DUBLIN--(BUSINESS WIRE)--The "Global Neuromodulation Devices Market Size, Share & Trends Analysis Report by Product Type (Spinal Cord Stimulators, Deep Brain Stimulators), by Technology, by Application, by Biomaterial, by End-use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global neuromodulation devices market size is expected to reach USD 8.3 billion by 2030 and is expected to expand at a CAGR of 9.5% from 2022 to 2030
Neuromodulation offers minimally invasive or non-invasive treatment options for the treatment of neurological diseases. In addition, the growth in the healthcare budgetary allocation in developing countries is expected to contribute to the market growth. For instance, in the U.S., national healthcare spending increased to USD 4.1 trillion in 2020, or USD 12,530 per person.
The COVID-19 pandemic had caused havoc in a variety of industries and trades around the world. The demand for neuromodulation is higher among the older population as they are more likely to be exposed to chronic pain due to various comorbidities and probable immune suppression.
Furthermore, the demand is expected to increase among persons infected with the COVID-19 virus. The illness effectively suppresses the immune system.
The significant increase in investments by the government and market players to improve the healthcare infrastructure is promoting the implementation of novel technologies to treat neurological conditions. In the Union Budget of 2021, the PM Atmanirbhar Swasth Bharat Yojana received funding from the government of India totaling USD 8.10 billion over six years.
The fund was allocated to strengthen existing national medical institutions to develop capacities of primary, secondary, and tertiary healthcare systems and cater to the detection of emerging diseases.
Major players operating in the market are receiving FDA approval for their products. The organizations are incorporating strategies such as alliances, acquisitions, partnerships, R&D investments, new product launches, and approvals to strengthen their competitive power while expanding their global reach.
For instance, in September 2021, Abbott acquired Walk Vascular, LLC, which is a medical device manufacturing company. Walk Vascular, LLC is known for the minimally invasive thrombectomy system that is designed for the removal of blood clots.
Neuromodulation Devices Market Report Highlights
- Based on product type, the spinal cord stimulators segment dominated the market with a revenue share of over 40.0% in 2021. Deep brain stimulators are expected to register the fastest growth rate of 10.8% over the forecast period owing to an increase in the usage of deep brain stimulators for treating essential tremors, Parkinson's disease, dystonia, and epilepsy
- Based on technology, the internal segment dominated the market with a share of over 55.0% in 2021 owing to the increased use of minimally invasive treatments for treating various neurological disorders. The external segment is expected to expand at the fastest CAGR of 10.8% during the forecast period
- Based on application, the Parkinson's disease segment held the largest revenue share of over 25.0% in 2021. The chronic pain segment is expected to exhibit the fastest growth of 11.3% during the forecast period
- Based on biomaterial, the metallic biomaterials segment dominated the market and held over 45.0% share in 2021 owing to the growth in R&D activities
- In 2021, North America dominated the market with a revenue share of over 45.0% owing to the rising prevalence of various types of neurological illnesses and the recurring need for neuromodulation devices and therapies. Asia Pacific is expected to expand at the fastest rate of 10.6% during the forecast period. The growth can be attributed to an aging population and rising government initiatives. For instance, NITI Aayog along with the Ministry of Health and Family Welfare launched a no-cost diagnostic program for patients suffering from neurological disorders in 2016
Market Dynamics
Market Driver Analysis
- Harnessing digital health solutions
- A rise in the number of patients with neurological disorders
Market Restraint Analysis
- Less number of skilled labor
Neuromodulation Devices Market: Business Environment Analysis Tools
- Porter's Five Forces Analysis
- Pestel Analysis
Penetration & Growth Prospect Mapping
Technology Trend Analysis
Regulatory Framework
Impact of COVID-19 on Neuromodulation Devices Market
Companies Mentioned
- Medtronic
- Livanova Plc
- Nevro Corporation
- Bioventus Inc.
- Neuropace Inc.
- Boston Scientific Corporation
- Abbott Laboratories
- Neuronetics
- Inspire Medical System Inc.
- Electrocore Inc.
For more information about this report visit https://www.researchandmarkets.com/r/879csf
