Neuromodulation Devices Market Share, Growth and Insights By type (Internal, External), Type by Application (SCS, DBS, VNS, SNS, GES, TENS, TMS), by Biomaterial (Metallic, Polymeric, Ceramic), by End-User (Hospitals, Clinics, Homecare) – Global Forecast Till 2023
Neuromodulation is the targeted transmission of stimuli to nerve centers in order to normalize nerve function in the body. The stimulus in question may be an electric current, a magnetic field, or a chemical drug. The primary objective of neuromodulation is to modulate damaged nerve cells and return normal function. This treatment is highly useful in treating conditions such as urinary and fecal incontinence, Alzheimer’s disease, Parkinson’s disease, epilepsy, and dystonia.
The growth of the geriatric population is the major driver for the global neuromodulation devices market. The geriatric population is more susceptible to neurodegenerative diseases, as the myelin covering of nerves becomes weaker with age and is more susceptible to breaking off. The geriatric population has grown rapidly in regions such as North America and Europe in recent years, leading to steady growth of the neuromodulation devices market. The rising prevalence of neurodegenerative and other age-related diseases in these regions is likely to drive the demand from the neuromodulation devices market over the forecast period.
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The increasing range of conditions treated with neuromodulation is likely to be a key driver for the global neuromodulation devices market over the forecast period. The robust pipeline of the global neuromodulation devices market bodes well for the market over the forecast period. On the other hand, the high initial costs, stringent government regulations, unfavorable reimbursement scenarios, and lack of trained professionals have raised the entry barrier for new players in the neuromodulation devices market and are likely to restrain the market over the forecast period.
Leading players in the global neuromodulation devices market include St. Jude Medical Inc., Boston Scientific Corporation, Bioness Inc., Nevro Corporation, Synapse Biomedical Inc., Neuronetics Inc., BioControl Medical, DynaMD, Soterix Medical Inc., Accellent, Cyberonics Inc., Neurosigma Inc., NeuroPace Inc., EnteroMedics Inc., Aleva Neurotherapeutics SA, and LivaNova plc.
In March 2019, WeHealth and PathMaker Neurosystems announced a collaboration in order to develop a new neuromodulation technology to treat muscular spasticity. New target conditions are likely to extend the scope of the neuromodulation devices market over the forecast period.
The Global Neuromodulation Devices Market is segmented by type, type by application, biomaterial, and end use.
Based on type, the global neuromodulation devices market is classified as internal neuromodulation and external neuromodulation (non-invasive). Internal neuromodulation is further divided into spinal cord stimulation (SCS), deep brain stimulation (DBS), vagus nerve stimulation (VNS), sacral nerve stimulation (SNS), and gastric electrical stimulation (GES). External neuromodulation (non-invasive) is further segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES).
Based on type by application, the global neuromodulation devices market is classified into spinal cord stimulation (SCS), which is classified into chronic pain management, failed back syndrome (FBSS), and ischemia. Deep brain stimulation (DBS) is classified into Parkinson’s disease, tremor, depression, and others. Sacral nerve stimulation is divided into urine incontinence and fecal incontinence. Vagus nerve stimulation is divided into epilepsy and others. Gastric electrical stimulation is divided into gastroparesis and obesity. Transcutaneous electrical nerve stimulation is divided into treatment-resistant depression and others. Repetitive transcranial magnetic stimulation is divided into depression and migraine headache. Respiratory electrical stimulation is divided into spinal cord injury and others.
Based on biomaterial, the global neuromodulation devices market is segmented into metallic biomaterials, polymeric biomaterials, and ceramic biomaterials.
Based on end use, the global neuromodulation devices market is segmented into hospitals, clinics, home healthcare, and others.
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The Americas is likely to remain the dominant regional market for neuromodulation devices over the forecast period due to the growing population of geriatrics in the region. The growing prevalence of epilepsy is also likely to drive the neuromodulation devices market in the region.
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