Neuromodulation is a technology that is used for the modulation of nerve activity by using electrical stimulation to a specific part of the body. This technology is used to treat various types of diseases. Neuromodulation devices are used for this process, and they work through electrical stimulation. The Neuromodulation medical devices are used with the application of electrodes to the peripheral nerves, brain, and spinal cord. The electrode in the Medtronic Neuromodulation devices are connected with the help of an extension cable to the power source and pulse generator, and it helps to generate enough electrical impulses. With the use of this device, a low-voltage electrical signal passes to the nerves and stimulates the neural impulses where they were not available previously.
Neuromodulation devices ‘neurostim’ are used to improve the quality of life of people suffering from various conditions, psychological disorders, chronic pain, essential tremor, urinary and fecal incontinence, dystonia. Neuromodulation devices for shoulder pain are also available on the market. Apart from that, pediatric Neuromodulation devices and Neuromodulation devices for TBI are in huge demand with increasing diseases in children and brain injuries. The conditions are permanent, so the clinical period for Neuromodulation devices is long-term. The rise in neurological disorders will drive the Neuromodulation devices market growth. Neuromodulation therapy devices can directly work on the nerves, and they can alter the nerve activity to a target area by sending an electrical agent to the area. Neuromodulation devices can treat almost every disease, and it will increase the Neuromodulation devices market trends.
According to Neuromodulation devices market analysis, the market is expected to grow rapidly in the forecast period with a CAGR rate of 11.2% during the forecast period of 2018–2023. Rise in the research if the application of the Neuromodulation devices will act as a major factor for the Neuromodulation devices market growth. Also, increasing number variety of headaches, brain diseases, and neurological disorders, also the adoption of Neuromodulation devices to treat depression and sleep problems, increasing chronic and gastric diseases, and rising number of Neuromodulation device manufacturers and Neuromodulation device companies will boost the Neuromodulation Devices market size in the forecast period. Also increasing number of spinal cord problems will boost the spinal cord stimulation devices market in the coming years. The electrical stimulation devices market will rise to treat different types of problems associated with brain injury, and it will propel the Neuromodulation market size. The global Neuromodulation Devices industry will see rapid growth in demand in the forecast period with the rising application of Neuromodulation devices to treat diseases.
The covid-19 pandemic outbreak was due to the rapid spread of coronavirus. Many regions in the world were highly affected due to the spread of this virus. Still, the countries haven’t recovered from this virus, and the new variant of the virus has become a major problem for the countries. Business organizations and countries are facing problems as the global economy is down. Many sectors are highly affected due to the pandemic, apart from the healthcare sector. The healthcare sectors are showing high demand due to this pandemic, and the reason is obvious. The healthcare sector will increase more with the increasing number of health problems due to the pandemic. Neuromodulation devices are used in the treatment of varieties of diseases. Many people have experienced major health problems after recovering from the virus; as a result, it will drive the demand of the Neuromodulation devices market. But due to the imposition of lockdown, the Neuromodulation devices are likely to face problems in the production sector.
Sources: Annual reports, Press release, White paper, and Company presentation
There are various factors that drive the Neuromodulation devices market globally. Rising health problems are one of the major factors that are driving the Neuromodulation devices market. Neuromodulation devices for chronic pain, shoulder pain, headache, and brain Injury have gained so much popularity over the years due to their unique ability to provide comfort in these types of diseases. Neuromodulation devices are also used in treating depression, gastric, and sleeping problems. So, the wide application of Neuromodulation devices to treat various types of diseases is driving the Neuromodulation devices industry. According to research, 5.3 million people were suffering from Alzheimer’s in America. Generic diseases are expected to increase in the developed countries, and the government and private initiatives to treat neurological disorders and mental health will propel the Neuromodulation devices market globally. Also, the new technology offered by the market players to prevent neurological diseases is expected to drive the Neuromodulation devices market growth over the forecast period. Additionally, the increasing economics and per capita income of people will create significant growth in the Neuromodulation devices industry.
