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Global Neuromodulation Devices Market to Grow at a CAGR of 9% During 2021-2026, Aided by Rising Prevalence of Neurological Disorders

According to a new report by EMR titled, ‘Global Neuromodulation Devices Market Report and Forecast 2021-2026’, the global neuromodulation devices industry attained a value of USD 6 billion in 2020. The market is further expected to grow in the forecast period of 2021-2026 at a CAGR of 9% to reach USD 10 billion by 2026.

The global neuromodulation devices industry is primarily being driven by the growing instances of neurological disorders such as epilepsy and Parkinson’s disease. The developing nations such as India and China are witnessing increasing diagnosis rate and augmenting the demand. The rising geriatric population in the developed nation such as United States is also susceptible to chronic pain conditions that is bolstering the demand for neuromodulation devices.

In the product segment, spinal cord simulators dominated the market for neuromodulation devices. The underlying cause for this is the rising chronic pain conditions across the world. Spinal cord simulators are proving to have better effect in the treatment which is increasing their demand. Deep brain simulators and vagus nerve simulators are also expected to witness substantial growth owing to the increasing neurological disorders. The growing approval of these will further boost the market. The pain management segment will dominate the application segment because of the large patient base with chronic pain conditions. In the end use segment, specialty clinics will expect significant growth because of the increasing emphasis of treatment in specialty centers to reduce the burden on hospitals.

The growing approval for neuromodulation devices is stimulating the market demand. One of the key players in the industry is electroCore, Inc (NASDAQ: ECOR). In January 2018,  electroCore announced the clearance for expanded label from United States Food and Drug Administration for the gammaCore (nVNS). This device is used for management of pain because of migraine. It is a vagus nerve stimulator used for adult patients. This will boost the demand for neuromodulation devices in the region.

Market Analysis by Type, Product, Biomaterial, Application, End Use and Regions:

  • The types of neuromodulation devices are internal neuromodulation and external neuromodulation.
  • The kinds of neuromodulation products are spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, sacral nerve stimulators, gastric electrical stimulation, transcranial magnetic stimulation and transcutaneous electrical nerve stimulation devices among others.
  • On the basis of biomaterial, the industry is classified into into ceramics biomaterials, metallic biomaterials and polymeric biomaterials.
  • The devices find their application in pain management, epilepsy, essential tremors, urinary and fecal incontinence, depression, dystonia and Parkinson's disease among others.
  • The end use segments for neuromodulation devices are rehabilitation centers, hospitals, and specialty clinics, among others.
  • The regional markets for neuromodulation devices include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing number of patients for chronic pain is boosting the market demand.
  • The research and development investment for technological improvement is providing impetus to the growth of market.
  • The rising population, disposable income and healthcare expenditure is providing thrust to growth of industry.
  • Higher prevalence and diagnosis of neurological disorders will accelerate the industry growth.

Key Offerings of the report:

  • The EMR report gives an overview of the global neuromodulation devices industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the types, products, biomaterial, application, end use and major regions of neuromodulation devices industry. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global neuromodulation devices market are electroCore, Inc., Boston Scientific Corporation, Medtronic, plc, Abbott Laboratories, Synapse Biomedical Inc. And Bioness Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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