Internal neuromodulation devices directly act upon nerves. It is the technology known for alteration of nerve activity directly to a target area by sending electrical or pharmaceutical agents directly to a target area. The neuromodulation devices can treat nearly every disease considering every area of body. The diseases or symptoms from headache to spinal cord damage to tremor and many others. Neuromodulation technology is significantly improving in biotechnology with its broad therapeutic scope. More specifically, it is employed to treat unmanageable chronic pain or movement conditions. According to the study on neuromodulation devices and therapies has shown that neuromodulation is a safe, effective, and long-term treatment for chronic pain and movement disorders. Patients with the diseases such as Parkinson’s disease, essential tremor, primary dystonia, chronic back and leg pain associated with peripheral vascular disease (PVD), complex regional pain syndrome (CRPS), and failed back surgery syndrome (FBSS) can benefit from neuromodulation therapy. As the hardware becomes smaller and easy to use the implantable devices used for neuromodulation have taken a dive headlong with the introduction of smaller devices, and rechargeable systems. These systems are considered with larger but useable complexity which denotes towards the growth of neuromodulation devices segment.
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The internal neuromodulation devices market can be segmented into product type, application, end-user, and geography. In terms of product type, the market can be segmented into deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, spinal cord stimulators, and other internal neuromodulation devices. The spinal cord segment of the internal neuromodulation devices market is anticipated to expand rapidly during the forecast period. The product type segment is estimated to expand significantly in the near future due to its high usage in the treatment of chronic pain. Rising gastric and chronic and nerve disability conditions are driving the expansion of the market globally. The market is anticipated to expand due to growing safety awareness and efficacy of the neuromodulation devices, increasing neurological disorders prevalence and increasing number of clinical trials, globally, for the progress of innovative technologies. Stringent approval policies and low number of trained healthcare professionals are restraining the expansion of the market.
In terms of application, the market can be segmented into failed back syndrome, tremors, epilepsy, chronic pain management, Parkinson’s disease, depression, urinary and fecal incontinence, gastroparesis, migraine, obsessive-compulsive disorder, and others. The chronic pain management segment accounts for a significant share in the application category of the internal neuromodulation devices market. Increasing prevalence of chronic conditions is a major factor driving the expansion of the segment. In terms of end-user, the internal neuromodulation devices market can be segmented into hospitals, clinics, and home healthcare. The hospitals segment is projected to hold prominent share in the end-user category of the internal neuromodulation devices market.
In terms of geography, the global internal neuromodulation devices market can be segmented into North America, Europe, Asia Pacific, and Rest of the world, North America held significant share of the internal neuromodulation devices market due to high healthcare awareness, prevalence of chronic disorders, and technological advancement in the region. Europe accounted for the second largest share of the internal neuromodulation devices market due to rising ageing population. However, Asia Pacific represent are estimated to expand rapidly in during the forecast period due to increasing awareness, gradual adoption of improved technologies, emerging health care infrastructures, increased purchasing power of hospitals, and rise in population. Followed by Latin America and Middle- East & Africa.
Key global players in the internal neuromodulation devices market are Medtronic plc, LivaNova PLC, Cyberonics, Inc., St. Jude Medical, Inc., Boston Scientific Corporation, EnteroMedics Inc, BioControl Medical, Bioness Inc., Nevro Corporation, and NeuroPace Inc. Moreover, regional players along with global players are contributing for a significant share in the internal neuromodulation devices market.
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