Neuromodulation Devices Market Growth 2022 | Healthy Impressive CAGR, Market Analysis After Covid-19 Pandemic 2022 to 2030
Market Scope
Neuromodulation
devices market size is projected to reach USD 14.2 Billion by 2030
at 11.5% CAGR during the forecast period 2022-2030.
Key Growth Factors and Barriers
Neuromodulation
devices are used extensively in the treatment
of tremors, a major nerve disorder that is characterized by an
uncontrollable movement or shaking of various body parts such as hands, arms,
head, larynx (voice box), tongue, and chin. Nearly a million individuals over
the age of 40 years are affected by tremors and are therefore, undergoing
treatment. This condition negatively impacts a person’s daily activities,
including drinking, writing, eating, and more. A variety of advanced
implantable deep brain stimulators have major use in the management of tremors.
This could be one of the top growth boosters for the worldwide market in the
next few years. In addition, the alarming rise in the number of tremor cases,
technological developments in neurostimulator devices, and the growth in FDA
approvals with respect to neuromodulation devices could have a remarkable
effect on the global industry in subsequent years.
The
Epilepsy Centre’s latest report confirms that are present, roughly 60 million
people are suffering from epilepsy across the globe, while nearly 4.4 million
new epilepsy cases are diagnosed every year. Additionally, most of these are
idiopathic, with no known cause. The continuous surge in the incidences of
epilepsy and similar neurological disorders worldwide will result in
substantial market expansion in the years to come.
Major firms
are actively partaking in several strategic measures including product line
diversification, alliances, new launches, and boosting distribution channels
with the aim to bolster their consumer reach. To illustrate, in December 2021,
an eminent medical device vendor, Avivomed Inc., received Series A Preferred
Stock fund of close to USD 32 million. A group of world-renowned medical device
investors have funded the firm and the proceeds will be helping the latter in
gaining resources needed for the designing as well as commercialization of
innovative neuromodulation solutions. These solutions will be used in the
treatment of various chronic ailments.
Market Segmentation
The
neuromodulation devices are available in various types, namely internal along
with external.
Neuromodulation
devices generally have applications in Spinal Cord Stimulation, coupled with
deep brain stimulation. With respect to spinal cord stimulation, Ischemia,
Chronic Pain Management, and Failed Back Syndrome (FBSS) are the key segments
considered in the study.
Biomaterial-based
segments can be polymeric biomaterials, metallic biomaterials, and ceramic
biomaterials.
Top market
end-users highlighted in the review study include clinics, hospitals, and home
healthcare.
Regional Status
With the
biggest share of nearly 55%, North America is the clear winner in the global
market and will continue to prevail as the leader all through the appraisal
period. The demand for neuromodulation devices in the region is bolstered by
the dramatic rise in cases of chronic pain, tremors, epilepsy, and various
disorders. The prevalence of these neurological diseases is significantly high
among the massive elderly population in the United States. Meanwhile, the
strong support by the government as well as several healthcare authorities in
terms of funding related to research & development activities should foster
revenue generation as well.
Asia
Pacific has been recognized as a highly attractive market and could thrive at
the fastest pace in the following years. The vast patient base affected by
various neurological diseases such as Alzheimer and epilepsy, in line with the
rise in government efforts to spread awareness and also upgrade the healthcare
infrastructure will favor the APAC industry.
Affluent Contenders
BioControl
Medical (Israel), Aleva Neurotherapeutics SA (U.S.), Bioness Inc. (U.S.),
LivaNova PLC (UK), EnteroMedics Inc (U.S.), Neuronetics, Inc. (U.S.), Nevro
Corporation (U.S.), Accellent (U.S.), DynaMD (U.S.), Synapse Biomedical, Inc.
(U.S.), Neurosigma, Inc. (U.S.), Cyberonics, Inc. (U.S.), NeuroPace Inc.
(U.S.), Boston Scientific Corporation (U.S.), Soterix Medical, Inc. (U.S.), St.
Jude Medical, Inc. (U.S.) are a few of the top neuromodulation device manufacturers outlined in
the MRFR analysis.
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