NEUROMODULATION DEVICES MARKET ANALYSIS
Global Neuromodulation Devices Market - Driver
Increasing distribution agreements among key market players
On March 22, 2023, Helius Medical Technologies, Inc., a neurotech company, and HealthTech Connex Inc., a biotechnology company, entered an exclusive distribution agreement for the Portable Neuromodulation Stimulator (PoNS) device. This agreement granted HealthTech Connex Inc. the exclusive right to purchase, market, sell, and distribute Helius’s PoNS device throughout the metropolitan Vancouver and Fraser Valley regions of British Columbia, Canada, subject to established minimums.
Global Neuromodulation Devices Market: Restraint
Increasing product recall by regulatory authorities can hinder the market growth which can be balanced by product launch by key market players
Increasing product recall by regulatory authorities is expected to hinder the market growth over the forecast period. For instance, in December 2019, LivaNova, a medical technology company, announced that the U.S. Food and Drug Administration (FDA) recalled Vagus Nerve Stimulation (VNS) device as FDA received 14 reports of rest errors that caused the neuromodulation system to stop delivering treatment
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