Neuromodulation Market - Growth, Trends, and Forecast (2019 - 2024)
Neurological diseases are frequent in older adults, affecting around 55% of people age 55 and older. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization. Degenerative diseases, like dementia and Parkinson’s disease, as well as strokes and headaches, are frequently encountered neurological diseases in elderly patients. Neuromodulation is an intracranial, electrical neuromodulation therapy that has FDA approval for the treatment for most of the neurological diseases such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population. The proven efficacy and improving acceptance of this technology are expected to lead to the surge in the market demand during the forecast period.
Scope of the Report
Neuromodulators are a subset of neurotransmitter. Unlike neurotransmitters, the release of neuromodulators occurs in a diffuse manner. This means that an entire neural tissue may be subject to the neuromodulator’s action due to exposure. This, in turn, can tune the neural circuitry of an entire brain region and not just that of an individual neuron.
Key Market Trends
Spinal Cord Stimulation (SCS) Holds the Largest Market Share in the Internal Neuromodulation Type
The process of numbing/reducing chronic pain by passing continuous low voltage electric current to the spinal cord is referred to as spinal cord stimulation (SCS). The SCS devices are FDA approved and are the most widely accepted neurostimulation techniques across the world. These devices are of basic three types namely, rechargeable, conventional, and radiofrequency systems. SCS is used in neurological problems, such as nerve damage, arachnoiditis, failed-back surgery syndrome, neuropathy, complex regional pain syndrome, and neuritis. Along with the associated benefits and effectiveness, SCS also has some pitfalls, such as overstimulation, intermittent stimulation, lead dispositioning, and device malfunctioning. However, the benefits of the SCS outrank the pitfalls, thus boosting the segment’s growth over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the overall neuromodulation market with the United States accounting as the major contributor to the market. The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, is expected to boost the regional growth of the market over the forecast period. In addition, the rising concern about the prevalence of neurological disorder and other associated disorders is stimulating the need for the adoption of neuromodulation techniques. Asia-Pacific, on the other hand, is expected to grow with the fastest growth rate over the forecast period.
The major market players in the market include Medtronic PLC, Boston Scientific Corporation, St. Jude Medical Inc., Synapse Biomedical Inc., and Nevro Corporation, among others. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.
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