Neuromodulation Market is valued around USD 4.89 Billion in 2019 and expected to reach USD 20.08 Billion by 2030 with the CAGR of 13.7% over the forecast period.
Neuromodulation is a procedure which requires the implantation of electrodes directly to peripheral nerves or brain & pulse generator under skin. This helps to provide the electrical impulses which helps in the treatment of various neurological disorders such as epilepsy, pain management, tremor and many more. It provides long term effect on the disorders with no side effects as well as prevents the adverse effect.
Complete report is available at https://www.nextmsc.com/report/neuromodulation-market
Global Neuromodulation Market report is segmented on the basis of technology, biomaterial, application and regional. Based upon technology, the neuromodulation market is fragmented into internal neuromodulation and external neuromodulation. On the basis of biomaterial, the market is categorized into metallic, polymeric, and ceramic. Based on The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The neuromodulation market is mainly driven by the high prevalence of various neurological disorders followed by the presence of large geriatric population. There has been constant expansion of application in the treatment of various disorders followed by the growing demand for effective pain management therapies owing to growth in surgeries, trauma cases & many more. In addition, the major market players focused on the development of new & advanced products with constant approval led to the growth in product pipeline along with technological advancement in the market. On the other hand constant development of healthcare facilities along with the growth in healthcare expenditure followed by growing awareness among people is likely to anticipate the market growth. However, high cost of the Neurostimulators along with the lack of skilled professionals trained in neuromodulation therapy is likely to inhibit the market growth during forecast period.
The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of major market players in the region along with technological advancement. Moreover, constant growth in FDA approvals along with growing investments in the market is likely to fuel the market growth. Asia Pacific is expected to dominate the neuromodulation market in terms of growth rate owing to the rising geriatric population as well as high prevalence rate of neurological disorders. In addition, growing awareness followed by the developing healthcare infrastructure supported by the high adoption rate of developed technology is most likely to enhance the market growth.
The major market players profiled in the neuromodulation market includes St. Jude Medical, Inc., LivaNova PLC, Medtronic plc, Boston Scientific Corporation, BioControl Medical, Bioness Inc., EnteroMedics Inc, NeuroPace Inc, Aleva Neurotherapeutics SA, and Nevro Corporation among others.
