Neuromodulation Market to Grow at 10.3% CAGR During (2020-2027) Global Analysis by The Insight Partners

According to The Insight Partners study on "Neuromodulation Market to 2027 – Global Analysis and Forecast – by Technology, Application and End User" the neuromodulation market was valued at US$ 7, 613.45 million in 2019 and is projected to reach US$ 16,333.98 million by 2027; it is expected to grow at a CAGR of  10.3% during 2019–2027. The growth of the market is attributed to the iincreasing incidence of neurological disorders and growing developments in neuromodulation technology are factors driving the growth of the neuromodulation market; however, the high cost of neuromodulation devices hinders its market growth.

 

Get Exclusive Sample Pages of Neuromodulation Market - COVID-19 Impact and Global Analysis with Strategic Insights at https://www.theinsightpartners.com/sample/TIPHE100001415/

 

In 2019, North America dominated the biopsy devices market. The factors that have enabled North America region to be the largest market include increasing number of patients suffering neurological disorders thereby needing neuromodulation devices, increasing competition between the market players, high R&D spending to develop new therapeutic products.

The Neuromodulation Market in Asia Pacific is anticipated to grow at the fastest rate in the coming years due The growth of the market is expected to be fastest owing to the increasing incidence of neurological disorders, rapidly improving healthcare infrastructure, growing government support, and increasing number of startups in this region.

The US is the largest and fastest-growing market for the neuromodulation market. The growth of the market is attributed to increasing developments of the medical device sector for neuromodulation, significantly rising incidences of neurological disorders among people and growing demand for neuromodulation devices for chronic pain management.

The COVID-19 outbreak has disturbed various trades and businesses across the world. It is expected that the demand for neuromodulation has increased among the geriatric population, as the exposure to chronic pain is more in the geriatric population due to multiple comorbidities and potential immune suppression. In addition, the demand is projected to grow among the people suffering from COVID-19 infection. The disease suppresses the immune system very effectively. In addition, chronic pain further results in immunosuppression, complex effects on the immune system, therefore it is expected that these factors are likely to influence the growth of the market.

On the other hand, the outbreak of pandemic has significantly affected the supply chain of medical devices. Governments across the world have imposed a lockdown for various days. Limited production of medical devices was allowed to continue. Therefore, it is estimated that the supply of Neuromodulation would be very less in the region. Hence, owing to the outbreak of the COVID-19 pandemic, the market is likely to experience a slow growth rate during the forecast period. However, various studies are being carried out to develop Neuromodulation treatments associated with COVID19 patients is expected to benefit the Neuromodulation related market in the region.

 

Download the Latest COVID-19 Analysis on Neuromodulation Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPHE100001415/

 

On the other hand, the incidences of neurological disorders such as epilepsy, Parkinson's disease, Alzheimer's disease, and depression, among others. For instance, according to a report 'Incidence and Prevalence of Major Neurologic Disorders' 2018, ~twenty million Americans are diagnosed with some neurological disorder. Nearly 16% of the total families in the US have a patient living with brain impairment. Therefore, there is an increasing burden.

The rising concerns regarding neurological disorders have led to increasing neurological research to study diseases like cancer. Therefore, there is a rise in the research investment in the country in 2016; Congress has allocated US$ 1.8 billion funds for cancer research. Moreover, the country has enormous number of US-based medical device companies operating in the market that are intensely involved in developing neuromodulation devices. Thus, owing to the above-mentioned factors, the market is expected to increase its growth in the coming future significantly.

Based on technology, the neuromodulation market is segmented into external (non-invasive) neuromodulation and internal neuromodulation. The internal neuromodulation segment accounted for more than 67.09% of the market share in 2019. In terms of application, the neuromodulation market is segmented chronic pain management, failed back syndrome, epilepsy, tremor, incontinence, depression, dystonia, gastroparesis, Parkinson's disease, obsessive-compulsive disorder (OCD), and migraine. The chronic pain management segment held the largest share of the market in 2019. In terms of end user, the neuromodulation market is segmented into hospitals, clinics, and home healthcare.The hospital segment held the largest share of the market in 2019.

Growing Developments in Neuromodulation Technology in Neuromodulation Market

Neuromodulators alter the nerve activity by delivering electrical or pharmaceutical agents precisely at the target site. These are frequently used for chronic pain relief. However, growing technological developments in neuromodulation have increased its applications. For instance, deep brain stimulation (DBS) is used for treating Parkinson's disease, sacral nerve stimulation for resolving pelvic disorders and urinary incontinence, and spinal cord stimulation for addressing ischemic disorders such as angina and peripheral vascular disease.

