New York, USA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- A latest report on the global neuromodulation devices market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the search of comprehensive insights on the impact of COVID-19 on the market growth.
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Key Highlights of the Report:
The COVID-19 pandemic has had a positive impact on the growth of the global market for neuromodulation devices in 2020. As per the report, the global neuromodulation devices market garnered $6,631.8 million in 2018 and is estimated to exceed $26,418.6 million, rising at a CAGR of 19.7% by 2026. In the present situation, the market size has surged owing to the growing prevalence of chronic ailments in people worldwide.
Factors Boosting the Market Growth during the COVID-19 Crisis:
The rising adoption of neuromodulation devices in the treatment of various chronic disorder to obtain quick recovery during the COVID-19 pandemic is increasing the growth of the global market. Moreover, as per medical scientists, the success rate of treatments that include neuromodulation devices is high, hence healthcare centers are greatly using these devices in the treatment of various diseases. These factors are expected to fuel the growth of the global market.
Increasing Prevalence Of Chronic Diseases Is Predicted To Boost The Neuromodulation Devices Market
Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $8,476.7 million in 2020. In the present situation, the market size has amplified and reached up to $9,332.9 million in 2020.
The rise in the market growth is mainly owing to the growing investments in novel medical devices by key market players all over the world in this pandemic period. Market players are striving and conducting trials to prove the efficiency of neuromodulation devices in the treatment of the coronavirus disease. If these trials give positive outcomes, the demand for neuromodulation devices is expected to surge, which is further expected to fuel the market growth.
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Future Scope of the Neuromodulation Devices Market:
According to the report, the global neuromodulation devices market is expected to undergo continuous growth even after the end of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and new developments in the market. Some of the foremost players, such as -
- Beijing PINS Medical Co., Ltd.
- Neuropace Inc.
- Nevro Corporation
- Bioness Inc.
- LivaNova Plc
- Abbott Laboratories
- Neuronetics, Inc.
- Medtronic Plc
- Boston Scientific Corporation
And others, are anticipated to come up with innovative developments and pave way for lucrative opportunities for the market growth in the upcoming years.
For instance, in January 2021, Abbott, an American multinational medical devices and health care company, announced its plan to launch a virtual clinic that intents to put neuromodulation patients in contact with their doctors and have their treatments controlled remotely. The company aims to offer an app that facilitates video chat and remote programming, through which physicians can digitally recommend new treatments and link them directly to the patient’s neurostimulation device.
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