Neuromodulation Devices Market Scope
Neuromodulation devices market size should be expanding at a healthy rate of 11.2% during the forecast period, reveals Market Research Future (MRFR). Neuromodulation devices are used extensively in the treatment of tremors, a major nerve disorder that is characterized by an uncontrollable movement or shaking of various body parts such as hands, arms, head, larynx (voice box), tongue, and chin. Nearly a million individuals over the age of 40 years are affected by tremors and are therefore, undergoing treatment. This condition negatively impacts a person’s daily activities, including drinking, writing, eating, and more. A variety of advanced implantable deep brain stimulators have major use in the management of tremors. This could be one of the top growth boosters for the worldwide Neuromodulation devices market in the next few years. In addition, the alarming rise in the number of tremor cases, technological developments in neurostimulator devices, and the growth in FDA approvals with respect to neuromodulation devices could have a remarkable effect on the global industry in subsequent years.
The Epilepsy Centre’s latest report confirms that are present, roughly 60 million people are suffering from epilepsy across the globe, while nearly 4.4 million new epilepsy cases are diagnosed every year. Additionally, most of these are idiopathic, with no known cause. The continuous surge in the incidences of epilepsy and similar neurological disorders worldwide will result in substantial Neuromodulation devices market expansion in the years to come.
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Major firms are actively partaking in several strategic measures including product line diversification, alliances, new launches, and boosting distribution channels with the aim to bolster their consumer reach. To illustrate, in December 2021, an eminent medical device vendor, Avivomed Inc., received Series A Preferred Stock fund of close to USD 32 million. A group of world-renowned medical device investors have funded the firm and the proceeds will be helping the latter in gaining resources needed for the designing as well as commercialization of innovative neuromodulation solutions. These solutions will be used in the treatment of various chronic ailments.
Neuromodulation Devices Market Segmentation
The neuromodulation devices are available in various types, namely internal along with external.
Neuromodulation devices generally have applications in Spinal Cord Stimulation, coupled with deep brain stimulation. With respect to spinal cord stimulation, Ischemia, Chronic Pain Management, and Failed Back Syndrome (FBSS) are the key segments considered in the study.
Biomaterial-based segments can be polymeric biomaterials, metallic biomaterials, and ceramic biomaterials.
Top Neuromodulation devices market end-users highlighted in the review study include clinics, hospitals, and home healthcare.
Neuromodulation Devices Market Regional Status
With the biggest share of nearly 55%, North America is the clear winner in the global Neuromodulation devices market and will continue to prevail as the leader all through the appraisal period. The demand for neuromodulation devices in the region is bolstered by the dramatic rise in cases of chronic pain, tremors, epilepsy, and various disorders. The prevalence of these neurological diseases is significantly high among the massive elderly population in the United States. Meanwhile, the strong support by the government as well as several healthcare authorities in terms of funding related to research & development activities should foster revenue generation as well.
Asia Pacific has been recognized as a highly attractive Neuromodulation devices market and could thrive at the fastest pace in the following years. The vast patient base affected by various neurological diseases such as Alzheimer and epilepsy, in line with the rise in government efforts to spread awareness and also upgrade the healthcare infrastructure will favor the APAC industry.
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Neuromodulation Devices Market Key Players
BioControl Medical (Israel), Aleva Neurotherapeutics SA (U.S.), Bioness Inc. (U.S.), LivaNova PLC (UK), EnteroMedics Inc (U.S.), Neuronetics, Inc. (U.S.), Nevro Corporation (U.S.), Accellent (U.S.), DynaMD (U.S.), Synapse Biomedical, Inc. (U.S.), Neurosigma, Inc. (U.S.), Cyberonics, Inc. (U.S.), NeuroPace Inc. (U.S.), Boston Scientific Corporation (U.S.), Soterix Medical, Inc. (U.S.), St. Jude Medical, Inc. (U.S.) are a few of the top neuromodulation device manufacturers outlined in the Neuromodulation devices market reports.
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