Global Neuromodulation Market 2022 Business Scenario

By Author: Markets and Markets
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Neuromodulation is an emerging field in the healthcare industry, offering a range of therapies for treating various neurological conditions. It involves the use of electrical or chemical stimulation to alter the activity of neurons in the brain or peripheral nervous system. This stimulation can be used to treat a variety of medical conditions, including chronic pain, spasticity, movement disorders, depression, epilepsy, and more.
The global neuromodulation market is projected to reach USD 10.4 billion by 2027 from USD 6.0 billion in 2022, at a compound annual growth rate (CAGR) of 11.8% during the forecast period (2022-2027). This growth is attributed to factors such as the increasing prevalence of neurological conditions, the rising demand for minimally invasive treatment, and the growing awareness about the safety and efficacy of neuromodulation therapies.
The neuromodulation market is segmented based on device type, application, end user, and geography. Based on device type, the market is divided into deep brain stimulation (DBS) devices, spinal cord stimulation (SCS) devices, vagus nerve stimulation (VNS) devices, ...
... sacral nerve stimulation (SNS) devices, and others. The spinal cord stimulation devices segment is anticipated to witness the highest growth rate during the forecast period, due to the increasing number of spinal cord injuries and the rising demand for pain relief.
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By application, the neuromodulation market is segmented into pain management, neurological disorders, and others. The pain management segment accounted for the largest share of the market in 2020, due to the increasing prevalence of chronic pain and the rising demand for minimally invasive treatments. The neurological disorders segment is expected to witness the highest growth rate during the forecast period, due to the increasing number of neurological conditions, such as epilepsy, Parkinson’s disease, and depression.
Based on end user, the neuromodulation market is segmented into hospitals, specialty clinics, and others. The hospitals segment accounted for the largest share of the market in 2020, due to the availability of advanced medical facilities and the presence of skilled professionals in hospitals.
By geography, the neuromodulation market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the market in 2020, due to the increasing prevalence of neurological conditions, the presence of advanced healthcare infrastructure, and the presence of major market players.
The key players operating in the neuromodulation market include Medtronic, Plc (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US). These players lead the market because of their extensive product portfolios. These players have also invested in organic strategies such as product launches and regulatory approvals and inorganic growth strategies such as partnerships, acquisitions, and agreements to maintain their market shares.
Overall, the neuromodulation market is expected to witness significant growth during the forecast period, due to the increasing prevalence of neurological conditions, the rising demand for minimally invasive treatments, and the growing awareness about the safety and efficacy of neuromodulation therapies.
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North America is the largest regional market for neuromodulation market
The global neuromodulation market has been segmented into four major regions—North America, Europe, the Asia Pacific, and the Rest of the World. North America dominated the global neuromodulation market. The large share of the North American market is primarily driven by the rising prevalence of chronic diseases, increasing geriatric population, and the rising number of cases of Lyme and Alzheimer’s disease
This report categorizes the neuromodulation market into the following segments and subsegments:
By Type
• Internal Neuromodulation
o Spinal Cord Stimulation
o Deep Brain Stimulation
o Vagus Nerve Stimulation
o Sacral Nerve Stimulation
o Gastric Electrical Stimulation
• External Neuromodulation
o Transcutaneous Electrical Nerve Stimulation (TENS)
o Transcranial Magnetic Stimulation (TMS)
o Respiratory Electrical Stimulation (RES)
By Application
• Spinal Cord Stimulation Market, By Application
o Failed Back Syndrome
o Chronic Pain
o Ischemia
• Deep Brain Stimulation Market, By Application
o Parkinson’s Disease
o Tremor
o Depression
o Other DBS Applications
• Sacral Nerve Stimulation Market, By Application
o Urine Incontinence
o Fecal Incontinence
• Vagus Nerve Stimulation Market, By Application
o Epilepsy
o Other VNS Applications
• Gastric Electrical Stimulation Market, By Application
o Gastroparesis
o Obesity
• Transcutaneous Electrical Nerve Stimulation Market, By Applicatio
o Treatment-resistant Depression
o Other TENS Applications
• Transcranial Magnetic Stimulation Market, By Application
o Depression
o Migraine Headache
• Respiratory Electrical Stimulation Market, By Application
o Spinal Cord Injury
By Region
• North America, Europe, APAC, MEA, and Latin America
Neuromodulation Market Recent Developments:
• In February 2022, Medtronic (Ireland) received FDA approval for its InterStim X System, a next generation personalized sacral nerve stimulation therapy for bladder and bowel control.
• In June 2021, NeuroSigma (US) and KT Corporation (South Korea) signed a memorandum of understanding for a strategic partnership to develop and commercialize, inside and outside of Korea, electronic therapies treating neurological and neuropsychological disorders, including ADHD, depression, and epilepsy.
• In February 2020, LivaNova Plc (UK) signed a research collaboration with Verily (US), an Alphabet company, to capture measures of depression within its RECOVER clinical study. The study evaluates the effectiveness of vagus nerve stimulation therapy for difficult-to-treat depression (DTD).
• In January 2020, Medtronic Plc (Ireland) acquired Stimgenics, LLC (US), a privately held US-based company. This acquisition helped strengthen Medtronic’s portfolio of spinal cord stimulation systems.
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