Neuromodulation is increasingly being used in healthcare to leverage the power of electrical impulses for therapeutic benefits. While several new areas of use have emerged in recent years, deep brain stimulation (DBS) remains the primary healthcare application of neuromodulation. DBS is a therapeutic technique focused towards resolving chronic and intractable pain. Such pains are quite common among the elderly population; the latest data resealed by United Nations suggest that the number of older persons — those aged 60 years or above — is expected to more than double by 2050.
The rising number and proportion of elderly people is almost all the countries in the world is creating diverse healthcare requirements. This, in turn, is expected to support the growth of the global market for neuromodulation devices in the forthcoming years. Other factors that are expected to have a positive impact on the market include increasing incidence of neurological disorder, advances in technology, device miniaturization and arrival of new neuromodulation devices.
Moreover, faster approval rate of new neuromodulation technologies is encouraging players to concentrate on their R&D pipelines. However, new entrants will have to overcome formidable challenges in order to compete with established players who collectively account for a controlling stake of the market. Mergers and acquisitions is expected to remain a key trend in the industry as big players focus on expansion and local vendors try to leverage the know-hows of industry leaders. Offering new and novel solutions will be key to achieving a competitive edge in the market.
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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.
Industry Trends and News
Medtronic plc recently announced that the company has been shown a green signal by the U.S. FDA in its pursue of introducing a new spine surgery indication “Infuse™ Bone Graft”. After the FDA clearance, the company can now use the technology during additional spine implants procedures such as anterior lumbar interbody fusion (ALIF) and oblique lateral interbody fusion (OLIF 25(TM) and OLIF 51(TM)).
Synapse Biomedical, the manufacturer of the NeuRx Diaphragm Pacing System® and a specialist in neurostimulation recently announced the it receives the CE Mark approval for its new temporary diaphragm stimulator “TransAeris™ System”.
Global Neuromodulation Devices Market – Segments
Global Neuromodulation Devices Market has been segmented on the basis of agents which comprises of electrical, optical and chemical signals others. On the basis of devices include spinal cord stimulation devices, deep brain stimulation devices (DBS), sacral nerve stimulation devices, Vagus nerve stimulation devices and Gastric electric stimulation devices.
Global Neuromodulation Devices Market – Regional Analysis
On the regional backgrounds the Americas leads the global neuromodulation devices market owing to a well-developed healthcare sector, huge patient population and presence of the developed technologies like U.S. and Canada which have technological backgrounds and rising healthcare expenditure for facilitating the market growth. Europe is second in the market due to huge patient population, rising government support and increasing awareness about the disease. The Asia Pacific region is the fastest growing region due to the developing economies like India and China which have a developing healthcare sector. On the other hand, the Middle East and Africa have the least market share, especially in the African region due to the presence of poor economies and stringent government within the African region. The Middle East region holds the market within this region due to huge healthcare expenditures.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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