The Global Neuromodulation Devices Market is expected to gain eminence over the forecast period (2018–2023). It is projected that the Neuromodulation Devices Market is anticipated to register a CAGR of 11.2% during the forecast period of 2018–2023.
Neuromodulation is a prominent technology which is used to stimulate specific neurological sites or alteration of the nerve activity by using electricity or chemical agents in the body. Most of these devices are using electrical stimulation. Electrodes are attached to the brain, spinal cord, or peripheral nerves for carrying out the procedure. These devices are used to enhance the quality of life or treat the people suffering from conditions such as tremor, fecal and urinary incontinence, chronic pain, dystonia Parkinson’s disease, epilepsy, and other psychological disorders.
As per the Alzheimer’s Association in 2017, 5.5 million Americans had Alzheimer and about 5.3 million of this patient population’s age was 65 years or more. Moreover, it was estimated that most of the increase in the geriatric population would be witnessed in the developing countries. Government and private initiatives for increasing awareness regarding rising occurrences of neurological disorders and mental health fuel the market growth in the Asia Pacific region.
The Pharmaceutical and Medical Devices Agency in Japan has approved several neurostimulators for pain management since 2010 such as Genesis Spinal Cord Stimulation (SCS) system and Eon Mini Precision Spectra by Boston Scientific and St. Jude, respectively. The rise in the approval rate of neurostimulators by the Pharmaceuticals and Medical Devices Agency (PMDA) has driven their adoption in the Japanese market.
Global Neuromodulation Devices Market – Key Players
Medtronic (Ireland), Accellent (U.S), St. Jude Medical, Inc. (U.S.), Synapse Biomedical Inc. (U.S.), Nevro Corp (U.S.), DynaMD, Boston Scientific Corporation (U.S.), NeuroSigma, Inc.(U.S.), NeuroPace, Inc. (U.S.), Neuronetics, Inc. (U.S.), Soterix Medical Inc. (U.S), and BioControl Medical (Israel) are some of the prominent players at the forefront of competition in the Global Neuromodulation Devices Market and are profiled in MRFR Analysis.
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Global Neuromodulation Devices Market – Segments
The Global Neuromodulation Devices Market is segmented by type, type by application, biomaterial, and end-user.
Based on type, the Global Neuromodulation Devices Market is classified as internal neuromodulation and external neuromodulation (non-invasive).
Internal neuromodulation is further divided into Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Sacral Nerve Stimulation (SNS), and Gastric Electrical Stimulation (GES).
External neuromodulation (non-invasive) is further classified as Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS), and Respiratory Electrical Stimulation (RES).
Based on type by application, the global neuromodulation devices market is classified into Spinal Cord Stimulation (SCS) which is classified as chronic pain management, Failed Back Syndrome (FBSS), and ischemia. Deep Brain Stimulation (DBS) is classified into Parkinson’s disease, tremor, depression, and others. Sacral nerve stimulation is divided into urine incontinence and fecal incontinence. Vagus nerve stimulation is divided into epilepsy and others. Gastric electrical stimulation is divided into gastroparesis and obesity. Transcutaneous electrical nerve stimulation is divided into treatment-resistant depression and others. Repetitive transcranial magnetic stimulation is divided into depression and migraine headache. Respiratory electrical stimulation is divided into spinal cord injury and others.
Based on biomaterial, the global neuromodulation devices market is classified as metallic biomaterials, polymeric biomaterials, and ceramic biomaterials.
Industry News:
Medtronic is one of the significant players of the global neuromodulation devices market. The company was founded in 1949 and is headquartered in Ireland. Medtronic’s annual sale in 2015 was USD 20,261 million and reached USD 28,833 million in 2016. Such significant increase in the sales lead to a huge investment in the R&D. In 2016, the company invested 7.7% of its total revenue into the research and development processes.
In October 2016, Medtronic got an approval for its suite of cardiac rhythm and heart failure devices. This advancement gave patients- Medtronic SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds). This helped Medtronic to strengthen its position in the market.
In September 2016, Boston Scientific and EndoChoice Holdings, Inc. announced that the companies have entered into a definitive agreement under which Boston Scientific had agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice became part of the Boston Scientific endoscopy business.
Global Neuromodulation Devices Market – Regional Summary
Among regions, North America currently accounts for a noteworthy share of the market and expected to present lucrative growth opportunities for players in 2018 and beyond. Presence of leading healthcare technology companies in the region is major advantage for the market in North America. In addition, high healthcare expenditure and awareness about availability of advanced medical treatment modules is propelling the growth of the market in the region. North America is followed by Europe and Asia Pacific (APAC) respectively.
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