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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:
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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.
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