Allied Market Research recently published a report, titled, “Neuromodulation Market by Technology (Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, and Spinal Cord Stimulation), Application (Chronic Pain Management, Failed back syndrome, Epilepsy, Tremor, Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s disease, Obsessive-Compulsive Disorder, and Migraine) and Biomaterial (Metallic, Polymeric, and Ceramic): Global Opportunity Analysis and Industry Forecast, 2014–2022”. According to the report, the global neuromodulation market is estimated to reach $11.72 billion by 2022, registering the CAGR of 13.1% from 2016 to 2022.
The key players profiled in this report include Aleva Neurotherapeutics SA, BioControl Medical, Bioness Inc., Boston Scientific Corporation, EnteroMedics Inc., LivaNova PLC, Medtronic PLC, NeuroPace, Inc., Nevro Corporation, and St. Jude Medical, Inc. Medtronic controlled the highest share in the neuromodulation devices market, followed by Boston Scientific and St. Jude Medical, in 2015.
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Rise in geriatric population, increase in number of patients suffering from migraine and epilepsy, and increasing incidence of neurological diseases have boosted the growth of the neuromodulation market. However, lack of skilled professionals, high cost, and lack of reimbursement hamper market growth. On the contrary, rise in healthcare expenditure in developing countries, use of neurostimulators for new indications, and increase in patient awareness about neurostimulators are expected to create lucrative opportunities for the market players in the near future.
The neuromodulation market report is divided into technology, application, biomaterial, and geography. On the basis of technology, the report splits into deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and spinal cord stimulation. The spinal cord stimulation segment garnered the largest market share, owing to the rise in number of product approvals and positive clinical outcomes. However, the deep brain stimulation (DBS) is estimated to register the fastest CAGR of 13.9% during the forecast period, owing to increased prevalence of neurological disorders such as Parkinson’s disease, epilepsy & dystonia.
Based on application, the report is bifurcated into chronic pain management, failed back syndrome, epilepsy, tremor, incontinence, depression, dystonia, gastroparesis, Parkinson’s disease, obsessive-compulsive disorder, and migraine. The pain management held the largest share in the market, contributing about one-third share, owing to high incidence of conditions characterized by chronic pain.
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Based on biomaterial, the report is divided into metallic, polymeric, and ceramic. The devices manufactured from polymeric biomaterials are projected to manifest the fastest growth as they are biodegradable and biocompatible.
According to geography, the report is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share in the market and is expected to maintain its dominance throughout the forecast period, owing to prevalence of neurological disorders coupled with rise in geriatric population, and presence of innovative technologies. However, Asia-Pacific is projected to register the fastest CAGR during the study period, owing to unmet medical needs for treatment of neurological disorders and increase in awareness regarding mental health.
Key Findings of Neuromodulation Market:
- Spinal cord stimulation (SCS) segment generated the highest revenue in 2015, and is projected to grow at a CAGR of 12.1% during the forecast period.
- In the internal neuromodulation devices, deep brain stimulation (DBS) is projected to be the fastest growing segment, registering a CAGR of 13.9% from 2016 to 2022.
- Metallic biomaterial is the major component of neurostimulators.
- Repetitive Transcranial Magnetic Stimulation (RTMS) segment is expected grow at a CAGR of 16.0%.
- By country, the U.S. led the global neuromodulation market.
- Germany accounted for about one-third share of the European neuromodulation market in 2015.
- The neuromodulation market in Malaysia is expected to grow at a CAGR of 18.5% during the study period.
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