Companies operating in the neuromodulation market are receiving FDA approvals for their innovative products and raising funds for product development, which, in turn, propels the growth of the market. The following are a few developments.

 

Inquire before Buying (Neuromodulation Market Research): https://www.theinsightpartners.com/inquiry/TIPHE100001415/

 

In October 2020, Medtronic announced the first implantation of its InterStim Micro SNS (sacral neurostimulation) system in a patient. The system is designed to treat overactive bladder symptoms such as urinary urge incontinence (UUI), urinary frequency (UF), non-obstructive urinary retention (NOUR), and fecal incontinence (FI). The company further aims to enroll 160 patients in 40 sites in the US, Europe, Australia, and Canada. It also plans to evaluate results such as patient-reported outcomes, disease-specific quality of life, and symptom diaries over two years.

In October 2020, Wise Srl, an Italian medical device company, announced the closing of ~US$ 17 million (€15 million) series C of financing round. The company is developing next-generation implantable device used for neuromonitoring, neuromodulation, and brain-machine interfacing. The funding is raised to develop the company's second product, SCS EXPERT (EXpandable PERcuTaneous). It is a percutaneously implantable multi-column paddle lead used for spinal cord stimulation (SCS). In addition, funds will also be utilized for the commercial launch of the company's first product WISE Cortical Strip (WCS), which is a disposable medical device used for IntraOperative Neurophysiological Monitoring during brain tumour and epilepsy surgeries. The company is expecting a CE mark for its WCS.

Market: Segmental Overview

In terms of technology, internal neuromodulation segment is anticipated to register the highest CAGR during the forecast period. Internal neuromodulation refers to the implantation of neurostimulators in body in order to treat abnormalities in organs with the help of electrical impulses. The technology includes minimally invasive procedure to implant neurostimulator in the body. The devices are utilized to treat chronic pain and neurological disorders with the help of electrical signals, which are originated from implanted electrical stimulator. Certain factors such as increasing awareness of efficient treatment outcomes of electrical stimulation therapy and growing number of product approvals are projected to drive the market growth. In terms of application, the neuromodulation market is segmented chronic pain management, failed back syndrome, epilepsy, tremor, incontinence, depression, dystonia, gastroparesis, Parkinson's disease, obsessive-compulsive disorder (OCD), and migraine. The chronic pain management segment held the largest share of the market in 2019. In terms of end user, the neuromodulation market is segmented into hospitals, clinics, and home healthcare.The hospital segment held the largest share of the market in 2019.

Neuromodulation Market: Competition Landscape and Key Developments

Abbott, Boston Scientific Corporation, Medtronic, NeuroPace, Inc., NeuroSigma, Inc., NEVRO CORP, Synapse Biomedical Inc., Soterix Medical Inc, Integer Holdings Corporation, Magstim are among the key companies operating in the neuromodulation market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

 

Order a Copy of Neuromodulation Market Shares, Strategies and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPHE100001415/

 

 

• In September 2020, Boston Scientific announced the European launch of the WaveWriter Alpha portfolio of Spinal Cord Stimulator (SCS) Systems. The portfolio, consisting of four MRI conditional, Bluetooth-enabled implantable pulse generators (IPGs), offers expanded personalization based on patient needs, including rechargeable and non-rechargeable options, and access to waveforms that can cover multiple areas of pain.
• In July 2020, Abbott has received approval from the FDA for the use of its Patient Controller app on compatible personal Apple smartphone devices. This approval allows patients living with neurological conditions, including chronic pain or movement disorders, the ability to manage therapy directly from their personal smartphone.
• In April 2020, Synapse Biomedical, Inc. Received FDA Emergency Use Authorization (EUA) for its TransAeris DPS use during the COVID-19 pandemic. It is a supportive system for the weaning patients, with a possible high risk of weaning failure off ventilators for not more than 30 days.

 

 

Browse Related Reports and Get Sample copy

Obesity Treating Neuromodulation System Market 2028 By Product Type, End user, End user, and Geography

Nerve Repair & Regeneration Market 2028 By Product Type, Application, End User

 

 

 

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com 
Phone: +1-646-491-9876 
Press Release: https://www.theinsightpartners.com/pr/neuromodulation-market