Neuromodulation Market To Reach USD 17.85 Billion By 2027 – Reports and Data
Increasing prevalence of neurological disorders, the rise in geriatric population, and elevating demand for Neuromodulation in developing countries have resulted in boosting the Neuromodulation market.
The Global Neuromodulation market is forecast to reach USD 17.85 Billion by 2027, according to a new report by Reports and Data. Neuromodulation can be described as the alteration of synaptic and neuronal properties by neurons or substances released by neurons. The medical action is usually mediated by G-protein-coupled receptors, which generally impacts some membrane proteins and ion channels. The impact on membrane proteins and ion channels results in altering synaptic release, synaptic, or firing response properties of neurons. The medical action changes the way in which neurons respond in the neuronal circuits enabling the production of multiple outputs reconfiguring networks by the anatomically defined circuits into different functional circuits.
The impact of the treatment is not static; rather, it results in neuronal circuit's dynamic regulation. The devices used in the process are mainly used with the goal of managing, psychiatric disorders, chronic pain, movement disorders, dismotility disorders, epilepsy, and spasticity, among others. Usually, the process is associated with chronic pain relief. However, there are various other applications of this medical process like treatment for Parkinson's disease, deep brain stimulation (DBS), and spinal cord stimulation for ischemic disorders, among others. The continuous rise in geriatric population is also spurring the market growth. In context to region, Europe can be seen to occupy a significant market share. The market share held by the region is resultant of a well-established healthcare sector, continuous growth in the graying population and associated increasing demand for spinal cord stimulation, which is supporting the market growth in this region.
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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.
- Key participants include 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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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; 2016-2027)
- Internal Neuromodulation
- External Neuromodulation (Non-Invasive)
Biomaterial Outlook (Revenue, USD Billion; 2016-2027)
Application Outlook (Revenue, USD Billion; 2016-2027)
- Deep Brain Stimulation (DBS)
- Spinal Cord Stimulation (SCS)
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
End-user Outlook (Revenue, USD Billion; 2016-2027)
- Home healthcare
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Regional Outlook (Revenue, USD Billion; 2016-2027)
- North America
- Asia Pacific
- Latin America
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