Neuromodulation devices market is primarily driven by increasing number of patients affected with neural disorders, increasing investment in development of advanced modalities, rising awareness neurodegenerative disorders, and expanding applications of neuromodulation devices across the globe.
The neuromodulation devices deliver low electric currents to the spinal cord, brain, or peripheral nerves through electrodes and pulse generator. These electric pulses either inhibit the pain signals or stimulate the missing neural signals.
The demand for neuromodulation devices is increasing globally due to expanding geriatric population, increasing incidences of neurological diseases, and growth in musculoskeletal disorders.
The manufacturers of neuromodulation devices are continuously engaged in development of new, advanced, and portable devices to remain competitive in the market. Additionally, expanding application base, increasing number of manufacturers, and wide difference in prices are expected to intensify competition in the global neuromodulation devices market.
North America contributed the largest share to the global neuromodulation devices market in 2019 owing to the presence of leading manufacturers of neuromodulation modalities, and expanding application arena. The neuromodulation devices are witnessing uptake due to increasing number of patients affected with neurological disorders.
Rise in number of patients affected with neuromuscular and musculoskeletal disorders in the United States due to less efficient occupational health safety is another factor fueling the adoption of neuromodulation devices. Asia Pacific is anticipated to offer lucrative opportunities to the manufacturers of neuromodulation devices in coming years owing to the expanding population and increasing incidences of neurological disorders.
The neuromodulation devices manufacturing industry in Asia Pacific is expanding significantly with a focus on production of small and portable devices and increasing export to the neighboring countries. China and India are the key manufacturers of wide range of neuromodulation devise and major exporters to Asia Pacific and European countries.
The report titled “Neuromodulation Devices Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global neuromodulation devices market.
Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market. For instance, Abbott Laboratories reported revenues of USD 31.9 billion in 2019 and the product segment analysis of the company indicates that Medical Devices business segment of the company dominated revenue in 2019.
The global neuromodulation devices market is segmented based on technology, biomaterial, application, and geography. Based on technology, the global neuromodulation devices market is segmented into internal neuromodulation, and external neuromodulation. The internal neuromodulation is sub-segmented into deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, spinal cord stimulation, and others. The external neuromodulation is sub-segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), respiratory electrical stimulation (RES), and others. Based on biomaterial, the global neuromodulation devices market is segmented into metallic biomaterials, polymeric biomaterials, and ceramic biomaterials. Based on applications, the global neuromodulation devices market is segmented into chronic pain management, failed back syndrome, epilepsy, tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson's disease, obsessive-compulsive disorder, migraine, and others. Based on geography, the global Neuromodulation Devices market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on neuromodulation devices. Further, market share of prominent companies in the global neuromodulation devices market would also be estimated.
For instance, Abbott Laboratories operates through four business segments namely Established Pharmaceutical Products, Nutritionals, Diagnostics, and Medical Devices. The neuromodulation devices are delivered under Medical Devices business segment of the company with revenue contribution of US$ 12,239 million in 2019 and neuromodulation devices contributed revenue of US$ 831 million in 2019.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the neuromodulation devices manufacturers. The global neuromodulation devices market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution.
Product portfolio would focus on all the products under the neuromodulation devices business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global neuromodulation devices market.
Major players active in the global neuromodulation devices market include Abbott Laboratories, Aleva Neurotherapeutics SA, BioControl Medical, Bioness Inc., Boston Scientific Corporation, EnteroMedics Inc., LivaNova PLC, Medtronic plc, NeuroPace, Inc., Nevro Corporation, and St. Jude Medical, Inc.
Market Segmentation:
By Technology
By Biomaterial
By Application
By Geography:
Neuromodulation devices market is primarily driven by increasing number of patients affected with neural disorders, increasing investment in development of advanced modalities, rising awareness neurodegenerative disorders, and expanding applications of neuromodulation devices across the globe.
North America contributed the largest share to the global neuromodulation devices market owing to the presence of leading manufacturers of neuromodulation modalities, and expanding application arena.
Based on biomaterial, the neuromodulation devices market is segmented into metallic biomaterials, polymeric biomaterials, and ceramic biomaterials.
Some key players operating in the neuromodulation devices market include Abbott Laboratories, Aleva Neurotherapeutics SA, BioControl Medical, Bioness Inc., Boston Scientific Corporation, EnteroMedics Inc., LivaNova PLC, Medtronic plc, NeuroPace, Inc., Nevro Corporation, and St. Jude Medical, Inc.
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