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Neuromodulation Devices Market to Grow at 9.5% CAGR till 2026; Increasing Mental Health Awareness to Positively Impact the Market

March 24, 2020 | Healthcare

The global neuromodulation devices market size is slated to reach USD 9.34 billion by 2026 on account of rising demand for efficient treatment options to manage chronic disorders. Fortune Business Insights™ shares this information in its new report, titled “Neuromodulation Devices Market Size, Share & Industry Analysis, By Product Type (Spinal Cord Stimulators (SCS), Deep Brain Stimulators (DBS), Vagus Nerve Stimulators (VNS), Sacral Nerve Stimulators (SNS), Transcranial Magnetic Stimulators (TMS), and Others), By Type (Invasive, and Non-invasive), By Application (Pain Management, Neurological Disorders, Respiratory Disorders, and Others), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2026”. According to the report, the market value stood at USD 4.51 billion in 2018 and is expected to register a CAGR of 9.5% from 2019 to 2026.


Boston Scientific Secures FDA Approval for Its Deep Brain Stimulation System


Tackling degenerative mental diseases is a challenge and many companies are coming up with unique treatment options for those suffering from such conditions. One such company is Boston Scientific Corporation, an American medical devices manufacturer. In December 2017, the company received approval from the US Food and Drug Administration (FDA) for its Vercise Deep Brain Stimulation (DBS) System, designed to manage Parkinson’s. Placed near the clavicle, the Vercise DBS system is an implantable and rechargeable neurostimulator that subdues motor symptoms seen in Parkinson’s patients.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/neurostimulation-devices-market-100561


Unawareness and Low Diagnosis Rate in Developing Nations to Restrict Market Growth


While there is an increasing preference towards neurostimulation for treating chronic disorders, high prevalence of these disorders and low diagnosis of these conditions in emerging economies is a major hindering factor for the growth of this market. According to the World Health Organization (WHO), nearly 79% of the global deaths caused by non-communicable diseases occur in developing nations such as India and China. Moreover, chronic neurological conditions such as depression are also widely prevalent in these countries. For instance, the WHO estimates that nearly 6.5% of India’s population suffers from at least one serious mental disorder, while 91.8% of those having a mental disorder in China will not seek professional help. This is a grave challenge stifling the growth and development of the neurostimulation devices market.


Monopolistic Competition to be the Marquee Feature of the Market


The neuromodulation devices market report finds that the competitive landscape of this market is dotted by the presence of a few large players that have monopolized the market competition. Commanding nearly 90% of the share, these well-established players have a wide product portfolio and strong global presence, leaving little space for new entrants.


Industry Developments:



  • October 2017: The medical technology company Respicardia attained US FDA approval for its transvenous neurostimulation device, remede System, for moderate to severe sleep apnea. The device stimulates the phrenic nerve and engages the diaphragm to enable natural breathing rhythm during sleep.


List of Players Covered in the Report:



  • ReShape Lifesciences, Inc.

  • Inspire Medical Systems, Inc.

  • Boston Scientific Corporation

  • Medtronic

  • NeuroPace, Inc.

  • Neuronetics

  • Abbott

  • electroCore, Inc.

  • LivaNova PLC


Further Report Findings:



  • The market size in North America stood at USD 2.10 billion in 2018 and the region is anticipated to dominate the neuromodulation devices market share during the forecast period. This is mainly attributable to favorable reimbursement policies for chronic mental conditions and a large patient pool of general chronic disorders.

  • Europe will follow North America in terms of share owing to the increasing number of regulatory approvals for new and innovative treatment options.

  • Asia Pacific will exhibit high CAGR on account of rapidly developing healthcare infrastructure in the region, the neuromodulation devices market forecast says.

  • The spinal cord stimulators segment (by product type) held a share of 51.0% in 2018 and is poised to lead the market in the coming years owing to increasing incidence of chronic back pain around the world.


Global Neuromodulation Devices Market Scope & Segmentation Table 















































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



 



By Product Type



  • Spinal Cord Stimulators

  • Deep Brain Stimulators

  • Sacral Nerve Stimulators

  • Vagus Nerve Stimulators

  • Transcranial Magnetic Stimulators

  • Others



Segmentation



By Type



  • Invasive

  • Non-invasive



By Application



  • Pain Management

  • Neurological Disorders

  • Respiratory Disorders

  • Others



By End User



  • Hospitals

  • Specialty Clinics



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



 

Neuromodulation Devices Market
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