Neuromodulation Devices Market, by Device Type (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Sacral Nerve Stimulation Devices, Vagus Nerve Stimulation Devices, and Gastric Electric Stimulation Devices), by Application (Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism and GIT Management and Others (Incontinence Management, etc.)) by End User (Hospitals, Ambulatory Surgical Centers, Specialized Clinics, and Others (Nursing Facilities, etc.)) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 14.1 Billion in 2023 and is expected to exhibit a CAGR of 15.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The major players operating in the market are focused on the approval and launch of new products to expand their product portfolio. For instance, in March 2020, Neuronetics, a commercial stage medical technology company developing solutions for the treatment of psychiatric disorders, received Breakthrough Device Designation for its NeuroStar Advanced Therapy System for the treatment of bipolar depression, from the U.S. Food and Drug Administration (FDA), which is expected to drive the market growth over the forecast period.
Global Neuromodulation Devices Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and consequent lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The pandemic hampered the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. The private healthcare is one such sector that was significantly impacted by the COVID-19 pandemic.
Many patients suffering from COVID-19 had a severe respiratory infection that required hospitalization and mechanical ventilation. Governments of various countries are focusing on initiatives to fight against the COVID-19 pandemic and stop the spread of the coronavirus infection by implementing various measures in the countries. Moreover, the governments of various countries have collaborated with universities around the globe to find novel treatments option for COVID-19 and its related complications. For instance, in July 2021, according to the data published by European Pharmaceutical Review Article, it was stated that the long term COVID-19 symptoms improved with neuromodulation. A study published by Laboratory of Neurophysiology & Movement Biomechanics at the Université Libre de Bruxelles in Belgium and the Human Waves Clinic recently analyzed the effects of neuromodulation on 20 adult patients suffering from long-COVID symptom. Patients received 35 minute long transcutaneous Vagal Nerve Stimulation (tVNS) sequences (with a frequency of 25Hz and a pulse width of 250µs) on 10 consecutive days. They were clinically assessed for symptoms and had their the physiological and biological parameters measured before stimulation (day 0), after five sessions (day 5), and after 10 stimulations (day 10). They were clinically assessed again seven days after stimulation as a follow up.
Global Neuromodulation Devices Market: Key Developments
Increasing adoption of organic strategies, such as collaborations, by key market players are expected to drive the global neuromodulation devices market growth over the forecast period. For instance, in June 2021, Merck KGaA, a pharmaceutical company, announced a collaboration with neuroloop GmbH, a subsidiary company of B. Braun and early-stage start-up company based in Freiburg, Germany. The collaboration seeks to develop a neurostimulator device that can complement the existing drug therapies of patients with chronic inflammatory diseases.
Browse 35 Market Data Tables and 28 Figures spread through 170 Pages and in-depth TOC on “Global Neuromodulation Devices Market”- Forecast to 2030, Global Neuromodulation Devices Market, by Device Type (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Sacral Nerve Stimulation Devices, Vagus Nerve Stimulation Devices, and Gastric Electric Stimulation Devices), by Application (Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism and GIT Management, and Others (Incontinence Management, etc.)) by End User (Hospitals, Ambulatory Surgical Centers, Specialized Clinics, Others (Nursing Facilities, etc.)) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neuromodulation-devices-market-3861
Increasing research and development in neuromodulation is expected to aid the growth of the global neuromodulation devices market over the forecast period. For instance, in April 2020, researchers from Shandong Jianzhu University, based in China, proposed an expanded digital hippocampal spurt neural network to simulate the mammalian cognitive system and to perform the neuroregulatory dynamics.
Key Takeaways of the Global Neuromodulation Devices Market:
- The global neuromodulation devices market is expected to exhibit a CAGR of 15.2% during the forecast period due to the increasing geriatric population. For instance, in 2020, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
- Among device type, the spinal cord stimulation devices segment is estimated to hold a dominant position in the global neuromodulation devices market over the forecast period due to increasing product approvals by regulatory authorities. For instance, in August 2022, Abbott, a medical device company announced that the U.S. Food and Drug Administration approved its new Proclaim Plus spinal cord stimulation system featuring FlexBurst360 therapy that offers pain coverage across up to six areas of the trunk and/or limbs and enables programming that can be adjusted as a person's therapeutic needs evolve.
- Among regions, North America is estimated to account for the largest market share in the global neuromodulation devices due to the increasing prevalence of neurological disorders over the forecast period. For instance, according to Alzheimer’s Association, around 5.8 million people in the U.S. aged 65 and older were living with Alzheimer's dementia in 2020.
- The major players operating in the global neuromodulation devices market include Medtronic, BD, LivaNova, Axonics, Inc., ShiraTronics, Abbott, Bioventus, Neuronetics, NEVRO CORP, Integer Holdings Corporation, BIOTRONIK, NeuroPace, Inc., NeuroMetrix, Inc., Helius Medical Technologies, Inc., and Synapse Biomedical Inc.
