Neuromodulation is undoubtedly one of the most swiftly growing sectors in the medical devices market. These devices are used to execute a certain process through which a single neuron uses one or multiple chemical transmitters in order to modulate other communities of neurons.
Top Manufactures Analysis of Neuromodulation: Medtronic, Boston Scientific, St Jude Medical, Liva Nova(Cyberonics), Nevro
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Meaning, neuromodulation devices render symptomatic relief via alteration and/or transition of nerve system function. It is a physiological process in which the regulation of activities in the nerves takes place by taking control of the physiological levels of various classes of neurotransmitters. These devices operate either by applying little doses of medicine directly to the site where required or by stimulating nerves to generate a biologically natural reaction. The global neuromodulation market is growing fast owing to the increasing geriatric population which results in more and more demand for latest and enhanced treatment options for age-related diseases.
The global neuromodulation market is expected to lucratively grow in the next ten years due to the rise in embracing and adopting mindset of minimally invasive options of treatment and medical tourism. The neuromodulation market according to technology is categorized into internal and external neuromodulation. The former is further segmented into spinal cord stimulation (SCS), vagus nerve stimulation (VNS), deep brain stimulation (DBS), gastric electrical stimulation (GES), and sacral nerve stimulation (SNS). The external segment is categorized into transcranial magnetic stimulation (TMS), respiratory electrical stimulation (RES) and transcutaneous electrical nerve stimulation (TENS). The Global neuromodulation market size is estimated to reach US $5 billion by 2021, from the approximated market size of US $3.65 billion in 2015, thereby registering at a higher CAGR during the forecast period. The spinal cord stimulation (SCS) is the most prominent revenue generator amongst the internal neuromodulation market in the global level. This is due to the increasing number of product-based approvals and affirmative clinical outcomes. Following is the Deep brain stimulation (DBS) which is projected to be one of the rapid growing segments owing to the occurrence of several neurological disorders such as epilepsy and dystonia, Parkinsons disease (PD), and inadequate treatment options.
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Geographically, the United States is dominating the overall neuromodulation market as compared to the other regions on a global level. The major players of this market have adopted product development and launch as their prime strategies to furnish the altering needs of the industry. Additionally, companies have formed an alliance with many other key players to create tech-efficient and cost-efficient technologies in order to root their position in the market. A few of the many market players in the global neuromodulation market are Boston Scientific Corporation (U.S.), Synapse Biomedical, Inc. (U.S.), Medtronic, Inc. (U.S.), Neurosigma, Inc. (U.S.), Nevro Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Neuronetics, Inc. (U.S.), Cyberonics, Inc. (U.S.), Neuropace, Inc. (U.S.), and BioControl Medical (Israel).
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