Pune, March 25, 2020 (GLOBE NEWSWIRE) -- The global neuromodulation devices market size is projected to reach USD 9.34 billion by 2026, exhibiting a CAGR of 9.5% during the forecast period. Steady climb in the prevalence of chronic conditions across the globe will be a key factor fueling the growth of this market, observes Fortune Business Insights™ in its report, titled “Neuromodulation Devices Market Size, Share & Industry Analysis, By Product Type (Spinal Cord Stimulators (SCS), Deep Brain Stimulators (DBS), Vagus Nerve Stimulators (VNS), Sacral Nerve Stimulators (SNS), Transcranial Magnetic Stimulators (TMS), and Others), By Type (Invasive, and Non-invasive), By Application (Pain Management, Neurological Disorders, Respiratory Disorders, and Others), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2026”.
Chronic conditions or non-communicable diseases (NCDs), such as sleep apnea and epilepsy, can be understood as complications in health that affect the normal functioning of an individual over a prolonged period of time. The World Health Organization (WHO) estimates that NCDs are responsible for nearly 60% of global deaths every year and account for roughly 43% of global burden of disease. According to the WHO, these conditions will account for 73% of deaths worldwide by 2020, with approximately 79% of deaths occurring in emerging economies. Thus, the need for effective therapies is escalating and neurostimulation devices are being seriously considered as a viable treatment for chronic conditions.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/neuromodulation-devices-market-100561
The neuromodulation devices market report states that the value of this market was at USD 4.51 billion in 2018. Along with this, the report shares the following insights:
- In-depth understanding of the market drivers and challenges;
- Detailed study of the various market segments and their influence on the market growth;
- Exhaustive research into the regional prospects of the market; and
- Microscopic analysis of the competitive dynamics shaping the market trends.
Market Trend
Potential for Treating Depression to Up the Demand for Neurostimulation Devices
Depression is one of the most common mental disorders characterized by mood swings and emotional instability. Worldwide, the WHO estimates, around 264 million people are suffering from depression. In extreme cases, depression can give birth to suicidal thoughts and as per the WHO’s statistics, close to 800,000 die from suicide annually. Conventional medication has not had the desired effect in treating this condition. As a result, many psychologists and doctors are increasingly recommending non-invasive, neurostimulation therapies, which are driving the neuromodulation devices market trends. For example, Electroconvulsive Therapy (ECT) is performed on treatment-resistant depression patients, which involves passing an electric current through scalp to induce a mild cerebral seizure while the patient is under general anesthesia. Neuromodulation of this kind is witnessing rising demand as the incidence of depression grows.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/neuromodulation-devices-market-100561
Regional Dynamics
Widespread Prevalence of Chronic Conditions to Fuel the Market in North America
With a market size of USD 2.10 billion in 2018, North America is set to dominate the neuromodulation devices market share in the forthcoming years, mainly on account of high prevalence of chronic diseases in the region. In addition to this, availability and accessibility to advanced treatments will further propel the market in the region.
In Europe, a robust healthcare infrastructure will provide the necessary foundation for this market to grow and expand, with active support from regulatory authorities in the continent. Asia Pacific is expected to register a high CAGR owing to increasing per capita health spending and rising investment in healthcare infrastructure. On the other hand, untapped regions of Latin America, the Middle East, and Africa will present several opportunities for players, the neurostimulation devices market analysis states.
Competitive Landscape
Supportive Regulatory Milieu to Make Competition Fierce
Regulatory bodies such as the US Food and Drug Administration (FDA) are tacitly promoting innovative solutions for treating chronic conditions that are proliferating across the globe. This has given the required stimulus for market players to step up their research activities and develop novel products for patients.
List of Companies Covered in the Neuromodulation Devices Market Research Report are:
- NeuroPace, Inc.
- Neuronetics
- Abbott
- electroCore, Inc.
- LivaNova PLC
- ReShape Lifesciences, Inc.
- Inspire Medical Systems, Inc.
- Boston Scientific Corporation
- Medtronic
- Others.
Industry Developments:
- September 2019: Abbott, the US-based healthcare bigwig, received FDA clearance for Proclaim XR™, the company’s novel neurostimulation system for treating patients with chronic pain. The system is designed to deliver the company’s BurstDR™ stimulation waveform in low doses to change pain signals as they travel from the spinal cord to the brain.
- November 2018: The US FDA green lit gammaCore™, the New Jersey-based bioelectric medical company electroCore’s non-invasive vagus nerve stimulation device, with a 501 (k) approval. The device is engineered for adjunctive use in the treatment of cluster headache in adult patients.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/neuromodulation-devices-market-100561
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Trends
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Disease Indications, Key Countries/ Region
- Technology Advances, Non-invasive Devices
- Recent Product Approvals, Key Regions
- Key Developments: Mergers, Acquisitions, Partnerships, etc.
- Global Neuromodulation Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Transcranial Magnetic Stimulators
- Others
- Market Analysis, Insights and Forecast – By Type
- Invasive
- Non-invasive
- Market Analysis, Insights and Forecast – By Application
- Pain Management
- Neurological Disorders
- Respiratory Disorders
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Request for Customization https://www.fortunebusinessinsights.com/enquiry/customization/neuromodulation-devices-market-100561
Have a Look at Related Reports:
Spinal Cord Stimulation Market Size, Share and Global Trend By Product (Implantable Pulse Generator, Radiofrequency System), Disease Indication (Failed Back Syndrome, Degenerative Disk Disease, Complex Regional Pain Syndrome, Arachnoiditis), End Users (Hospital, Ambulatory Surgical Centers, Specialty Clinics) and Geography Forecast till 2025
Vagus Nerve Stimulation (VNS) Market Size, Share & Industry Analysis, By Type (Invasive, and Non-invasive {nVNS}), By Application (Epilepsy, Treatment Resistant Depression (TRD), and Others), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2026
Deep Brain Stimulation (DBS) Devices Market Size, Share & Industry Analysis, By Product Type (Dual Channel Deep Brain stimulators, Single Channel Deep Brain Stimulators), By Application (Parkinson's Disease, Dystonia, Essential Tremor, Others), By End User (Hospitals, Specialty Clinics, Others) and Regional Forecast, 2019-2026
Polymerase Chain Reaction (PCR) Market Size, Share & Industry Analysis, By Type (Standard PCR, Real-time PCR, and Digital PCR), By Product (Instruments and Reagents & Consumables), By Indication (Infectious Diseases, Oncology, Genetic Disorders, and Others), By End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Industries, Diagnostic Centers, and Academic & Research Organizations), and Regional Forecast, 2019-2026
Contract Development and Manufacturing Organization (CDMO) Market Size, Share & Industry Analysis, By Service {By CMO (API, Finished Product {Solid Dosage Forms, Injectables, and Others}, and Packaging)} {By CRO (Discovery, Preclinical, Clinical Trial, and Laboratory Services)} and Regional Forecast, 2019-2026
Cardiovascular Devices Market Size, Share and Industry Analysis, By Device Type (Diagnostic and Monitoring Devices, and Therapeutic and Surgical Devices), By Application (Coronary Artery Disease (CAD), Cardiac Arrhythmia, Heart Failure, and Others), By End User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2019-2026
Drug Delivery Devices Market Size, Share & Industry Analysis, By Route of Administration (Injectable, Nasal, Topical & Transdermal, Oral and Others), By Type (Conventional and Advanced), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and Regional Forecast, 2019-2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Press Release: https://www.fortunebusinessinsights.com/press-release/neuromodulation-devices-market-9676