4c17e17a10b6d2b29a85545cae5e0f4a7bcaff8c NEUROMODULATION DEVICES MARKET CAGR Will Grow 8.9%

NEUROMODULATION DEVICES MARKET CAGR Will Grow At 8.95%.

The market for global neuromodulation devices was estimate to be worth $5.71 billion in 2021 and is project to reach USD 9.56 billion by 2027, rising at a CAGR of 8.95%. The requirement for neuromodulation devices is mainly driven by the rising incidence of neurological disorders combined with an aging population, the development of the devices to other persistent indications and target applications, the advancement of technology in the product line, and rising government initiatives to increase patient awareness of neurological disorders, and many other factors.

 

The spinal cord, brain, cranial nerves, nerve root, peripheral nerves, neuromuscular junction, autonomic nervous system, and muscles are the main components of the peripheral and central nervous system, which gets affected due to neurological disorders. According to the WHO report for 2021, more than 50 million epileptics worldwide and 47.5 million individuals are thought to have dementia, with nearly 7.7 million new cases occurring annually. According to the WHO report, Alzheimer’s disease accounts for 60–70% of dementia cases and is the most common reason for dementia. Furthermore, more than 10% of people globally suffer from migraines. These data prove that the neuromodulation market has a lot of scopes and is a fertile ground for investment and return.

 

REGIONAL INSIGHTS

 

In 2021, North America had the highest revenue share (almost 45.0%). The market expansion in North America is fuel by an increase in patients with neurological illnesses, which is driving up demand for neuromodulation devices. Greater competition among market participants and considerable investment in research & development will create new therapeutic options. The market for neuromodulation devices has been fueled by the continual increase in patients with neurological illnesses from different states of Canada & U.S. APAC region is growing due to government support, healthcare facilities, an increasing number of startups, and neurological illness is growing globally, and these factors lay the foundation for uninterrupted growth. APAC is projected to escalate at a CAGR of 10% during the projected period.

 

APPLICATION INSIGHTS

 

Due to the absence of effective treatments for the disease and the quality of products’ efficacy in treating epilepsy, Parkinson’s disease held the majority of the market, with a profit share of over 25% in 2021. Parkinson’s disease is indeed a long-lasting neurodegenerative brain condition that impairs movement. Parkinson’s disease was present in roughly 6.2 million persons in 2020, as per the Global Burden Diseases (GBD) report. The rise in the prevalence of chronic diseases, the increase in private player investments in the field of Neurotherapy, and the expansion of development & research activities in the industry have influenced the chronic pain segment to grow at an 11.3% CAGR over the projected period.

 

 

RECENT DEVELOPMENT

 

  • As a short-term treatment for patients with mild to moderate walking (gait) issues, Helius Medical Technologies, Inc. has built a PoNSTM device that delivers electrical pulses to the tongue, which in July 2022 was approve by the U.S. Food and Drug Administration.

 

  • In July 2022, Abbott was grant FDA Breakthrough Device Designation to study the application of its deep brain stimulation (DBS) device for treating depression that has not respond to treatment (TRD).
  • Axonics Modulation Technologies, Inc. and Micro Systems Technologies (MST) partnered in March 2021 to create a non-rechargeable implantation sacral neuromodulation device.

 

MARKET SEGMENTATION

 

  • Product Type
    • Deep Brain Stimulators
    • Spinal Cord Stimulators
    • Vagus Nerve Stimulators
    • Sacral Nerve Stimulators
    • Transcranial Magnetic Stimulators
    • Others
  • Technology
    • External
    • Internal
  • Application
    • Chronic Pain
    • Parkinson’s Disease
    • Epilepsy
    • Migraine
    • Tremor
    • Depression Urinary & Faecal Incontinence
    • Depression
    • Others
  • Biomaterial
    • Metallic Biomaterial
    • Polymeric Biomaterial
    • Ceramic Biomaterial
  • End-use
    • Hospitals & Ambulatory Surgery Centers (ASC) Clinics & Physiotherapy Centers
    • Hospitals & Ambulatory Surgery Centers (ASC)
    • Others
  • Regional

 

  • North America
  • S.
  • Canada
  • Europe
    • Germany
    • UK
    • Spain
    • Italy
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Mexico
    • Brazil

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