Neuromodulation Market to Grow at 12.8% CAGR by 2030
Constant expansion of application linked with the high prevalence rate of neurological disorders supported by the large geriatric population along with huge product pipeline as well as growing FDA approvals in the neuromodulation market are expected to drive the growth of Neuromodulation industry during the forecast period of 2020-2030.
The Neuromodulation Market is expected to grow at the CAGR of 12.8% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Neuromodulation is a process which involves the implantation of small electrode directly to brain or peripheral nerves along with pulse generators under skin. It is used for the treatment of various neurological disorders that directly affects the central & peripheral nervous system. Some of the major neurological disorders requires neuromodulation include, epilepsy, tremor, Alzheimer’s disease, Parkinson’s disease, chronic pain management and many more.
According to the report, constant growing demands for chronic pain management owing to the growth in surgical procedures, trauma cases and many more. There has been technological advancement along with the high prevalence rate of neurological disorders followed by the presence of large geriatric population. In addition, expansion of wide applications associated with neuromodulation supported by the huge product pipeline along with new product launches in the market. On the other hand, growing FDA approval for new & advanced product is likely to affect the market trends over the forecast period.
However, high cost of Neurostimulators followed by the lack of skilled professional is likely to hamper the market growth. Moreover, growing investments in the R&D activities supported by the growing awareness as well as development in healthcare expenditure is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of technology, the neuromodulation market share is segmented into internal neuromodulation and external neuromodulation. Internal neuromodulation dominates the global neuromodulation market in terms of market share and will be the dominant during the forecasted period.
Based on biomaterial, the market is fragmented into metallic, polymeric, and ceramic. Polymeric biomaterials s expected to show significant CAGR and expected to maintain its dominance during the forecast period.
On the basis of application, the neuromodulation market is categorised into epilepsy, tremor, incontinence, depression, chronic pain management, failed back syndrome, dystonia, gastroparesis, Parkinson’s disease, urine incontinence, fecal incontinence, and other. Chronic pain management is the major application of the neuromodulation and is expected to transform the neuromodulation market trend. Rapid growth in pain management is a major factors expected to maintain the dominance over the forecast period.
North America is likely to account for the highest market size & share of the neuromodulation market in the forecast period 2020–2030 owing to the presence of well developed healthcare infrastructure along with growing FDA approvals. In addition, technology advancement with the presence of major market players as well as huge product pipeline may drive the market growth. Europe accounts for the second leading position in the neuromodulation market size. Asia Pacific is expected to be the fastest developing region in the neuromodulation market which is majorly driven by large geriatric population along with the high prevalence rate of neurological disorders. Moreover, growing awareness among people with the development in healthcare expenditure is likely to enhance the market growth.
According to the report, some the key players in the neuromodulation market are St. Jude Medical, Inc., LivaNova PLC, Medtronic plc, Boston Scientific Corporation, BioControl Medical, Bioness Inc., EnteroMedics Inc, NeuroPace Inc, Aleva Neurotherapeutics SA, and Nevro Corporation.
Browse key industry insights from the report at https://www.nextmsc.com/report/neuromodulation-market in detail along with the table of contents:
Key Insights from the Neuromodulation Market Report:
- Asia Pacific is the fastest growing Neuromodulation market owing to the rising geriatric population along with high prevalence rate followed by developed expenditure on healthcare &growing awareness among people.
- The polymeric biomaterial & Chronic pain management application dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are St. Jude Medical, Inc., LivaNova PLC, Medtronic plc, Boston Scientific Corporation, BioControl Medical, Bioness Inc., EnteroMedics Inc, NeuroPace Inc, Aleva Neurotherapeutics SA, and Nevro Corporation.
The report Neuromodulation market – segmented by technology, biomaterial, application and geography
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