The Global — Neuromodulation Devices Market is growing with a sound pace. According to a recent study report published by the Market Research Future, the global neuromodulation devices market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a sound growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2018 – 2027).
Neuromodulation is a technology that acts directly upon the nerves, thereby, causing alterations in the nerve activity. This is achieved by delivering electrical or pharmaceutical agents directly onto the target area. There is a plethora of neuromodulation applications, which includes deep brain stimulation (DBS) treatment for Parkinson's disease, sacral nerve stimulation for pelvic disorders and incontinence, and spinal cord stimulation for ischemic disorders. Increasing prevalence of neurological disorders like Alzheimer’s and Parkinson’s diseases, and growing geriatric population are the major drivers for the market growth during the forecast period.
Neuromodulation Devices Market - Key Players
Medtronic (Ireland), Accellent (U.S), St. Jude Medical, Inc. (U.S.), Synapse Biomedical Inc. (U.S.), Nevro Corp (U.S.), DynaMD, Boston Scientific Corporation (U.S.), NeuroSigma, Inc.(U.S.), NeuroPace, Inc. (U.S.), Neuronetics, Inc. (U.S.), Soterix Medical Inc. (U.S), and BioControl Medical (Israel) are some of the prominent players at the forefront of competition in the Global Neuromodulation Devices Market and are profiled in MRFR Analysis.
Global Neuromodulation Devices Market - Competitive Analysis
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch to gain competitive advantage in this market and to maintain their market position.
Medtronic is one of the significant players of the global neuromodulation devices market. The company was founded in 1949 and is headquartered in Ireland. Medtronic’s annual sale in 2015 was USD 20,261 million and reached USD 28,833 million in 2016. Such significant increase in the sales lead to a huge investment in the R&D. In 2016, the company invested 7.7% of its total revenue into the research and development processes.
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In October 2016, Medtronic got an approval for its suite of cardiac rhythm and heart failure devices. This advancement gave patients- Medtronic SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds). This helped Medtronic to strengthen its position in the market.
In September 2016, Boston Scientific and EndoChoice Holdings, Inc. announced that the companies have entered into a definitive agreement under which Boston Scientific had agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice became part of the Boston Scientific endoscopy business.
Global Neuromodulation Devices Market - Regional Analysis
On the regional backgrounds the Americas leads the global neuromodulation devices market owing to a well-developed healthcare sector, huge patient population and presence of the developed technologies like U.S. and Canada which have technological backgrounds and rising healthcare expenditure for facilitating the market growth. Europe is second in the market due to huge patient population, rising government support and increasing awareness about the disease. The Asia Pacific region is the fastest growing region due to the developing economies like India and China which have a developing healthcare sector. On the other hand, the Middle East and Africa have the least market share, especially in the African region due to the presence of poor economies and stringent government within the African region. The Middle East region holds the market within this region due to huge healthcare expenditures.
Global Neuromodulation Devices Market - Segments
Global Neuromodulation Devices Market has been segmented on the basis of agents which comprises of electrical, optical and chemical signals others. On the basis of devices include spinal cord stimulation devices, deep brain stimulation devices (DBS), sacral nerve stimulation devices, Vagus nerve stimulation devices and Gastric electric stimulation devices.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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