Market Overview:
The neuromodulation
devices market size is projected to reach USD 15.72 Billion by 2032 at
11.50% CAGR during the forecast period 2023-2032.
The
neuromodulation devices market is witnessing substantial growth driven by
advancements in technology and an increasing prevalence of neurological
disorders. Neuromodulation devices are used to modulate neural activity through
targeted delivery of electrical or chemical stimuli, offering therapeutic
benefits for conditions like chronic pain, Parkinson's disease, epilepsy, and
depression. These devices function by altering the activity of specific neural
circuits, providing relief to patients who have not responded to traditional
therapies. With a growing aging population and rising incidence of neurological
disorders worldwide, the demand for neuromodulation devices is expected to
escalate significantly in the coming years.
In
addition to addressing neurological disorders, neuromodulation devices are also
being explored for their potential in treating psychiatric conditions and
enhancing cognitive function. The market is characterized by intense
competition among key players striving to innovate and introduce novel products
to cater to diverse patient needs. Moreover, favorable reimbursement policies
for neuromodulation procedures in several regions and increasing investments in
research and development are further propelling market growth. However,
challenges such as high costs associated with these devices and stringent
regulatory approval processes could hinder market expansion to some extent.
Overall, the neuromodulation devices market is poised for substantial growth as
technological advancements continue to enhance the efficacy and safety of these
devices, providing new avenues for the management of neurological and
psychiatric conditions.
The
Neuromodulation Devices Market is experiencing significant growth propelled by
advancements in Neural
Modulation Technology. This cutting-edge approach involves the use of
various techniques to modulate neural activity, offering promising solutions
for managing neurological disorders. Neural modulation technology encompasses a
range of interventions designed to target specific neural circuits, providing
therapeutic benefits for conditions like chronic pain, Parkinson's disease,
epilepsy, and depression. These techniques include deep brain stimulation
(DBS), spinal cord stimulation (SCS), transcranial magnetic stimulation (TMS),
and other emerging modalities. As research continues to uncover the
complexities of neural circuits, innovative neurostimulation devices are being
developed to precisely modulate neural activity and restore proper functioning,
driving the expansion of the neuromodulation devices market.
Global Neuromodulation Devices Market: Segmental Analysis
- Based on type, the
Neuromodulation Devices Market Research has been segmented into time
domain and spectral domain.
- Based on techniques, the market
has been segmented into doppler neuromodulation devices,
polarization-sensitive neuromodulation devices, and adaptive optics
neuromodulation devices.
- Based on applications the market
has been segmented into eyes imaging and diabetic retinopathy.
Key Players-
Global neuromodulation
device companies are as below.
Medtronic
(Ireland),
St.
Jude Medical, Inc. (U.S.),
Nevro
Corp (U.S.),
NeuroSigma,
Inc.(U.S.),
Neuronetics,
Inc. (U.S.),
BioControl
Medical (Israel),
DynaMD,
Accellent (U.S),
Synapse
Biomedical Inc. (U.S.),
Boston
Scientific Corporation (U.S.),
NeuroPace,
Inc. (U.S.), and
Soterix
Medical Inc. (U.S)
are
some of Neuromodulation Devices Market Players profiled in MRFR’s
report.
Regional Outlook
Among
regions, North America currently accounts for a noteworthy Neuromodulation
Devices Market share and expected to present lucrative growth opportunities for
players in 2018 and beyond. Presence of leading healthcare technology companies
in the region is major advantage for the market in North America. In addition,
high healthcare expenditure and awareness about availability of advanced
medical treatment modules is propelling the growth of the market in the
region.
North America is followed by Europe and Asia Pacific (APAC) respectively.
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