Internal neuromodulation devices are recognized for their ability to directly modify nerve activity by delivering electrical or pharmacological substances to specific target areas. This unique capability allows neuromodulation devices to be used in the treatment of an extensive range of circumstances that impact the body, from neurological disorders such as Parkinson’s disease and epilepsy to chronic pain management and psychiatric conditions, internal neuromodulation devices offer versatile treatment options, driving their adoption and contributing to the growth of the market.
According to Data Bridge Market Research, the Internal Neuromodulation Devices Market accounted for USD 7.72 billion in 2021 and is expected to reach USD 28.6 billion by 2029, registering a CAGR of 15.1% during the forecast period of 2022 to 2029.
“Increasing number of patients suffering from brain diseases”
The increasing number of patients suffering from brain diseases acts as a significant market driver for internal neuromodulation devices. Conditions such as Parkinson's disease, epilepsy, chronic pain, and movement disorders are on the rise, creating a growing patient pool that needs effective treatment options. Internal neuromodulation devices offer innovative solutions for managing these conditions by providing targeted stimulation to specific areas of the brain or nervous system, thus lessening symptoms and escalating the improvement of patient’s quality of life. This increasing demand drives the growth of the market for internal neuromodulation devices.
What restraints the growth of the internal neuromodulation devices market?
“High cost associated with neuromodulation devices”
The high cost associated with neuromodulation devices acts as a restraining factor for the growth of the internal neuromodulation devices market. These devices' complex technology and advanced features contribute to their higher pricing, limiting their affordability for a significant portion of the population. Additionally, the high maintenance cost and ongoing healthcare expenses further ads to the financial burden for patients. These factors hinder the widespread adoption and market expansion of neuromodulation devices.
Segmentation: Internal Neuromodulation Devices Market
The internal neuromodulation devices market is segmented on the basis of product type, lead type, biomaterial, application and end-user.
- On the basis of product type, the internal neuromodulation devices market is segmented into spinal cord stimulator, deep brain stimulator, vagus nerve stimulator, sacral nerve stimulator, gastric nerve stimulator.
- On the basis of lead type, the internal neuromodulation devices market is segmented into percutaneous, paddle lead.
- On the basis of biomaterial, the internal neuromodulation devices market is segmented into metallic, polymeric, Ceramic.
- On the basis of application, the internal neuromodulation devices market is segmented into failed back surgery syndrome, Parkinson's disease, urinary incontinence, epilepsy, gastroparesis.
- On the basis of end-user, the internal neuromodulation devices market is segmented into hospitals, clinics, home healthcare, and community healthcare.
Regional Insights: North America Dominates the Internal Neuromodulation Devices Market
North America's dominance in the internal neuromodulation devices market is attributed to the increasing number of patients with headaches and brain diseases. The region's rising awareness of neurodegenerative disorders and the growth of neurostimulators for depression and sleep apnea contribute to market growth.
Asia-Pacific, the market is expected to grow due to factors such as the region's rising population and the adoption of improved technologies. The emergence of healthcare infrastructure and the increasing purchasing power of hospitals also contribute to this region's growth rate.
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Recent Developments in Internal Neuromodulation Devices Market
- In March 2021, Abbott introduced virtual clinics as part of its neuromodulation devices portfolio. The launch of the NeuroSphere initiative, which received FDA approval, aims to connect individuals with chronic pain or movement disorders like Parkinson's disease or essential tremors. This initiative enables patients who may not have proximity or physical access to healthcare providers to receive remote healthcare services.
The Prominent Key Players Operating in the Internal Neuromodulation Devices Market Include:
- Medtronic (Ireland)
- Boston Scientific Corporation (U.S.)
- NEVRO CORP (U.S.)
- Cyberonics, Inc. (U.S.)
- Inspire Medical Systems, Inc. (U.S.)
- SPR Therapeutics (U.S.)
- ALEVA NEUROTHERAPEUTICS SA (Switzerland)
- Bioness Inc. (U.S.)
- ReShape Lifesciences, Inc. (U.S.)
- LivaNova PLC (U.K.)
- NeuroPace, Inc. (U.S.)
- Synapse Biomedical Inc. (U.S.)
- Soterix Medical Inc. (U.S.)
- Accellent Technologies, Inc. (U.S.)
- Abbott (U.S.)
- Bioventus (U.S.)
- Soterix Medical Inc. (U.S.)
- Integer Holdings Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of internal neuromodulation devices market companies contact, https://www.databridgemarketresearch.com/zh/contact
Research Methodology: Global Internal Neuromodulation Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
