Portland, OR, June 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Neuromodulation Market was estimated at $2.48 billion in 2020, and is anticipated to hit $4.34 billion by 2030, registering a CAGR of 6.2% from 2020 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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Rise in prevalence of brain disorders and growing adoption of neuromodulation devices in developed countries, increase in geriatric population, increased R&D activities on neurostimulation devices, growing number of key players and new product launches in the field drive the growth of the global neuromodulation market. However, high cost of devices and lack of awareness about neuromodulation devices are factors that restrain the market growth. Moreover, advancement in neuromodulation devices and new product approval by food and drug administration (FDA) are expected to provide opportunities for growth in future.
Covid-19 scenario-
- Operations got stalled in most hospitals due to lockdowns in many countries which had a negative impact on the global neuromodulation market.
- However, restructuring of several clinics and hospitals across the globe to increase hospital capacities and provide better healthcare facility drives the market growth.
The global intravenous (IV) ibuprofen market is analyzed across technology, biomaterial, and region.
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Based on technology, the internal neuromodulation segment accounted for over four-fifths of the global market share in 2020 and is anticipated to rule the roost by 2030. However, the external neuromodulation segment would cite the fastest CAGR of 6.9% throughout the forecast period.
Based on biomaterial, the metallic biomaterials segment captured over four-fifths of the overall market share in 2020 and is likely to maintain its lead status through 2030. However, the ceramic biomaterials segment would grow at the highest CAGR of 6.9% during the forecast period.
By region, North America held the major share in 2020, generating more than two-fifths of the global market. The Asia-Pacific region, however, would grow at the fastest CAGR of 7.5% by 2030.
The key players analyzed in the global neuromodulation market include LivaNova PLC, Nevro Corporation, Medtronic, NeuroSigma, Neuronetics, Bioventus Inc., NeuroPace Inc., MicroTransponder, MicroTransponder, Boston Scientific Corporation, and Abbott.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
