Neuromodulation Market by Product and Geography - Forecast and Analysis 2020-2024
Global Neuromodulation Market: About this market
Technavio’s neuromodulation market analysis considers sales from implantable neuromodulation devices and external neuromodulation devices. Our study also finds the sales of neuromodulation in Asia, Europe, North America, and ROW. In 2019, the implantable neuromodulation devices segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as technological advances and new product launches will play a significant role in the implantable neuromodulation devices segment to maintain its market position. Also, our global neuromodulation market report looks at factors such as increasing prevalence of chronic diseases and related risk factors, increasing awareness initiatives and access to healthcare, and technological advances. However, high cost of devices and procedures, device limitations and complications, and stringent regulations may hamper the growth of the neuromodulation industry over the forecast period.
Global Neuromodulation Market: Overview
Technological advances related to battery longevity and miniaturization of implantable neuromodulation devices, including the circuitry and battery, device software and programming, introduction of rechargeable batteries, and implantation techniques, have significantly improved the reliability and effectiveness of neuromodulation devices. One of the latest technological advances in neuromodulation devices has been the development of MRI-conditional implantable neuromodulation devices. Such technological advances will lead to the expansion of the global neuromodulation market at a CAGR of over 11% during the forecast period.
Several neuromodulation devices have recently received approval for indications and are ongoing clinical trials to explore their additional therapeutic properties. Some new indications that are currently being investigated for neuromodulation therapy include Alzheimer's, heart failure, stroke recovery, diabetic neuropathy, migraine headaches, refractory angina relief, hypertension, chronic respiratory insufficiency, and gastrointestinal disorders. Historically, neuropathic pain conditions have been difficult to treat as the pain stem from tissue and nerve damages or result from a disruption in how the peripheral and central nervous system processes or transmit pain signals. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global neuromodulation market during the forecast period 2020-2024, click here.
With the presence of several major players, the global neuromodulation market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading neuromodulation manufacturers, that include Abbott Laboratories, Boston Scientific Corp., LivaNova Plc, Medtronic Plc, NeuroMetrix Inc., Neuronetics Inc., Nevro Corp., Nuvectra Co., OMRON Corp., and Zynex Inc.
Also, the neuromodulation market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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