The global market for neuromodulation devices is primarily driven by the increase in geriatric population in developed countries such as, the U.S., Europe, and Japan. Increasing incidence of neurological disorders is another factor responsible for the growth of neuromodulation devices market. Other growth factors for neuromodulation devices market are miniaturization of devices, new neuromodulation devices approval by regulatory bodies and increasing awareness among people.
Neuromodulation is technology that is used for the alteration or modulation of the nerve activity by using chemical agents or electrical stimulation to the specific neurological sites in the body. Most of the neuromodulation devices work through electrical stimulation. Neuromodulation devices are used by the application of electrodes to the brain, peripheral nerves or the spinal cord. The electrode leads in neuromodulation devices are connected through an extension cable to a power source and pulse generator, which generates required electrical impulses. A low-voltage electrical signal passes from the impulse generator to the nerves, and work by either stimulating the neural impulses where they were not present previously or inhibiting the pain signals. Neuromodulation devices are used to treat or enhance the quality of life of people suffering from the conditions such as, chronic pain, urinary and fecal incontinence, essential tremor, epilepsy, Parkinson’s disease, dystonia and psychological disorders. The conditions which are being treated with neuromodulation devices are mostly permanent in nature so it requires a long term use of neuromodulation devices.
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Neuromodulation Devices Market: Overview
Neuromodulation devices market is expected to witness significant growth due to the technological advancement of neuromodulation devices. Spinal cord stimulation is the largest segment of the neuromodulation devices market as this therapy is mostly used for the treatment of chronic pain. Deep brain stimulation is expected to be the fastest growing segment of neuromodulation devices market due to increasing prevalence of neurological disorders such as epilepsy, Parkinson’s disease & dystonia and also due to lack of existing treatments. In case of the end users home healthcare is expected to be fastest growing due to miniaturization of neuromodulation devices and ease of use.
Neuromodulation Devices Market: Region-wise Outlook
Neuromodulation devices market is segmented into seven regions, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, Middle East and Africa. North America is the most attractive market due to increase in the end use of devices, awareness among people and high prevalence of disease conditions such as Parkinson’s disease, chronic pain, epilepsy. Followed by which is Western Europe. Asia-Pacific region is expected to be fastest growing due to increasing population, change in lifestyle, and government initiative to aware the people regarding the neurological disorders and their treatments. Japan is also an attractive market for neuromodulation devices due to ageing population and increase in the approval rate of neuromodulation devices by Pharmaceutical and Medical Devices Agency.
Neuromodulation Devices Market: Key Market Participants
Some of the market participants in the global neuromodulation devices market are Medtronic, Accellent, BioControl Medical, Boston Scientific Corporation, DynaMD, Nevro Corp, NeuroSigma, Inc., NeuroPace, Inc., St. Jude Medical, Inc. Soterix Medical, Inc. and Synapse Biomedical, Inc.,. These companies are focusing on miniaturizationof the neuromodulation devices and advancement of the technology.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global neuromodulation market has been segmented on the basis of product type, end users and geography.
Based on product type, the global neuromodulation devices market is divided into:
Based on end users, the global neuromodulation devices market is segmented as:
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