DUBLIN--(BUSINESS WIRE)--The "Neuromodulation Market by Technology - Internal (Deep Brain Stimulation, Vagus Nerve Stimulation), External (Transcranial Magnetic Stimulation), Application (Ischemia, Chronic Pain, Parkinson's, Depression, Tremor, Epilepsy, Migraine) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global neuromodulation market size is projected to reach USD 8.8 billion by 2025 from USD 5.8 billion in 2020, at a CAGR of 8.6%.
The growth of this market is driven majorly by factors such as the rising prevalence of neurological disorders, increasing research into expanding the applications of neuromodulation, and awareness on neurodegenerative disorders. However, the high cost of neuromodulation procedures and equipment, along with the dearth of a trained workforce, will challenge market growth.
By technology, the internal neuromodulation segment is expected to grow at the highest CAGR during the forecast period.
Based on technology, the neuromodulation market is segmented into internal neuromodulation and external neuromodulation. The internal neuromodulation segment accounted for the largest market share in 2019. This segment is also expected to register the highest growth during the forecast period. This growth in this segment is driven primarily by reductions in post-surgical complications and length of hospital stay, as well as long-term cost savings associated with the use of internal neuromodulation devices.
By type, the transcutaneous electrical nerve stimulation (TENS) segment dominated the external neuromodulation market in 2019.
Based on type, the external neuromodulation market is segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES). TENS accounted for the largest share of the external neuromodulation market in 2019, owing to the higher incidence of chronic disorders, the wide range of applications of these devices, their cost-effectiveness, and the rising demand for non-invasive therapy.
Asia Pacific neuromodulation market is expected to witness the highest growth during the forecast period.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the high incidence of neurological disorders, increasing public and private investments, and ongoing research.
- Rising Prevalence of Neurological Disorders
- Research Into Expanding the Applications of Neuromodulation
- Rising Awareness on Neurodegenerative Disorders
- High Cost of Neuromodulation Procedures
- Expansion in Emerging Economies
- Dearth of Trained Professionals
- Boston Scientific Corporation
- Nevro Corporation
- Neurosigma, Inc.
- Neuropace, Inc.
- Biocontrol Medical
- Synapse Biomedical
- Soterix Medical
- Integer Holdings Corporation
- Gimer Medical
- GTX Medical
- Helius Medical Technologies
- Bluewind Medical
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