Neuromodulation Market to Reach $11,717 Million, Globally, by 2022
Neurological disorders such as epilepsy, Alzheimer disease, cerebrovascular diseases, and Parkinson's disease affect the central and peripheral nervous system. Bacterial, viral, and fungal infections can also cause neurological disorders. To manage such disorders, neuromodulation is used, wherein small electrodes generate electrical most precise stimulation with the help of pulse generators to supplement neurological activities in effected people. The electrodes are generally placed directly in the brain or peripheral nerves or spinal cord whereas pulse generators are implanted within the skin. The key drivers for the growth of neuromodulation market include rise in geriatric population, their vulnerability for neurological disorders, increase in incidence of neurological diseases, such as Alzheimer’s and Parkinson’s diseases, and the increase in awareness regarding the safety and efficacy of neurostimulator devices. However, restrains, such as lack of trained healthcare professionals and stringent approval policies, are expected to hinder the market.
The report analyzes the neuromodulation market based on product type, namely, internal and external neuromodulators. Internal neuromodulators are further segmented into deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, spinal cord stimulation, and other neurostimulators, whereas external neuromodulators are classified into transcutaneous electrical nerve stimulation and repetitive transcranial magnetic stimulation. The market is also segmented based on application, material, and geography. The report includes the revenue generated from the sales of the previously mentioned segments of neuromodulator devices. Spinal cord stimulation is the dominating segment whereas repetitive transcranial magnetic stimulation is the fastest growing segment among various neuromodulation technologies. Chronic pain management is the largest application segment and migraine is the fastest growing segment owing to the high incidence rate.
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The spinal cord stimulation has huge potential to treat widespread chronic back pain. Around 20% of adult Americans experience chronic pain. Recently, USFDA and similar regulatory agencies have approved many products of the SCS technology, for instance Senza SCS System by Nevro Corporation and Proclaim Elite SCS by St. Jude Medical. The use of technology is expanding to new indications such as failed-back surgery syndrome, refractory angina pectoris, peripheral vascular disease, and complex regional pain syndrome. Deep Brain Stimulation (DBS) market is projected to exhibit significant growth due to high adoption rate in developed economies for neurological disorders, such as Parkinson’s disease, which have no known cure. The use of DBS is expanding to new indications such as severe obsessive-compulsive disorder, treatment-resistant depression, Alzheimer's type dementia, and movement disorders.
Tremor is one of the major applications of neuromodulation devices. Tremor is a nerve disorder characterized by uncontrollable shaking or tremors in different parts of the body such as hands, arms, head, larynx (voice box), tongue, and chin. Tremor affects several million people above the age of 40 years. It is majorly caused due to genetic mutations. Tremor impairs routine activities, such as eating, drinking, and writing of patients. Number of implantable deep brain stimulators is now available for the management of tremors. For instance, Medtronic’s deep brain neurostimulators are implanted surgically within the thalamus, which is the brain’s communication center. The lead is connected to an implanted pulse generator by an extension wire running beneath the skin. The electrical stimulation can be noninvasively adjusted to block signals that cause disabling motor symptoms of essential tremor. Increasing prevalence of this disorder, technological improvement in neurostimulator devices, and increasing FDA approvals for neurostimulators are expected to drive the market.
North America is the most attractive market in the global neuromodulation industry and is expected to be the first preference for new entrants due to the increasing end-use in the region. Asia-Pacific is the fastest growing market; hence the established players are focusing on the region.
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Government and private initiatives to increase awareness regarding mental health and increase in incidence of neurological disorders drive the market growth in Asia Pacifc. Japan has the highest revenue share in the region, followed by China. India is projected to witness rapid growth in future due to growing awareness regarding mental disorders and increasing expenditure in the healthcare sector. In Japan, Pharmaceutical and Medical Devices Agency has approved numerous neurostimulators for pain management since 2010 such as Eon Mini and Genesis spinal cord stimulation (SCS) system by St. Jude and Precision Spectra by Boston Scientific. Increase in approval rate of neurostimulators by the Pharmaceuticals and Medical Devices Agency (PMDA) has fueled their adoption in the Japanese market.
The report also provides comprehensive analysis of the key players operating in the global neuromodulation market such as Medtronic plc, St. Jude Medical, Inc., LivaNova PLC, Boston Scientific Corporation, Aleva Neurotherapeutics SA, BioControl Medical, Bioness Inc., EnteroMedics Inc, Nevro Corporation and NeuroPace Inc. The report presents competitive market study by analyzing market shares and position of major players, recent strategic moves and detailed profiles of these players.
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