A recent report published by Infinium Global Research on neuromodulation market provides in depth analysis of segments and sub-segments in global as well as regional neuromodulation market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional neuromodulation market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global neuromodulation market. According to report the global neuromodulation market is projected to grow at a CAGR of 10.9% over the forecast period of 2017-2023.
Neuromodulation includes treatments that involve stimulation or administration of medications directly to the body’s nervous system for therapeutic purposes. The target cells for stimulation include nerves in the central and peripheral nervous systems, the autonomic nervous system, and the deep cell nuclei of the brain, resulting in modulation of their activity. Neuromodulation includes several modalities, and is a cross-disciplinary approach to pain control and neurologic dysfunction. Neuromodulation can be used to treat movement disorders, spasticity, and epilepsy, as well as pain syndromes. Devices are implanted which can either include drug delivery pumps or neural stimulators. The most common type is spinal cord stimulation, which is used for back or lower extremity pain. Spinal cord stimulation involves electrical stimulation of the spinal cord to interrupt pain signals from the spinal cord to the brain, and to trade a painful sensation with a more pleasant tingling sensation. The technology has been present since the 1960s and in the past decade has become highly effective in the treatment of pain. In addition to chronic pain relief, other neuromodulation treatments now used include deep brain stimulation for essential tremor, Parkinson’s disease, dystonia, epilepsy and disorders such as depression, obsessive compulsive disorder and Tourette syndrome; sacral nerve stimulation for pelvic disorders and incontinence; gastric and colonic stimulation for gastrointestinal disorders such as dysmotility or obesity; vagus nerve stimulation for epilepsy, obesity or depression; carotid artery stimulation for hypertension; and spinal cord stimulation for ischemic disease such as angina and peripheral vascular disease.
Figure 1: Global Neuromodulation Market by Value 2015-2023
Rise in base of geriatric population, increasing number of patients with neurological disorders, strong product pipeline with various innovations, increasing number of target applications, and increasing demand from emerging countries are the primary driving factors contributing for the growth of this market. Neuromodulation is reversible and adjustable, in which physicians can on-invasively manage the electrical parameters with a programmer to effectively control disease symptoms. However, there are certain factors which could hamper the growth of this market, includes unfavorable reimbursement scenario and lack of sufficient number of trained professionals to treat disorders.
The report on global neuromodulation market covers segments such as, technology and application. On the basis of technology the global neuromodulation market is categorized into deep brain stimulation, spinal cord stimulation, gastric stimulation, sacral nerve stimulation, vagus nerve stimulation and others. On the basis of application the global neuromodulation market is categorized into chronic pain, parkinson’s disease, dystonia, essential tremor, gastroparesis, obsessive compulsive disorder (OCD), refractory epilepsy, treatment resistant depression (TRD), urinary fecal incontinence and other applications.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015-2023.
Figure 2: Global Neuromodulation Market by Region, CAGR % 2017-2023
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2017-2023.
The report provides profiles of the companies in the global neuromodulation market such as, Medtronic plc, Boston Scientific Corporation, St. Jude Medical, Cyberonics, Cochlear Ltd., Advanced Bionics, Sonova Group, Nevro Corporation, Neuronetics, Inc. and Greatbatch.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global neuromodulation market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of neuromodulation market. Moreover, the study highlights current market trends and provides forecast from 2017-2023. We also have highlighted future trends in the neuromodulation market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the neuromodulation market to understand the present and future trends in this market and formulate their strategies accordingly.
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