New York, USA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global neuromodulation devices market is expected to generate a revenue of $9,332.9 million, growing exponentially at a CAGR of 19.7% during the forecast period from 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Influencing CAGR Figures Pre and Post COVID-19 Outbreak
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market is predicted to grow at a CAGR of 19.7% during the forecast period, while it was anticipated to be 12.8% in the pre-COVID-19 scenario from 2019 to 2026. Patients across the globe are increasingly shifting towards neuromodulation devices due to its faster cure rate and a relatively high a success rate. In addition, rising prevalence of chronic diseases such as diabetes, heart diseases, asthma, spinal problem, epilepsy, and others is further expected to drive the growth of the neuromodulation market during the forecast period.
Factors Influencing Market Size Pre and Post COVID-19 Outbreak
According to the report, the real-time market size of the market has significantly increased compared to the pre-COVID-19 estimations. The real-time market size reached a revenue of $9,332.9 million in 2020, while its estimations were $8,476.7 Million during the pre-COVID scenario. Increasing investments from both public and private hospitals for treating patients with the help of neurology is expected to stimulate the growth of the neuromodulation market during the forecast period. In addition, increasing application of vagus nerve stimulation to treat respiratory symptoms of COVID-19 is further expected to bolster the growth of the market during the forecast period.
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Post-Pandemic Insight
Drugs and medications used in the conventional treatment method are relatively slower, less effective and might not even be accurate. Thus, neuromodulation devices are much more effective than the traditional treatment method, providing much better results for the treatment of the patient. In addition, advancement in modern technologies like artificial intelligence and their application in these devices is expected to create ample opportunities for the growth of the global neuromodulation market in the post-pandemic era.
Prominent Key Players of the Neuromodulation Devices Market
- Neuronetics Inc.
- Nevro Corporation
- Medtronic Plc.
- Abbott Laboratories
- Boston Scientific Corporation
- Beijing PINS Medical Co., Ltd.
- Neuropace Inc.
- Bioness Inc.
- LivaNova Plc.
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. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in January 2020, Medtronic, an Irish medical device manufacturer, acquired Stimgenics, a privately held innovative American firm, pioneering in new spinal cord stimulation (SCS) waveform, in order to accelerate Medtronic’s pian therapy business.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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