The Global Neuromodulation Devices Market is growing with a sound pace. According to a recent study report published by the Market Research Future, the Global Neuromodulation Devices Market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a sound growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2027).
Neuromodulation is one of the most effective ways of treating any given disease. In this procedure, the medicine is directly passed to the nervous system of the patient. Through this technique, the illness is treated at the root of its cause and the medication transferred turns out to be more operational than when taken orally or by any other means. Neuromodulation is carried out for a number of for a number of illnesses. This technology is basically a cross-disciplinary outlook towards pain relief and neurological disorders. In the past few years, the demand for this technology has observed a hike. As a consequence of this the global neuromodulation devices market has started gaining impetus.
Factors such as extended new indications and target applications coupled with the robust product pipeline offered by players and increasing prevalence of neurological diseases are expected to drive the growth over the forecast period. Furthermore, the expansion in emerging economies is expected to create significant growth opportunities for players operating in the neuromodulation market. Factors such as high entry barriers for new players owing to high capital investment, lack of trained professionals, stringent government regulations, and unfavorable reimbursement scenario are some of the factors restraining the growth of the market.
Global 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.
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Medtronic is one of the significant players of the global neuromodulation devices market. The company was founded in 1949 and is headquartered in Ireland. Medtronic’s annual sale in 2015 was USD 20,261 million and reached USD 28,833 million in 2016. Such significant increase in the sales lead to a huge investment in the R&D. In 2016, the company invested 7.7% of its total revenue into the research and development processes.
In October 2016, Medtronic got an approval for its suite of cardiac rhythm and heart failure devices. This advancement gave patients- Medtronic SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds). This helped Medtronic to strengthen its position in the market.
In September 2016, Boston Scientific and EndoChoice Holdings, Inc. announced that the companies have entered into a definitive agreement under which Boston Scientific had agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice became part of the Boston Scientific endoscopy business.
Global Neuromodulation Devices Market – Segments
The Worldwide Neuromodulation Devices Market has been separated into three equal parts. They include, devices, agents and geographies.
On account of devices, the market has been segregated into spinal cord stimulation devices, sacral nerve stimulation devices and deep brain stimulation devices.
When it comes to agents, the industry has been separated into optical, chemical and electrical signals.
Region-wise, the market has been spread across several areas like North America, Asia Pacific, Europe and Rest of the World. Amongst these, North America grabs the largest share of the market and has the lead.
Global Neuromodulation Devices Market – Regional Analysis
Among regions, North America currently accounts for a noteworthy share of the market and expected to present lucrative growth opportunities for players in 2018 and beyond. Presence of leading healthcare technology companies in the region is major advantage for the market in North America. In addition, high healthcare expenditure and awareness about availability of advanced medical treatment modules is propelling the growth of the market in the region. North America is followed by Europe and Asia Pacific (APAC) respectively.
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