Neuromodulation devices are used to carry out a process by which a neuron uses one or more neurotransmitters to regulate other populations of neurons. Neuromodulation is a physiological process by which nervous activity is regulated by controlling the physiological levels of several classes of neurotransmitters. One of the fastest growing sectors of the medical devices market, the neuromodulation devices market is estimated to reach a value of US$7.1 bn by 2018, expanding at a CAGR of 14.4% in the period from 2012 to 2018.
Neuromodulation devices are used to provide relief to a patient through modulation or alteration of nervous system function. Neuromodulation functions by stimulating the nerves to produce responses that are natural or by the application of small doses of medicines directly at the site where required. Due to an increase in the adoption of minimally invasive treatment options and medical tourism, the market for neuromodulation devices is expected to grow in the next decade.
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The report addresses questions related to the neuromodulation devices market such as the details about the various segments and sub-segments of the neuromodulation devices market, the current and future trends, the growth drivers, and the factors inhibiting the market. Collated by expert market analysts, the study can be used for expansion, competition monitoring, and for investing in the neuromodulation devices market.
Overview of the Neuromodulation Devices Market
The global neuromodulation devices market is segmented on the basis of technology, application, and geography. On the basis of geography, the global neuromodulation devices market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Out of these regions, North America dominated the market in 2011, accounting for 65% of the global neuromodulation devices market, and being valued at US$1.8 bn. Asia Pacific is expected to expand at a CAGR of over 15% between 2012 and 2018, owing to the rising demand for neuromodulation devices from developing nations.
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The major growth drivers of the global neuromodulation devices market include the rising prevalence of chronic diseases, rising geriatric population, rising vulnerability to acquire diseases such as Parkinson’s and Alzheimer’s, and technological advancements in neuromodulation devices, making them effective as an add-on therapy. The rising prevalence of lifestyle-induced illnesses such as obesity or depression, increase in the demand for minimally invasive surgeries, increasing consumer expenditure, and an increase in the funds to conduct studies are driving the global market for neuromodulation devices.
The market’s growth is likely to be inhibited by the changing technological landscape, the availability of alternate treatment procedures, and the side effects and risks associated with the use of neuromodulation devices. Other restraining factors include getting FDA approvals and stringent government regulations that may hamper the market for the forecast period.
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Key Players in the Neuromodulation Devices Market:
The leading players in the neuromodulation devices market that have been profiled and analyzed in the report are: Uroplasty, Codman and Shurtleff, Cervel Neurotech Inc., IntraPace, Nevro , Medtronic, Boston Scientific Group, Integra, St. Jude Medical, Neuronetics Inc., and Cyberonics.