Neuromodulation Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Neuromodulation Devices Market

The neuromodulation devices market size was valued at USD 4.51 billion in 2018, and the market is now projected tgrow USD 16.25 billion in 2032 exhibiting a CAGR of 9.6% during the forecast period of 2019-2032.

The war against COVID-19 initially challenged the growth of the neuromodulation devices market as it disrupted health care services, delayed elective procedures, and a.) This rising concern expanded the market because of the rising prevalence of many mental health disorders including anxiety and depression, augmented demand for non-invasive treatments. RPMT and telemedicine emerged as the key solutions during the COVID pandemic, thereby increasing the demand for neuromodulation devices. When healthcare systems started evolving, there was a fresh interest in new treatments in the market. There are expectations that post COVID-19 the neuromodulation devices market will further grow due tconstant development of new technologies and increasing patients’ needs.

A lot of people opt for spinal cord stimulation treatment because in dealing with chronic back pain, the stimulation success is achieved through receptors and functions of a spinal column nerve. Vagus nerve stimulation is mainly used for neurological disorders such as epilepsy, but the current research carried out in clinical trials involves other related disorders. For example, Huashan Hospital in Shanghai is testing spinal cord stimulation for DOC treatment. Further, in 2017, the FDA green-lit the Inspire 3028 device that is used ttreat sleep Apnea in those whcannot use CPAP. Such efforts suggest diversification of this treatment process tother areas apart from what is currently recognized.

Majority of patients with chronic diseases such as backache, depression, epilepsy, and sleep disorders are unresponsive tconventional drugs; therefore, make slow progress and have poor results. This has led healthcare providers shift their attention towards neurostimulation techniques which as an alternative treatment tcondition fueling the neuromodulation devices market. An estimated 50 million adults in the United States have some form of chronic pain while 19 million are living with high impact pain – CDC. Some of the long-term conditions include epilepsy and treatment-resistant depression which have been reported thave a great impact on the-economic costs burdens on the health care systems. While drugs demonstrate poor effectiveness, spinal cord, and deep brain stimulation have become established treatments.

Comprehensive Analysis of Neuromodulation Devices Market

The neuromodulation devices market growth is alsincreasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near tthe industry considering the leading supply and demand forces. These segmentations are methodically segregated by product type analysis, by type analysis, by application analysis and by end-user analysis. By product type analysis incudes spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, transcranial magnetic stimulators, and others. By type analysis incudes invasive and non-invasive. By application analysis incudes pain management, neurological disorders, respiratory disorders, and others. By end-user analysis incudes hospitals and specialty clinics.

The North America region lead the neuromodulation devices market share by benefitting a market size of USD 2.10 billion in 2018 due tadvanced healthcare infrastructure.

Top players in the market have their responsibility of healthcare industrial prospectus growth of the retailing industry and the markets. These players include, LivaNova PLC, Medtronic, electroCore, Inc., Boston Scientific Corporation, Abbott, Inspire Medical Systems, Inc., Neuronetics, ReShape Lifesciences, Inc., and NeuroPace, Inc. these market players provide a level-playing competitive landscape.

In November 2018, electroCore Inc. received US FDA approval for its non-invasive vagus nerve stimulation (nVNS) device, ""gammaCore,"" as an adjunct therapy for cluster headache treatment.

Segmentation Table

ATTRIBUTE DETAILS

Study Period - 2015-2026

Base Year - 2018

Forecast Period - 2019-2026

Historical Period - 2015-2017

Unit - Value (USD billion)

By Product Type

• Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Transcranial Magnetic Stimulators
• Others

Segmentation By Type

• Invasive
• Non-invasive

By Application

• Pain Management
• Neurological Disorders
• Respiratory Disorders
• Others

By End User

• Hospitals
• Specialty Clinics

By Geography

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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