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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.
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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.
List of Players Covered in the Report:
Further Report Findings:
Global Neuromodulation Devices Market Scope & Segmentation Table
Value (USD billion)
By Product Type
By End User