Neuromodulation devices are implanted medical gadgets that use electric stimulation or medicine to treat some chronic disorders. Neuromodulation devices are divided into five main technologies, namely spinal cord stimulation devices, deep brain stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices, and gastric electric stimulation devices, based on the diseases they are used to treat and the types of nerves they are associated with.
In terms of value, the market for neuromodulation devices is projected to be worth US$ 9,298.7 Mn in 2020 and to grow to US$ 24,768.8 Mn by the end of 2027.
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Global Neuromodulation Devices Market: Drivers
Throughout the projected period, an increase in the prevalence of neurological illnesses is anticipated to fuel market expansion for neuromodulation devices. For instance, the Alzheimer’s Society estimates that 5.8 million Americans age 65 and older will have Alzheimer’s dementia in 2020.
Moreover, a growing geriatric population is anticipated to support market expansion. For instance, the U.S. Census Bureau projects that by 2034, there will be 77 million elderly people living in the country.
In terms of value, North America held the largest market share for neuromodulation devices worldwide in 2019, accounting for 58.6% of the market, followed by Europe and Asia Pacific.
Global Neuromodulation Devices Market: Restraints
The development of the worldwide market for neuromodulation devices is anticipated to be hampered by the dangers and side effects connected with their usage. The body might experience several negative effects from neuromodulation implant surgery, including allergies and hoarseness. Due to the electrical impulses they produce, neuromodulation devices also come with significant hazards. Like with a VNS pacemaker, the device might harm the vagus nerve, carotid artery, and jugular veins in addition to other surrounding nerves and blood vessels.
Also, it is anticipated that the availability of other treatment options, such as medications and other operations (such as Pallidotomy), may restrain market development.
Global Neuromodulation Devices Market: Opportunities
For market participants, outsourcing the production of neuromodulation devices is anticipated to provide attractive development prospects. The creation of a neuromodulation device is expensive both in terms of production and marketing. Market participants have the option of outsourcing the production of neuromodulation devices.
Also, it is anticipated that R&D in neuromodulation would contribute to market expansion. To replicate the mammalian cognitive system and to carry out the neuroregulatory dynamics, for instance, researchers from Shandong Jianzhu University in China suggested an enlarged digital hippocampus spurt neural network in April 2020.
The market for neuromodulation devices was estimated at US$ 8,106.9 billion in 2019 and is anticipated to grow at a CAGR of 15.0% from 2020 to 2027 to reach US$ 24,768.8 billion.
Market Trends/Key Takeaways
There have been a few product recalls on the market. After complaints of 14 reset problems that prevented the implanted vagus nerve stimulation SenTiva Generator System from providing treatment, LivaNova stated in December 2019 that it will be recalling the device.
Moreover, the industry is observing a favorable reimbursement environment in Europe. For instance, the German Institute for the Hospital Remuneration System granted Status 1 reimbursement certification to Axonics Modulation Technologies, Inc. for the Axonics r-SNM System, a next-generation rechargeable implanted neurostimulator, in February 2020.
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Regulations
U.S.
- • Depending on the level of danger, medical devices are divided into one of three classes: Class I, Class II, and Class III.
- • The majority of neurological devices fall into the class II or class III (moderate or high risk) categories.
- • Class II devices include blood clot retrievers, aneurysm clips, and neurostimulators.
- Deep brain stimulators and equipment used to treat brain tumors are class III devices.
Global Neuromodulation Devices Market: Competitive Landscape
Axonics Modulation Technologies, Inc., ShiraTronics, Inc., Bioness, Inc., LivaNova, Neuronetics, Inc., Medtronic plc, St. Jude Medical, Boston Scientific Corporation, Cyberonics, Nevro, Integer Holdings Corporation, and Uroplasty are some of the major companies active in the global neuromodulation devices market.
Global Neuromodulation Devices Market: Key Developments
Leading market participants are concentrating on getting new items approved and launched in order to diversify their product offering. For instance, the U.S. Food and Drug Administration granted Breakthrough Device Designation for Neuronetics, Inc.’s NeuroStar Advanced Therapy System for the treatment of bipolar depression in March 2020. Neuronetics, Inc. is a commercial stage medical technology company developing solutions for the treatment of psychiatric disorders.
Similar to this, Bioness, Inc. got CE Mark clearance in January 2020 for their StimRouter Neuromodulation System for the management of fecal incontinence throughout Europe.
Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Neuromodulation Devices Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Neuromodulation Devices Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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