Neuromodulation Devices Market Size Analysis, Share Value, Growth Insights, Future Trends and Segmentation By 2023
Neuromodulation Devices Market Overview:
The global Neuromodulation Devices Market size is slated to reach an 11.2% CAGR during the forecast period of 2018 to 2023. Market research Future (MRFR) discusses various technological development, improvement in funding, better research facilities, and others as major growth-inducing factors. The growing number of nerve-related diseases can also boost the global market.
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Neuromodulation Devices Market Segmentation:
The neuromodulation devices market can be studied based on a segmentation led by MRFR. This segmentation includes type, type of application, biomaterial, and end-user. Inputs gained from these segments can be used in the development of better strategies in the coming years.
By type, the global neuromodulation devices market can be segmented into internal neuromodulation and external neuromodulation (non-invasive). Internal neuromodulation is further divided into Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Sacral Nerve Stimulation (SNS), and Gastric Electrical Stimulation (GES). External neuromodulation (non-invasive) includes Transcutaneous Electrical Nerve Stimulation (TENS), Transcranial Magnetic Stimulation (TMS), and Respiratory Electrical Stimulation (RES).
By type of application, the report on the neuromodulation devices market can be studied by including spinal cord stimulation, sacral nerve stimulation, vagus nerve stimulation, gastric electrical stimulation, transcutaneous electrical nerve stimulation, repetitive transcranial magnetic stimulation, respiratory electrical stimulation, and deep brain stimulation. The spinal cord stimulation includes chronic pain management, failed back syndrome, and ischemia. The deep brain stimulation includes Parkinson’s Disease, Tremor, Depression, and others. Sacral nerve stimulation includes urine incontinence and fecal incontinence.
Vagus nerve stimulation comprises epilepsy and others. Gastric electrical stimulation includes gastroparesis and obesity. Transcutaneous electrical nerve stimulation encompasses treatment-resistant depression and others. Repetitive transcranial magnetic stimulation covers depression and migraine headaches. Respiratory electrical stimulation includes spinal cord injury and others.
By biomaterial, the neuromodulation devices market is segmented into polymeric biomaterials, metallic biomaterials, and ceramic biomaterials.
Neuromodulation Devices Market Regional Analysis:
The global neuromodulation devices market can be analyzed on the revenues earned be several regions. The Americas have a chance to dominate the global neuromodulation devices market as the regional awareness regarding these devices and associated diseases is quite high. In the US and Canada, top-class infrastructure in the healthcare sector and better investment capacity from regional players can assist in the expansion of the market.
The regional neuromodulation devices market is also spending a substantial amount on developing better research and development facilities. Europe is enjoying similar advantages and is expected to secure profits in countries like Russia, France, Germany, the UK, and others. Proper backing of the research industry is expected to bolster the growing changes in the market.
The APAC region is a lucrative option for various global players where they are spending millions to expand their business. This is primarily due to the huge population and structural overhauling in developing countries.
Neuromodulation Devices Market Competitive Landscape:
The global market for neuromodulation devices can be bolstered by the strategic developments taking place in various companies like LivaNova PLC (UK), Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Bioness Inc. (U.S.), Aleva Neurotherapeutics SA (U.S.), NeuroPace Inc. (U.S.), EnteroMedics Inc (U.S.), Nevro Corporation (U.S.), Neurosigma, Inc. (U.S.), Synapse Biomedical, Inc. (U.S.), Cyberonics, Inc. (U.S.), Soterix Medical, Inc. (U.S.), Neuronetics, Inc. (U.S.), Accellent (U.S.), DynaMD (U.S.), BioControl Medical (Israel), and others. These companies are launching various mergers, acquisitions, new product launches, and others. MRFR’s study of the global market would lead to a better understanding of how the market can benefit in the coming years.