Neuromodulation Market : The Asia Pacific Is Expected to Grow at the Highest Rate in the Market
This report aims to provide detailed insights
into the Neuromodulation Market. It
provides valuable information on the type, procedure, application, and region
in the market. Furthermore, the information for these segments, by region, is
also presented in this report. Leading players in the market are profiled to
study their product offerings and understand the strategies undertaken by them
to be competitive in this market.
Expected Revenue Growth Analysis:
The neuromodulation market is projected to grow at a CAGR of 8.6% during
the forecast period to reach USD
8.8 billion by 2025 from USD 5.8 billion in 2020.
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Key Factors Driving Market Growth:
The Factors such as the rising prevalence of neurological disorders, increasing
research into expanding the applications of neuromodulation, and awareness on neurodegenerative
disorders are driving neuromodulation market growth.
The internal neuromodulation segment accounted for the largest share of the
Neuromodulation Market.
Based on technology, the neuromodulation is segmented into internal neuromodulation
and external neuromodulation. The internal neuromodulation segment accounted
for the largest share of the spinal cord stimulation market in 2019. This can
be attributed to the benefits of internal neuromodulation technologies, such as
reductions in post-surgical complications and length of hospital stay, as well
as long-term cost savings associated with the use of internal neuromodulation
devices.
The transcutaneous electrical nerve stimulation segment accounted for the
largest share of the External Neuromodulation in 2019.
Based on type, the External Neuromodulation is segmented into transcutaneous
electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS),
and respiratory electrical stimulation (RES). TENS accounted for the largest
share of spinal cord stimulation market in 2019. This is mainly due to the
higher incidence of chronic disorders, the wide range of applications of these
devices, their cost-effectiveness, and the rising demand for non-invasive
therapy.
North America to
dominate the Neuromodulation Market during the forecast period
In 2019, North America dominated
the market, followed by Europe.
The major factors driving the growth of spinal cord stimulation market include
the rising prevalence of chronic diseases, the increasing geriatric population,
and the rising number of cases of Lyme and Alzheimer's disease.
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The prominent players in this market include Medtronic (Ireland), Boston
Scientific Corporation (US), Abbott (US), and LivaNova (UK), Synapse
Biomedical, Inc. (US), Nevro Corporation (US), NeuroSigma (US), NeuroPace (US),
Neuronetics (US), and BioControl Medical (Israel).
Medtronic (Ireland) dominated the
global neuromodulation
market. The company’s leading position can be attributed to its wide portfolio
of neuromodulation devices and a strong geographical footprint. The company
operates in the US, Europe, and the Asia Pacific. It serves clinicians,
physicians, hospitals, and patients in more than 160 countries. R&D is a
key area of focus for Medtronic—it invested USD 2,330 million in 2019, as
compared to USD 2,256 million in 2018 and USD 2,193 million in 2017. The
company focuses on organic as well as inorganic growth strategies to gain a
competitive edge.
Recent Developments:
1. In 2019, NeuroSigma signed a partnership agreement with Teijin Limited
(Teijin) (Japan). The partnership granted Teijin Pharma, the core company of
Teijin’s healthcare business, exclusive rights to market NeuroSigma’s Monarch
eTNS system in Japan, as well as the company’s TNS patent rights in Japan
related to the non-invasive treatment of ADHD.
2. In 2018, Abbott signed an agreement with the National Institutes of Health
(NIH) (US). As per the agreement, Abbott will provide neuromodulation
technologies, including directional DBS, SCS, and DRG therapy, for NIH research
to explore their applications in chronic pain and progressive movement
disorders.
3. In 2017, Medtronic signed a partnership agreement with Mercy (US) to
establish a new data sharing and analysis network that helps gather clinical
evidence for medical device innovation and patient access
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