromodulation Market:
- Medtronic plc
- Boston Scientific Corporation
- St. Jude Medical
- Cyberonics
- Cochlear Ltd.
- Advanced Bionics
- Sonova Group
- Nevro Corporation
- Neuronetics, Inc.
- Greatbatch.
Conclusion:
The Neuromodulation Market is poised for significant growth in the coming years. This growth is driven by a combination of factors, including the increasing prevalence of chronic diseases, ongoing technological advancements, the aging population, the need for non-opioid pain management solutions, expanding treatment indications, patient preferences for minimally invasive therapies, improved reimbursement policies, active research and development initiatives, growing awareness, and collaborative efforts within the industry. These factors collectively contribute to a promising outlook for the Neuromodulation Market, offering innovative and effective therapeutic options for patients with neurological and chronic conditions.
FAQS of Neuromodulation Market:
- What is the current size and growth rate of the Neuromodulation Market globally and in specific regions/countries?
- Which neurological and chronic conditions are the primary drivers of demand for neuromodulation therapies?
- What are the latest technological advancements in neuromodulation devices and therapies?
- How are changing demographics, such as the aging population, impacting the Neuromodulation Market?
- What are the most common types of neuromodulation devices and how do they differ in terms of application and invasiveness?
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