Global Neuromodulation Market – Industry Analysis, Size, Share, Trends and Forecast, 2014 – 2022
The market for global neuromodulation devices was valued at around USD 3.5 billion in 2015 and is expected to reach USD 6.5 billion by 2022, growing at a CAGR of around 9.3% during the forecast period of 2016 to 2022. Neuromodulation includes treatments that involve stimulation or administration of medications directly to the body’s nervous system for therapeutic purposes.
Global Neuromodulation Market - Industry Analysis, Size, Share, Trends and Forecast, 2014 – 2022
Fig.Global Neuromodulation Market Projection
The market for global neuromodulation devices was valued at around USD 3.5 billion in 2015 and is expected to reach USD 6.5 billion by 2022, growing at a CAGR of around 9.3% during the forecast period of 2016 to 2022. Neuromodulation includes treatments that involve stimulation or administration of medications directly to the body’s nervous system for therapeutic purposes. The target cells for stimulation include nerves in the central and peripheral nervous systems, the autonomic nervous system, and the deep cell nuclei of the brain, resulting in modulation of their activity. Neuromodulation includes several modalities, and is a cross-disciplinary approach to pain control and neurologic dysfunction. Neuromodulation can be used to treat movement disorders, spasticity, and epilepsy, as well as pain syndromes. Devices are implanted which can either include drug delivery pumps or neural stimulators.
The most common type is spinal cord stimulation, which is used for back or lower extremity pain. Spinal cord stimulation involves electrical stimulation of the spinal cord to interrupt pain signals from the spinal cord to the brain, and to trade a painful sensation with a more pleasant tingling sensation. The technology has been present since the 1960s and in the past decade has become highly effective in the treatment of pain. In addition to chronic pain relief, other neuromodulation treatments now used include deep brain stimulation for essential tremor, Parkinson’s disease, dystonia, epilepsy and disorders such as depression, obsessive compulsive disorder and Tourette syndrome; sacral nerve stimulation for pelvic disorders and incontinence; gastric and colonic stimulation for gastrointestinal disorders such as dysmotility or obesity; vagus nerve stimulation for epilepsy, obesity or depression; carotid artery stimulation for hypertension; and spinal cord stimulation for ischemic disease such as angina and peripheral vascular disease.
Rise in base of geriatric population, increasing number of patients with neurological disorders, strong product pipeline with various innovations, increasing number of target applications, and increasing demand from emerging countries are the primary driving factors contributing for the growth of this market. Neuromodulation is reversible and adjustable, in which physicians can on-invasively manage the electrical parameters with a programmer to effectively control disease symptoms. However, there are certain factors which could hamper the growth of this market, includes unfavorable reimbursement scenario and lack of sufficient number of trained professionals to treat disorders.
Geographic Coverage and Analysis:
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to the presence of large number of neurological patients and rise in base of aging population. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period.
The report delivers a strategic analysis of the global market for neuromodulation and growth forecast for the period from 2016 – 2022. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type of technology and application. It also covers geographical analysis of the market with growth forecast for the period of 2016 – 2022. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.