The neuromodulation technology utilizes devices that bring about a change in nervous system either by stimulation or modulating brain activity. The treatment delivered by neuromodulation devices brings about life changing transformation in patients who fail to get better by traditional approaches. The opportunities to development new therapies for a wide variety of neurological and psychological conditions are attracting lot of companies, start ups and investments. According to IQ4I analysis, the global neuromodulation devices market is expected to grow at a double digit CAGR to reach $9.3 billion by 2021. Factors driving the neuromodulation market include, projected increase in patients with chronic pain, neurodegenerative diseases, psychiatric conditions, improvements in technology such as miniaturization, better battery technology, use of bioactive coatings are all contributing for 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.
North America accounts for the highest market share of 56.1% followed by Europe. Steep rise in ageing population, advancement in technology, awareness of people and favourable government policies makes U.S. the leader of neuromodulation devices market. However, Asian countries especially India and China are the fast growing regions with its growing demand for neuromodulation devices.
Major players in Neuromodulation devices market include Medtronic (Ireland), Boston Scientific (U.S.), Cyberonics (U.S.), St. Jude Medical (U.S.), Neurometrix, Inc (U.S.), Neuronetics, Inc (U.S.), Nevro Corporation (U.S.), Synapse Biomedical (U.S.), Avery Biomedical (U.S.) and Magstim (U.K.).
The report provides an in depth market analysis of the above mentioned segments across the following regions:
• North America
• Rest of the World (RoW)