New York, USA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global neuromodulation devices market accounted for $6,631.8 million in 2018 and is anticipated to grow at a CAGR of 19.7% during the forecast period 2019-2026. The extensive report provides a concise outlook of the present market scenarios, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the COVID-19 pandemic. The report also offers detailed market figures, which makes it easier and more beneficial for new participants to understand the real-time scenario and future scope of the market.
Factors Impacting the CAGR Figures Pre and Post the Covid-19 Pandemic
According to the report, the market is expected to grow at a CAGR of 19.7% during the forecast timeframe, while it was predicted to grow at a CAGR of 12.8% in the pre-pandemic scenario from 2019-2026. Rising incidence of chronic diseases among the people across the world is expected to be the primary growth driver of the neuromodulation devices market in the forecast period. Additionally, people have started shifting away from normal medication and treatment techniques, as they respond slowly. Hence, there is growing trend for the adoption of neuromodulation devices, so as to get fast and accurate results, which is predicted to push the market further.
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Factors Impacting the Market Size Pre and Post the Covid-19 Pandemic
According to the report, the real-time market size has significantly increased compared to the pre-pandemic projections. The real-time market size reached a revenue of $9,332.9 million in 2020, while its estimations were $8,476.7 million in the pre-pandemic scenario. Growth in the investments in both public and private investments is expected to boost the neuromodulation devices market in the forecast period. Additionally, the emergence of advanced technologies such as Artificial Intelligence and their integration with this sector is estimated to offer numerous growth opportunities to the market. However, lack of awareness regarding these devices might create hindrances in the growth of the neuromodulation devices market.
Post Pandemic Insight
Rise in occurrence of serious medical conditions such as epilepsy, depression, spinal problem, etc. is expected to boost the demand for neuromodulation devices which, in turn, is projected to augment the growth rate of the neuromodulation devices market in the analysis timeframe. Increased demand for vagus nerve stimulation, a medical treatment used for curing acute respiratory diseases, due to the pandemic is predicted to help the neuromodulation devices market grow in the post-pandemic period.
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Prominent Market Players
Some prominent players of the neuromodulation devices market include
- Boston Scientific Corporation
- Bioness Inc
- Abbott Laboratories
- Neuronetics, Inc.
- LivaNova Plc
- Neuropace Inc.
- Nevro Corporation
- Medtronic Plc
- Beijing PINS Medical Co., Ltd.
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions.
For instance, in March 2022, Electromedical Products International (EPI), a leading medical equipment manufacturer, announced the acquisition of Pulvinar Neuro, a neurotechnology company. This acquisition by EPI is aimed at increasing the scope of its operations and cater to the demands of the medical and healthcare sector in a much more comprehensive way.
The report also sums up many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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More about Neuromodulation Devices Market:
Neuromodulation Devices: A Silver Lining to Enhance the COVID-19 Patients’ Lives
