Neuromodulation Devices Global Market Worth $9.3 Billion by 2021- Press Release
This report analyzes the neuromodulation devices market in terms of market revenue ($ million) for all segments. Neuromodulation device market represents therapies specifically designed to deliver electrical current through internally implanted or externally stimulating devices to bring about desired change in nervous system. Neuromodulation is rapidly advancing at an unprecedented rate, as estimated by IQ4I Research that the Neuromodulation devices global market is expected to reach $9.3 billion by 2021.
The factors driving the growth of this market are rise in aged population especially in developed economies; the burden of neurodegenerative, lifestyle and old age related diseases is expected to increase. At the same time, slowdown in overall economic condition is forcing drug discovery companies to cut back their R&D spending in stringently regulated drug development areas such as Central Nervous System (CNS) creating a vacuum. This situation has renewed interest in neuromodulation technology as a treatment option; improvements in technology such as miniaturization, better battery technology, and use of bioactive coatings are all contributing for the growth of neuromodulation devices market whereas, risk of side effects, availability of alternative treatment and high initial cost of implants are the factors hampering the market growth. Advancement of technology with its wide application areas shows that neuromodulation devices market has vast opportunities in the coming years.
Neuromodulation devices market is segmented on the basis of technology as internal and external neuromodulation. The internal neuromodulation is again classified into Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Sacral Nerve Stimulation (SNS) and Other with Gastric Electric Stimulation (GES) and Respiratory Electrical Stimulation (RES)/Phrenic Nerve Stimulation (PNS). Based on the application the neuromodulation devices market is segmented into Chronic Pain, Movement Disorders, Psychiatric Conditions, Gastroenterology & Urology and other applications. Based on end-users the market is segmented into hospitals and private neuromodulation clinics.
Geographical wise North America is the largest market, followed by Europe and Asia-pacific. However, Asia-pacific region is expected to grow at the highest CAGR during the forecast period due to increasing patient education, improved infrastructure and economic conditions.
The dominant players in neuromodulation market include Medtronic that command largest market share, followed by Boston Scientific, Cyberonics and St. Jude Medical. The emerging player are Neruonetics,Inc, Neurometrix, Cogentix Medical, Synapse Biomedical, Avery Biomedical, Nevro Corporation and Neuropace.
Reasons for buying this report:
- Market assessment of all segments and sub segments of Neuromodulation devices market
- In-depth market sizing analysis of various segments and sub segments of Neuromodulation Technology, Applications, End-users and Regional markets
- Regulatory scenario across the globe
- Reimbursement Scenario
- Upcoming Technologies
- Patent Analysis
- Technological Advancements
- Market share analysis of key players
- Deals, Collaborations, Financials, Acquisitions and Approvals info