The medical devices agency in Japan has approved many Neuromodulation devices for pain management, and the rise in the approval rate by the medical devices agency across various countries will generate more opportunities for the Neuromodulation devices market. Also, the adoption of advanced technology in treating various diseases and rising diseases will also bring more opportunities for the Neuromodulation devices industry. Raising research and Neuromodulation device development will further create new opportunities for the internal neuromodulation devices market in the forecast period.
There are many factors that are hampering the growth of the Neuromodulation devices market. The major restraint for the market is high capital investment. The high investment to make Neuromodulation devices is creating a problem for the new key players, and it has become a major restraint for the market. Apart from that, the Use of Neuromodulation devices require highly skilled professional, and the lack of trained professional is a restraint for the Neuromodulation devices market.
There are many challenges faced by the Neuromodulation devices market, just like other markets. The high cost of the Neuromodulation process and government regulations on the use of Neuromodulation devices are a major challenge for the Neuromodulation devices industry. Apart from that, the underdeveloped areas don’t have enough funds or availability of advanced technology, and it is another challenge for the market. The key players are trying to overcome these challenges to boost the Neuromodulation devices market demand in the forecast period.
Cumulative growth analysis
The Neuromodulation Devices market will show rapid growth in the forecast period owing to the wide application of Neuromodulation devices in the treatment of various diseases. Due to this, the Neuromodulation devices industry is expected to register a CAGR of 11.2% in the forecast period 2018-2023.
The Neuromodulation devices market is segmented on the basis of type, application, biomaterial, and end-user.
The major regions in the Neuromodulation devices market are North America, Europe, Asia Pacific, and the rest of the world. North America holds the highest share in the market due to the presence of big Neuromodulation companies in US. Also, many people are suffering from chronic pain, epilepsy, mad other diseases, and it will drive the market in this region. This region was responsible for 55% of global Neuromodulation devices in 2017. Europe is the second-largest following to North America due to the growing number of Neuromodulation devices in this region. The Asia Pacific region will register the highest CAGR rate due to the fastest-growing countries like China and India. Japan has the highest share in this region. China will grow at a faster rate owing to its largest manufacturing base and increasing population. India will also see rapid growth in the future due to increasing investment and awareness regarding mental problems. The middle East and Africa see moderate growth due to the increasing number of Neuromodulation devices manufacturers.
The major key players in the Neuromodulation Devices market are:
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Type by Application, Biomaterial, and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||St. Jude Medical, Inc. (U.S.), LivaNova PLC (UK), Boston Scientific Corporation (U.S.), Aleva Neurotherapeutics SA (U.S.), Bioness Inc. (U.S.), EnteroMedics Inc (U.S.), Nevro Corporation (U.S.), NeuroPace Inc. (U.S.), Synapse Biomedical, Inc. (U.S.), Neurosigma, Inc. (U.S.), Neuronetics, Inc. (U.S.), Cyberonics, Inc. (U.S.), BioControl Medical (Israel), Accellent (U.S.), DynaMD (U.S.), Soterix Medical, Inc. (U.S.), and others.|
|Key Market Opportunities||The expansion in emerging economies|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Neuromodulation is a technology that is used for the modulation of nerve activity by using electrical stimulation to a specific part of the body. This technology is used to treat various types of diseases. Neuromodulation devices are used for this process, and they work through electrical stimulation.
The Neuromodulation medical devices are used with the application of electrodes to the peripheral nerves, brain, and spinal cord. The electrode in the Medtronic Neuromodulation devices are connected with the help of an extension cable to the power source and pulse generator, and it helps to generate enough electrical impulses.
The Americas Would Dominate The Neuromodulation Devices Market.
The Asia Pacific Neuromodulation Devices Market Would Grow With The Fastest Speed.
The Segments Are Internal Neuromodulation And External Neuromodulation (Non-Invasive).
The Neuromodulation Devices Market Would have a CAGR of 11.2% During The Forecast Period (2018-2023).
Factors Like Lack Of Trained Professionals, Stringent Government Regulations, Barriers For New Players Due To High Capital Investment, And Unfavorable Reimbursement Scenario Could Hold Back The Neuromodulation Devices Market.