Neuromodulation Devices Market Scope
Neuromodulation devices market will be thriving at a rate of 11.2% during the forecast period, believes Market Research Future (MRFR). Neuromodulation devices have major applications in the treatment of tremors, a nerve disorder marked by uncontrollable shaking of numerous parts of the body including arms, hands, larynx (voice box), head, chin, and tongue. Almost a million people aged more than 40 years are suffering from tremors and undergoing treatment. The condition impairs daily activities, such as drinking, eating, writing, and more. Several implantable deep brain stimulators are increasingly being used to manage tremors. This shall be a key growth rendering factor in the next several years. Additionally, rising cases of this disorder, technological advances in neurostimulator devices, and the surge in FDA approvals for neuromodulation devices will foster the market value in the future.
Spinal cord stimulation helps in the treatment of chronic back pain. Nearly 30% of adults in the United States are experience chronic pain. In recent years, the USFDA and various other regulatory agencies have granted approval to several devices and drugs of the SCS technology, including Proclaim Elite SCS by St. Jude Medical, and Senza SCS System by Nevro Corporation. The extensive use of this technology boosts new indications like refractory angina pectoris, failed-back surgery syndrome, complex regional pain syndrome, and peripheral vascular disease, and more. The global market shall also benefit from the surging adoption in emerging countries for applications in neurological disorders, like Parkinson’s disease with no known cure. These devices are also enjoying significant demand for treatment of treatment-resistant depression, severe obsessive-compulsive disorder, and movement disorders, and Alzheimer’s type dementia.
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Players are actively involved in adopting marketing strategies such as alliances, product range diversification, bolstering distribution channels and new launches to expand their global reach. To illustrate, in December 2021, Avivomed Inc., a medical device firm completed the Series A Preferred Stock fund of around USD 32 million. A consort of world-class medical device investors financed the company. The proceeds will allow the company to gain resources required for the development as well as commercialization of advanced neuromodulation technology solutions for treating massive patient pools affected by various chronic diseases.
Market Segmentation
The neuromodulation device types in the market are internal as well as external.
Major applications of neuromodulation devices are Spinal Cord Stimulation, and deep brain stimulation. Depending on spinal cord stimulation, the segments are Failed Back Syndrome (FBSS), Ischemia, and Chronic Pain Management.
With respect to biomaterial, the major segments can be ceramic biomaterials, polymeric biomaterials, and metallic biomaterials.
The end-users considered in the review study are home healthcare, clinics, as well as hospitals.
Regional Study
North America’s share in the global market is around 55%, higher than other regions, making it the top performer and consumer of neuromodulation devices. The dramatic surge in the cases of epilepsy, chronic pain, and other disorders has raised the need for advanced neuromodulation devices. These neurological diseases are especially common among the burgeoning aging population in the region. The strong market performance can also be accredited to the government and healthcare authorities spending considerably on exhaustive research & development activities. The expansive pool of renowned firms and the frequent FDA approvals also encourage market growth in the region.
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APAC is all set to be a lucrative market in the forecast period, given the massive patient pool suffering from neurological diseases like epilepsy and Alzheimer. The surge in government initiatives in this regard, and improve the overall healthcare infrastructure also bolsters the growth. China export and import value and volume share in the region is considerable, in view of the advancing reimbursement scenario and the rising disposable income. India is another strong contender in the region, , owing to the spike in various neurological disorders, growth in the elderly population and the increasing healthcare expenditure.
Affluent Industry Contenders
LivaNova PLC (UK), Aleva Neurotherapeutics SA (U.S.), Bioness Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Nevro Corporation (U.S.), Boston Scientific Corporation (U.S.), Synapse Biomedical, Inc. (U.S.), EnteroMedics Inc (U.S.), Neuronetics, Inc. (U.S.), Cyberonics, Inc. (U.S.), BioControl Medical (Israel), Accellent (U.S.), DynaMD (U.S.), Neurosigma, Inc. (U.S.), Soterix Medical, Inc. (U.S.), NeuroPace Inc. (U.S.) are the biggest neuromodulation device manufacturers in the market.
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