Neuromodulation Devices Market Size Worth USD 14.2 Billion by 2030 at 11.5% CAGR - Report by Market Research Future (MRFR)
Neuromodulation Devices Market Trends and Insights By Type (Internal, External), Application (SCS, DBS, VNS, SNS, GES, TENS, TMS), Biomaterial (Metallic, Polymeric, Ceramic), End-User (Hospitals, Clinics, Homecare), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Neuromodulation Devices MarketInformation By Type, Application, Biomaterial, End-User, and Region – Forecast till 2030”, the market is expected to grow USD 14.2 Billion with a CAGR rate of 11.5% during the forecast period of 2022–2030.
Neuromodulation Devices Market Scope:
A technique called neuromodulation uses electrical stimulation to control nerve activity in a particular area of the body. Various disorders are treated with this technology. This procedure makes use of neuromodulation devices, which function by electrical stimulation. Medical equipment used for neuromodulation apply electrodes to the spinal cord, brain, and peripheral nerves.
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|Market Size||USD 14.2 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Types, Application and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Unique ability to provide comfort in chronic pain, shoulder pain, headache, and brain Injury|
|The adoption of advanced technology in treating various diseases and rising diseases will also bring more opportunities|
Neuromodulation Devices Market Competitive Dynamics:
The major key players in the Neuromodulation Devices market are:
- Nevro Corporation (U.S.)
- LivaNova PLC (UK)
- Boston Scientific Corporation (US)
- Aleva Neurotherapeutics SA (US)
- Bioness Inc. (US), EnteroMedics Inc (US)
- Neuronetics, Inc. (US)
- Cyberonics, Inc. (US)
- Jude Medical, Inc. (U.S.)
- Accellent (US)
- DynaMD (US)
- BioControl Medical (Israel)
- NeuroPace Inc. (US)
- Synapse Biomedical, Inc. (US)
- Neurosigma, Inc. (US.)
- Soterix Medical, Inc. (US)
Neuromodulation Devices Market Dynamics:
Due to the rise in pediatric disorders and brain injuries, there is a growing demand for neuromodulation devices and neuromodulation devices for TBI. The clinical period for Neuromodulation devices is lengthy because the problems are persistent. The market for neuromodulation devices will develop as neurological problems become more prevalent. Devices for neuromodulation therapy can affect the nerves directly, and they can change the activity of the nerves in a specified location by delivering an electrical agent there. Nearly all diseases can be treated using neuromodulation devices, which will boost market trends for these products.
Increase in research into whether neuromodulation device applications will be a key driver of the market's expansion Additionally, the adoption of Neuromodulation devices to treat depression and sleep issues, an increase in chronic and gastric diseases, a rise in the number of Neuromodulation device manufacturers, and a rise in the number of Neuromodulation device companies will all contribute to a larger market for Neuromodulation Devices during the forecast period.
The market for spinal cord stimulation devices will grow in the next years due to an increase in spinal cord issues. The market for electrical stimulation devices will expand to treat various brain injury-related issues, which will increase the size of the neuromodulation market. With the increasing use of neuromodulation devices to treat disorders, the demand for neuromodulation devices globally is expected to expand quickly throughout the forecast period.
Neuromodulation Devices Market Restraints:
High capital investment is the main barrier for the market. The high cost of manufacturing Neuromodulation devices is posing a challenge for the new key players and has grown to be a significant market restraint. In addition, the market for neuromodulation devices is constrained by the dearth of qualified professionals because the use of neuromodulation devices requires highly competent professionals.
A significant obstacle for the neuromodulation devices sector is the high expense of the neuromodulation procedure and governmental restrictions on the usage of neuromodulation devices. In addition, the market has difficulties due to the underdeveloped regions' lack of resources and access to cutting-edge technologies.
Neuromodulation Devices Market COVID-19 Analysis:
The rapid spread of the coronavirus was the cause of the COVID-19 pandemic outbreak. The transmission of this virus had a significant impact on many parts of the world. Still, the countries have not yet recovered from this virus, and the new strain has become a significant issue for the nations. Countries and commercial entities are having issues as a result of the weak global economy. In addition to the healthcare sector, several other industries are also severely impacted by the pandemic.
Due to this pandemic, there is a clear increase in demand in the healthcare industries. With the rise in health issues brought on by the pandemic, the healthcare sector will expand even more. Many different disorders are treated with neuromodulation technology. After recovering from the infection, a lot of people had serious health issues, which will increase demand for neuromodulation devices. However, because of the lockdown, there may be issues with the production of Neuromodulation devices.
Browse In-depth Market Research Report (115 Pages) on Neuromodulation Devices:https://www.marketresearchfuture.com/reports/neuromodulation-devices-market-1337
Neuromodulation Devices Market Segmentation:
The market for neuromodulation was dominated by the internal neuromodulation segment. Internal neuromodulation techniques' advantages, such as fewer post-operative problems, shorter hospital stays, and higher quality of life, are a major factor in the market's expansion.
The internal neuromodulation market's highest share belonged to the spinal cord stimulation category. Due to the growing number of persons experiencing ischemia, chronic pain, and the attractive reimbursement environment for spinal cord stimulation devices, the spinal cord stimulation segment accounted for the biggest proportion.
Over the course of the analysis period, the polymeric segment is anticipated to dominate.
By End user
The hospital sector has the most market share and is anticipated to continue to dominate during the review period.
Neuromodulation Devices Market Regional Analysis:
Due to the existence of significant Neuromodulation firms in the US, North America owns the largest share of the market. Additionally, the prevalence of chronic pain, epilepsy, and other illnesses in this area will fuel market growth. In 2017, this region produced 55% of the world's neuromodulation devices.
Due to the increasing prevalence of neuromodulation devices in this region, Europe has the second-largest market share after North America. The demand for these devices is being fueled by a strong healthcare infrastructure as well as an increase in non-invasive device approvals in the area. The regional players and newcomers alike got CE mark approvals for their non-invasive devices.
Because China and India are among the fastest-growing nations, the Asia Pacific area will have the greatest CAGR rate. In this region, Japan has the highest percentage. Due to its greatest manufacturing base and growing population, China's economy will expand more quickly. India will experience tremendous growth in the future as a result of rising investment and awareness of mental health issues. The Middle East and Africa are experiencing moderate growth as a result of the rise in manufacturers of neuromodulation devices.
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