The Neuromodulation market is forecast to reach USD 10.86 Billion by 2032, 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.
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.
Request a Sample@ https://www.qyresearchmedical.com/sample/119253
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.
Key Coverage of the Report
- Estimation of the market size along with historical and forecasted trend analysis.
- Various types’ of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- The regulatory framework of each region.
- Regional up-coming research and application outlook.
- Status of on-going developments.
- Regional prevalence of Neuromodulation has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Neuromodulation Market
- The Neuromodulation market is forecasted to grow at a rate of 10.8% during the forecast period and reach USD 85 Billion in 2032.
- Various initiatives taken by the market players are supporting the growth of the market. One such mentionable initiative is new product launches. As an instance, in November 2019, Nevro had launched Senza Omnia spinal cord stimulation system. With the help of this new launch, the company would be able to deliver its proprietary HF10 therapy. Thus, such initiatives by the market players have a positive impact on the overall growth of the market.
- Development of new products by market players and its approval by specific administrative agencies is also supporting the market growth. As an instance, in May 2014, BioControl Medical had announced that it had received CE marking for the FitNeS™ vagus nerve stimulation system for treatment-resistant depression (TRD) in Europe. Such initiatives by the market players are not only supporting the market expansion of BioControl Medical, but it is also contributing to the growth of the market.
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.
The companies have focused on various strategies like new product launches, acquisitions, and mergers to strengthen their market position and expand the market share.
Market-O-Nomics
- The valuation for Neuromodulation market was USD 5,786.1 Million in 2020, and it is forecasted to have a growth rate of 10.8% during the forecast period.
- In context to Technology, the Internal Neuromodulation segment can be seen to lead the market occupying a larger market share of 65.0% in 2023, with a growth rate of 10.4% during the forecast period. Internal Neuromodulation is usually applied in Deep Brain Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation, Gastric Electrical Stimulation, and Sacral Nerve Stimulation. The rising incidence rate of chronic leg, back and arm pain, and applicability of this technology in effective management of these chronic pain, contributes to its high demand and market share occupied by this segment.
- While discussing Technology, it is mentionable here that the External Neuromodulation (Non-Invasive) segment is projected to witness a significant growth rate of 11.5% during the forecast period, which is expected to occupy 37.0% of the market by 2032. External Neuromodulation includes Transcutaneous Electrical Nerve Stimulation, Transcranial Magnetic Stimulation, and Respiratory Electrical Stimulation. The growth rate experienced by the External Neuromodulation segment is attributed to the fact that it is non-invasive in nature and effective in pain management, which results in its increasing popularity and growth rate witnessed by this segment.
- In context to Biomaterial, it can be observed that the Metallic segment held a significant portion of the market. In the year 2023, it held more than 40.0% of the market, with a CAGR of 11.0% during the forecast period. The high demand for metallic biomaterial like platinum group metals for permanent implantable electronic devices and elevating demand for cochlear implants that require platinum electrode array contributes to the market share occupied by this segment.
- While discussing Biomaterial, it is mentionable here that the Polymeric segment is projected to witness a significant growth rate of 11.2% during the forecast period, which is expected to occupy 43.5% of the market by 2032. The rising demand for polymeric biomaterials due to its advantages like enhanced flexibility, in regards to modifying its chemical, physical & mechanical properties along with biodegradability and biocompatibility contributes to the growth rate witnessed by this segment.
- In context to Application, the Spinal Cord Stimulation (SCS) segment is dominating the market that occupied more than 37.0% of the market in 2023, with a growth rate of 11.0% during the forecast period. The rising geriatric population and associated increasing incidence rate of chronic pain results in elevating demand for SCS and the market share occupied by this segment.
- In regards to Region, North America held the largest market share of more than 45.0% in 2023, with a growth rate of 10.9% during the forecast period. 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.
Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2032. For the purpose of this report, have segmented the global Neuromodulation market, according to Technology, Biomaterial, Application, End-user, and Region:
Technology Outlook (Revenue, USD Billion; 2023-2032)
- Internal Neuromodulation
- External Neuromodulation (Non-Invasive)
Biomaterial Outlook (Revenue, USD Billion; 2023-2032)
- Polymeric
- Metallic
- Ceramic
Application Outlook (Revenue, USD Billion; 2023-2032)
- Deep Brain Stimulation (DBS)
- Spinal Cord Stimulation (SCS)
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Others
End-user Outlook (Revenue, USD Billion; 2023-2032)
- Hospitals
- Clinics
- Home healthcare
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119253/1500
You can place an order or ask any questions, please feel free to contact sales@qyresearchmedical.com | +1 9197 992 333
Blog: https://www.novaoneadvisor.com/
Blog: https://www.visionresearchreports.com/
About Us
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us:
URL – http://www.qyresearchmedical.com/
https://www.linkedin.com/company/qyresearch-medical/
https://www.facebook.com/QYResearch-Medical-108186514228917/