Scope of the Neuromodulation Devices Market
The market for neuromodulation devices will thrive at a rate of 11.2% during the forecast period, according to Market Research Future (MRFR). Neuromodulation devices have major applications in the treatment of tremors, a nervous disorder marked by uncontrollable shaking of many parts of the body, including the arms, hands, larynx (voice box), head, chin and tongue. . Almost a million people over the age of 40 suffer from tremors and undergo treatment. The condition impairs daily activities, such as drinking, eating, writing, etc. Several implantable deep brain stimulators are increasingly used to manage tremors. This will be a key factor for growth over the next few years. Additionally, increasing cases of this disorder, advancements in technology in neurostimulation devices, and increasing FDA approvals for neuromodulation devices will promote marketability in the future.
Stimulation of the spinal cord helps in the treatment of chronic back pain. Almost 30% of adults in the United States suffer from chronic pain. In recent years, the USFDA and various other regulatory bodies have approved several SCS technology devices and drugs, including Proclaim Elite SCS from St. Jude Medical and Senza SCS System from Nevro Corporation. The intensive use of this technology is stimulating new indications such as refractory angina pectoris, failed back surgery syndrome, complex regional pain syndrome and peripheral vascular disease, etc. The global market will also benefit from the growing adoption in emerging countries of applications in neurological disorders, such as Parkinson’s disease with no known cure. These devices are also the subject of significant demand for the treatment of treatment-resistant depression, severe obsessive-compulsive disorders, movement disorders and dementia of the Alzheimer type.
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Actors are actively involved in the adoption of marketing strategies such as alliances, diversification of product lines, strengthening of distribution channels and new launches to expand their global reach. As an example, in December 2021, Avivomed Inc., a medical device company, topped the Series A preferred stock fund by approximately $ 32 million. A consortium of world-class medical device investors funded the company. The proceeds from the sale will enable the Company to obtain the resources necessary for the development and commercialization of advanced technological neuromodulation solutions for the treatment of large pools of patients with various chronic diseases.
The types of neuromodulation devices on the market are internal and external.
The main applications of neuromodulation devices are spinal cord stimulation and deep brain stimulation. According to spinal cord stimulation, the segments are Back Failure Syndrome (FBSS), Ischemia, and Chronic Pain Management.
Regarding biomaterials, the main segments can be ceramic biomaterials, polymeric biomaterials and metallic biomaterials.
The end users considered in the review study are home care, clinics and hospitals.
North America’s share of the global market is around 55%, higher than that of other regions, making it the best performing and most consuming of neuromodulation devices. The dramatic increase in epilepsy, chronic pain, and other disorders has increased the need for advanced neuromodulation devices. These neurological diseases are particularly common among the region’s growing aging population. The strong performance of the market can also be recognized by government and health authorities who spend heavily on comprehensive research and development activities. The large pool of renowned companies and frequent FDA approvals are also encouraging market growth in the region.
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APAC is expected to be a lucrative market over the forecast period, given the huge pool of patients with neurological conditions like epilepsy and Alzheimer’s disease. Increased government initiatives in this regard and improved overall health care infrastructure are also supporting growth. The value and volume share of China’s exports and imports to the region is substantial, considering the advanced repayment scenario and increasing disposable income. India is another strong contender in the region, owing to the surge in various neurological disorders, the growth of the elderly population and the increase in health spending.
Affluent industry candidates
LivaNova PLC (UK), Aleva Neurotherapeutics SA (US), Bioness Inc. (US), St. Jude Medical, Inc. (US), Nevro Corporation (US), Boston Scientific Corporation (US), Synapse Biomedical, Inc. (US), EnteroMedics Inc (US), Neuronetics, Inc. (US), Cyberonics, Inc. (US), BioControl Medical (Israel) , Accellent (US), DynaMD (US), Neurosigma, Inc. (US), Soterix Medical, Inc. (US), NeuroPace Inc. (US) are the leading manufacturers of neuromodulation devices on the market.
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