Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "Neuromodulation Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
Neuromodulation is a technique that directly acts on nerves. It changes (or modulates) nerve activity by delivering electrical stimulation directly to the target area. Neuromodulation devices involve applying electrodes to the brain, spinal cord, or peripheral nerves to treat or reduce the symptom of various neurological disorders such as epilepsy, migraine, and Parkinson's disease, among others. Therefore the rising prevalence of various neurological disorders across the globe could be a potential factor leading to the growth of the global neuromodulation devices market.
Moreover, neuromodulation devices treat almost all diseases or symptoms, from headaches to tremors, spinal cord injuries and urinary incontinence, and others. With such a wide range of treatments and significant continuous improvements in biotechnology, it is not surprising that neuromodulation is positioned as a high-growth industry during the forecasted period.
In addition to treating chronic pain, there are many neuromodulation applications, such as deep brain stimulation (DBS) treatment for Parkinson's disease, sacral nerve stimulation for pelvic diseases, and urinary incontinence. For instance, ENTERRA II NEUROSTIMULATOR by Medtronic is a gastric neurostimulator that generates mild electrical pulses for gastric electrical stimulation to treat chronic, intractable nausea and vomiting due to gastroparesis.
Therefore, the expansion of device usage to other chronic indications and targeted applications is also anticipated to propel the global neuromodulation devices market. However, certain factors such as the high cost of these devices and the lower rate of diagnosis and treatment are likely to impede the growth of the neuromodulation devices market.
Neuromodulation Devices Market Segment Analysis:
In the neuromodulation devices product segment, spinal cord stimulators hold a significant market during the forecasted period. This is owing to the growing patient population suffering from chronic pain, failed back syndrome, and complex regional pain syndrome (CRPS). For instance, according to CDC 2020 data, in 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that frequently limited life or work activities (referred to as high-impact chronic pain) and both increased with age and were highest among adults aged 65 and over.
Moreover, recent product launches of technologically advanced spinal cord stimulators with rechargeable batteries and wireless remote techniques also contribute to segmental growth. For instance, in 2020, Boston Scientific Corporation launched the WaveWriter AlphaT portfolio of Spinal Cord Stimulator (SCS) Systems in Europe. The portfolio consists of four MRI conditional, Bluetooth-enabled implantable pulse generators (IPGs), that offer expanded personalization based on patient needs, including rechargeable and non-rechargeable options, and access to waveforms that can cover multiple areas of pain.
In addition, emerging guidelines from the government for spinal cord stimulation therapy for the treatment of chronic pain and other indications are also anticipated to augment the market. For instance, in January 2019, National Institute for Health and Care Excellence (NICE) published guidelines and recommendations for Senza spinal cord stimulation system for delivering HF10 therapy to treat chronic neuropathic pain.
Hence, all the mentioned factors are likely to fuel the segmental growth of the Neuromodulation Devices market during the forecasted period.
North America is expected to dominate the overall Neuromodulation Devices Market:
North America is expected to dominate the overall Neuromodulation Devices market during the forecast period. This domination is due to the increased healthcare expenditure along with the presence of a well-developed and advanced healthcare system in the region. Moreover, higher diagnosis and treatment rates and adequate reimbursement policies are the driving factors.
Further, In the United States, the presence of neuromodulation device companies in the market such as Abbott, Boston Scientific Corporation, and Medtronic, among others is likely to boost the market. Also, the growing prevalence of neurological disorders such as Parkinson's disease, epilepsy, migraine, and treatment-resistant depressive order is expected to bolster the market. For instance, as per the Parkinson's Foundation 2022 study, every year in the United States about 90,000 people are diagnosed with Parkinson's disease. Thus, rising cases of Parkinson's among other neurological disorders could be a significant factor for the neuromodulation devices market growth.
Moreover, an increase in product approval by FDA is also a driving factor for neuromodulation devices in the region. For instance, in June 2020, Medtronic received Food and Drug Administration (FDA) approval for the PerceptT PC Deep Brain Stimulation (DBS) system. BrainSenseT technology makes Percept the first and only DBS neurostimulation system with the ability to chronically capture and record brain signals while delivering therapy to patients with neurologic disorders associated with Parkinson's disease, essential tremor, dystonia, epilepsy, or obsessive-compulsive disorder (OCD).
Thus, the aforementioned factors are likely to upsurge the market for neuromodulation devices in the region.
Neuromodulation Devices Market Key Players:
Some of the key market players operating in the neuromodulation devices market include Medtronic, Boston Scientific Corporation, Abbott, LivaNova, NeuroSigma, NEVRO CORP., Synapse Biomedical Inc., NeuroPace, Inc., Bioventus., Soterix Medical Inc., and others.
Key Takes Away from the Neuromodulation Devices Market Report Study
- Market size analysis for current market size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the global neuromodulation devices market.
- Various opportunities available for the other competitor in the neuromodulation devices market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for neuromodulation devices market growth in the coming future?
Frequently Asked Questions for Neuromodulation Devices Market:
What is the market for neuromodulation devices?
The global neuromodulation devices market was valued at USD 5.71 billion in 2023, growing at a CAGR of 8.95% during the forecast period from 2024 to 2030, to reach USD 9.56 billion by 2030.
What are the drivers for neuromodulation devices?
The major factors driving the demand for neuromodulation devices are the growing prevalence of neurological disorders coupled with the rising geriatric population, expanding device application in various other indications, and the launch of technically advanced products in the market.
What are the key players operating in neuromodulation devices?
Some of the key market players operating in the neuromodulation devices market include Medtronic, Boston Scientific Corporation, Abbott, LivaNova, NeuroSigma, NEVRO CORP., Synapse Biomedical Inc., NeuroPace, Inc., Bioventus., Soterix Medical Inc., and others
Which region has the highest share in the neuromodulation devices market?
North America is anticipated to dominate the overall Neuromodulation Devices market during the forecast period, 2024-2030 due to the increased healthcare expenditure along with the presence of a well-developed and advanced healthcare system in the region. Furthermore, rising diagnosis and treatment rates and adequate reimbursement policies also contribute to the highest regional share.
A selection of companies mentioned in this report includes, but is not limited to:
- Medtronic
- Boston Scientific Corporation
- Abbott
- LivaNova
- NeuroSigma
- NEVRO CORP.
- Synapse Biomedical Inc.
- NeuroPace, Inc.
- Bioventus
- Soterix Medical Inc
For more information about this report visit https://www.researchandmarkets.com/r/tv53sc
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