Neuromodulation Market is valued around USD 4.89 Billionin 2019 and expected to reach USD 20.08 Billion by 2030 with the CAGR of 13.7%over the forecast period.
Neuromodulation is aprocedure which requires the implantation of electrodes directly to peripheralnerves or brain & pulse generator under skin. This helps to provide theelectrical impulses which helps in the treatment of various neurologicaldisorders such as epilepsy, pain management, tremor and many more. It provideslong term effect on the disorders with no side effects as well as prevents the adverseeffect.
Global Neuromodulation Marketreport is segmented on the basis of technology, biomaterial, application andregional. Based upon technology, the neuromodulation market is fragmented into internalneuromodulation and external neuromodulation. On the basis of biomaterial, themarket is categorized into metallic, polymeric, and ceramic. Based on The regionalbifurcation of countries includes North America, Europe, Asia-Pacific, and RoWwhich are further segmented into major countries such as U.S., UK, France, andothers.
The neuromodulation marketis mainly driven by the high prevalence of various neurological disordersfollowed by the presence of large geriatric population. There has been constantexpansion of application in the treatment of various disorders followed by thegrowing demand for effective pain management therapies owing to growth insurgeries, trauma cases & many more. In addition, the major market players focused on the development of new& advanced products with constant approval led to the growth in productpipeline along with technological advancement in the market. On the other hand constantdevelopment of healthcare facilities along with the growth in healthcareexpenditure followed by growing awareness among people is likely to anticipatethe market growth. However, high cost of the Neurostimulators along with thelack of skilled professionals trained in neuromodulation therapy is likely toinhibit the market growth during forecast period.
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The developed regions suchas North America and Europe are expected to hold the major market share owingto the presence of major market players in the region along with technologicaladvancement. Moreover, constant growth in FDA approvals along with growinginvestments in the market is likely to fuel the market growth. Asia Pacific isexpected to dominate the neuromodulation market in terms of growth rate owingto the rising geriatric population as well as high prevalence rate ofneurological disorders. In addition, growing awareness followed by thedeveloping healthcare infrastructure supported by the high adoption rate ofdeveloped technology is most likely to enhance the market growth.
The major market playersprofiled in the neuromodulation market includes St. Jude Medical, Inc.,LivaNova PLC, Medtronic plc, Boston Scientific Corporation, BioControl Medical,Bioness Inc., EnteroMedics Inc, NeuroPace Inc, Aleva Neurotherapeutics SA,and Nevro Corporation among others.
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