Neuromodulation Market Business Growth, Development Factors, Applications, and Future Prospects
Neuromodulation are commonly used in biotechnology, pharmaceutical, and chemical laboratories to transfer specific volumes of liquids. Different types of designs, such as electronic Neuromodulation and ultralight pipettes, are available in the market. Neuromodulation are used to measure liquids with accuracy for various biological experiments, pharmaceutical applications, and so on. These devices help prevent contamination and secure handling of liquids during laboratory procedures.
According to our latest study on“Neuromodulation Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology, Application, and End User,” the market was valued at US$ 7,613.45 million in 2019 and is projected to reach US$ 16,333.98 million by 2027; it is expected to grow at a CAGR of 10.3% during 2020–2027. The report highlights the trends prevailing in the global Neuromodulation market, and drivers and restraints pertaining to its growth.
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The growth of the neuromodulation market is driven by the factors such as increasing incidence of neurological disorders and growing developments in neuromodulation technology. Further, the rising demand of neurostimulation devices to treat chronic pain offer lucrative opportunities to the global neuromodulation market players. However, the high cost of neuromodulation devices hinders the market growth.
On the basis of technology, the neuromodulation market is bifurcated into external (non-invasive) neuromodulation and internal neuromodulation. In 2019, the internal neuromodulation segment accounted for a larger share of the market. The growth of the market for this segment is attributed to the rising number of product launches and increasing innovations in neuromodulation devices.
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Abbott;Boston Scientific Corporation;Medtronic;NeuroPace, Inc.;NeuroSigma, Inc.;NEVRO CORP;Synapse Biomedical Inc.;Soterix Medical Inc;Integer Holdings Corporation;and Magstim are among the players operating in the Neuromodulation market. These players focus on product development and innovation to sustain their market positions. For instance, in January 2020, Medtronic plc acquired Stimgenics, LLC. Stimgenics is a pioneer in the novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation.
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