Neuromodulation Market Growth 2022-2028: Increasing Prevalence of Neurological Disorders, The Rise in Geriatric Population, And Elevating Demand in Developing Countries
Neuromodulation Market is forecast to reach USD 10.86 Billion by 2028, according to a new report by Reports and Data. One of the fastest-growing arena in the healthcare industry is neuromodulation, which involves various specialties and affects patients with numerous disorders across the globe. It can be described as the process of stimulation, inhibition, regulation, therapeutic alteration or modification of activity, chemically or electrically in the central, autonomic, or peripheral nervous system. In other words, it is the science of the way in which electrical, mechanical, and chemical interventions can modulate the functioning of the nervous system. The medical process inherently is reversible, nondestructive, and adjustable. At present, these implants are either micro infusion pumps or neural stimulators. Its primary functioning is for management of movement disorders, chronic pain, epilepsy, psychiatric disorders, spasticity, and dismotility disorders, among others. It is mentionable here that, rising geriatric population and associated increasing incidence rate of conditions like Parkinson's disease, and Tremor are boosting the growth of the market.
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Though various supporting market factors are propelling the market growth, adverse factors like a limited number of trained professionals and unfavorable reimbursement policies may restrain the market growth.
In context to region, North America can be seen to lead the market. The market dominance of the region is attributed to the presence of various market players in this region, rising awareness about neurological disorder, increasing incidence rate of these disorders, and well-established healthcare & pharmaceutical industry, which are supporting the growth of the market in this region.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
Companies considered and profiled in this market study:
Boston Scientific Corporation, Medtronic, Inc., Cyberonics, Inc., ST. Jude Medical, Inc., Neurosigma, Inc., Nevro Corporation, Biocontrol Medical, Neuropace, Inc., Neuronetics, Inc., and Synapse Biomedical, Inc.
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Further key findings from the report suggest
- The Neuromodulation market held a market share of USD 6.60 Billion in the year 2018 that is forecasted to grow at a rate of 10.8% during the forecast period.
- In context to Technology, the Internal Neuromodulation segment generated a higher revenue of more than USD 4.20 Billion in 2018, with a CAGR of 10.4% during the forecast period. The revenue generated by the segment is attributed to the rising incidence rate of chronic leg, back and arm pain, and applicability of this technology in effective management of these chronic pain, which results in its high demand.
- In context to Biomaterial, the Metallic segment can be seen to generate a significant revenue of USD 2.97 Billion in 2018, with a CAGR of 11.0% during the forecast period. The revenue generated by the Metallic segment is attributed to the high demand for metallic biomaterial like platinum group metals for permanent implantable electronic devices and elevating demand for cochlear implants that requires platinum electrode array.
- In context to Application, the Deep Brain Stimulation (DBS) segment is projected to witness the fastest growth rate of 11.5% during the forecast period, which is expected to occupy 26.4% by 2027. The rising incidence rate of diseases like Parkinson's disease, Alzheimer's disease, and Depression and application of DBS in the treatment of these conditions is elevating its demand and contributing to the growth rate of this segment.
- In regards to End-user, the Hospitals segment held the largest market share of 59.0% in 2018, with a CAGR of 11.0% during the forecast period. The high incidence rate of conditions like Alzheimer's disease, chronic pain, and associated elevated number of indoor and outdoor patients contributes to the market share held by the Hospitals segment.
- In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 11.4% during the forecast, which is expected to hold 0% of the market by 2027. The growth rate witnessed by the region is resultant of rising awareness about conditions like chronic pain, and Alzheimer’s, associated increasing demand for Neuromodulation along with increasing investment in the healthcare sector are some of the mentionable factors propelling the market growth in this region.
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For the purpose of this report, Reports and Data have segmented the global Neuromodulation market, according to Technology, Biomaterial, Application, End-user, and Region:
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Internal Neuromodulation
- External Neuromodulation (Non-Invasive)
Biomaterial Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Deep Brain Stimulation (DBS)
- Spinal Cord Stimulation (SCS)
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
End-user Outlook (Revenue, USD Billion; 2018-2028)
- Home healthcare
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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