Global Neuromodulation Devices Market: Analyst’s Estimations
Although a relatively new therapy pertaining to the nervous systems – neuromodulation has evolved consistently in the recent past, enabling in altering nerve activities via targeted stimulus delivery such as chemical agents or electrical stimulation. Neuromodulation has proven its worth for the diagnosis of various ubiquitous chronic diseases such as depression and Alzheimer’s disease. On the back of the trend of minimally invasive procedures, the demand for devices that are used for neuromodulation is primed to proliferate. According to the findings of this business intelligence report, the global neuromodulation devices market will be worth US$7.0 billion by the end of 2018, with the demand expanding at a striking CAGR of 14.40% during the forecast period of 2012 to 2018.
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Apart from the growing prevalence of neurological disorders, the neuromodulation devices market is gaining traction from increasing population of geriatrics, promising product pipeline, influx of investments from public and private bodies, and expanding application with new indications. On the other hand, lack of trained professionals and poor reimbursement policies in several emerging economies is obstructing the market from flourishing.
The analyst of the report, a healthcare expert with vast experience in researching the commerce of the field, has provided in-depth assessment of the factors that will determine the demand for neuromodulation devices in the near future. The report also contains market segmentations on the basis of technology and application as well as showcases demand potential of every important region and country across the globe. It concludes with a featured chapter on the competitive landscape, wherein a number of prominent companies of this market have been evaluated and analyzed for their shares and recent business decisions.
Spinal Cord Stimulation Key Technology Segment
Technology-wise, the market for neuromodulation devices has been segmented into gastric electric stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices, deep brain stimulation devices, and spinal cord stimulation medical devices. In the near future, spinal cord stimulation segment is expected to make strong profits as it is used in the treatment of various chronic pain. The FDA has recently given approvals to a number of spinal cord stimulation technologies, such as St. Jude Medical’s Proclaim Elite SCS and Nervo Corporation’s Senza SCS system. Some of the newer indications that are supported by SCS are refractory angina pectorsis, failed back surgery syndrome, and complex regional pain syndrome. That being said, the analyst of the report has foreseen the deep brain stimulation (DBS) segment to expand at a stronger growth rate, feeding off new indications such as treatment resistant depression, obsessive compulsive disorder, and Alzheimer’s type dementia.
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Technology-wise, the neuromodulation devices market has been bifurcated into Boston Scientific’s Precision Spinal Cord Stimulation System, Jude Medical’s Eon Mini Neurostimulator System, Medtronic’s Spinal Cord and Deep Brain Neurostimulation Systems, Codman & Shurtleff’s Medstream System, Cyberonics’ VNS Therapy System, Nevro’s Senza System for Spinal Cord Stimulation, IntraPace’s Abiliti System, and Medtronic’s Enterra Therapy System.
The U.S. Remains Key Country-wide Market
Geographically, North America continues to be the region with maximum demand potential, which primarily comes from the U.S. As of 2018, North America accounts for well over half of the total demand for neuromodulation devices, which can also be attributed to strong prevalence of depression and other chronic pains across the increasing geriatric population. However, Asia Pacific is another region with great potential owing to its large population base, constituted by the emerging economies of China and India.
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St. Jude Medical, Medtronic, Cyberonics, Nevro, Boston Scientific Group, Codman and Shurtleff, Integra, Cervel Neurotech Inc., Uroplasty, IntraPace, and Neuronetics Inc. are some of the key companies currently ahead of the curve in the global neuromodulation devices market.
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