Market Analysis: Global Neuromodulation Market
The neuromodulation market accounted to USD 4.05billion in 2016 growing at a CAGR of 12.22% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Market Definition: Global Neuromodulation Market
Neuromodulation is technology which is used for modification or variation in the nerve activity by using chemical agents or electrical stimulation to the specific neurological sites in the body. Neuromodulation devices are used by the application of electrodes to the brain, peripheral nerves or the spinal cord. The therapy provides relief to patients from pain and accompanying side-effects of drugs. The technology used is expected to replace conventional treatments for neurological disorders.
Major market drivers and restraints:
- Rise in geriatric population
- Increase in cases of neurological diseases such as Alzheimer’s and Parkinson’s diseases
- Increase in awareness regarding the safety and efficacy of neurostimulator devices
- Robust product pipeline
- Rise in investments and funds
- Unfavorable reimbursement policies
- Lack of healthcare professionals
Market Segmentation: Global Neuromodulation Market
The neuromodulation market is segmented by technology into internal neuromodulation and external neuromodulation (Non-invasive). Internal Neuromodulation is sub segmented into spinal cord stimulation (SCS), deep brain stimulation (DBS), vagus nerve stimulation (VNS), sacral nerve stimulation (SNS) and gastric electrical stimulation (GES).External neuromodulation (non-invasive) is sub segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS) and respiratory electrical stimulation (RES).
On the basis of application the market is segmented into spinal cord stimulation (SCS), deep brain stimulation (DBS), sacral nerve stimulation market, vagus nerve stimulation market, gastric electrical stimulation market, transcutaneous electrical nerve stimulation market, repetitive transcranial magnetic stimulation market and respiratory electrical stimulation market.
Spinal cord stimulation (SCS) market is further sub segmented by application into failed back syndrome (FBSS), chronic pain and ischemia. Deep brain stimulation (DBS) marketis further sub segmented by application into Parkinson’s disease, tremor and depression. Sacral Nerve Stimulation Marketis further sub segmented by application into urine incontinence and fecal incontinence.Vagus Nerve Stimulation Marketis further sub segmented by application intoepilepsy and others.Gastric electrical stimulation market is further sub segmented by application intogastroparesis and obesity.Transcutaneous electrical nerve stimulation market is further sub segmented by application into treatment resistant depression and others. Repetitive transcranial magnetic stimulation market is further sub segmented by application into depression and migraine headache.Respiratory electrical stimulation market is further sub segmented by application into spinal cord injury.
On the basis of geography, neuromodulation market report covers data points for 28 countries across multiple geographies such as North America & South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, andBrazil among others. In 2017, North America is expected to dominate the market.
Competitive Analysis: Global Neuromodulation Market
The neuromodulation market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of neuromodulation market for global, Europe, North America, Asia Pacific and South America.
Major Market Competitors: Global Neuromodulation Market
Some of the major players operating in neuromodulation market areBioAlps Association, Bioness Inc., Soterix Medical Inc., Medtronic, Abbott, Boston Scientific Corporation, LivaNova PLC, Axonics Modulation Technologies, Inc., Cochlear Ltd., MED-EL, Nevro Corp., Neuronetics, Cogentix Medical, Johnson & Johnson Services Inc., NeuroPace, Inc., NeuroSigma, Inc., NDI, IntraPace, Inc., DynaMD, BioControl Medical, Synapse Biomedical Inc., Functional Neuromodulation, Ltd., Stimwave LLC, Biegler GmbH, Stimwave LLC, Modulus, Inc. EnteroMedics Inc. and Integer Holdings Corporation among others.
Research Methodology: Global Neuromodulation Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or drop down your enquiry.
Demand Side Primary Contributors: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters, and Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, and Regulatory Affairs Managers among others.