November 30, 2019

Neuromodulation Market valuation will reach USD 20.08 billion by the end of 2030

The Global Neuromodulation Market held USD 4.89 billion in 2019 and is predicted to reach USD 20.08 billion by 2030 with a CAGR of 13.7% from 2020-2030.

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Neuromodulation is used for the modification of the nerve activity by using chemical agents or electrical stimulation to the specific nerve in the body. It is used in the application such as electrodes to the brain, peripheral nerves, or the spinal cord. Neurological syndromes are common in older adults of ages around 55 and older.

Neuromodulation therapy provides assistance to patients from pain and associated side-effects of drugs. It prevents the high risk for adverse health outcomes, including chronic pain, urinary incontinence, fecal incontinence, essential tremor, dystonia, psychological disorders, and epileps.

The factors including increasing prevalence of neurological disorders and rising aging population, strong product pipeline, and expanded target applications and new indications have majorly driven the neuromodulation market. Furthermore, the growing investments and focus of leading companies in the neurostimulation segment have led to a rising in the demand of neuromodulation. However, the lack of skilled professionals and high cost is hampering the growth of the neuromodulation market size. The increasing healthcare expenditure in developing countries, use of neurostimulators for new indications, growing awareness about nuerostimulators will create new opportunities for the market growth in the future.

The neuromodulation market is segmented on the basis of technology, biomaterial, application, and geography. On the basis of technology, the market is segmented into internal neuromodulation and external neuromodulation. The internal neuromodulation segment is sub-segmented into spinal cord stimulation (SCS), sacral nerve stimulation (SNS), deep brain stimulation (DBS), vagus nerve stimulation (VNS), and gastric electrical stimulation (GES). The external neuromodulation segment is sub-segmented into transcranial magnetic stimulation (TMS), transcutaneous electrical nerve stimulation (TENS), and respiratory electrical Stimulation (RES). The biomaterial segment is further divided metallic, polymeric, and ceramic. On the basis of application, the market covers epilepsy, tremor, incontinence, depression, chronic pain management, failed back syndrome, dystonia, gastroparesis, Parkinson’s disease, urine incontinence, fecal incontinence, and other. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and ROW.

North America denotes a higher adoption of the neuromodulation and is anticipated to hold the highest neuromodulation market share during the forecast period. This is attributable to the factors including the presence of major players, enhanced developments in the healthcare sector, high R&D investments, high consumer awareness, and technological advancements.

It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increasing concern about the prevalence of the neurological disorder, improvement in the public & private healthcare facility, and government and private initiatives regarding mental health.

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Comprehensive competitive analysis and profiles of the major market players such as St. Jude Medical, Inc., LivaNova PLC, Medtronic plc, Boston Scientific Corporation, BioControl Medical, Bioness Inc., EnteroMedics Inc, NeuroPace Inc, Aleva Neurotherapeutics SA, Nevro Corporation, and others are provided in the neuromodulation market report.