Rise in Prevalence of Neurological Disorders Expected to Drive Global Neuromodulation Devices Market: Ken Research
Growth in neurological disorders will manage the growth of Neuromodulation devices market. Neuromodulation therapy devices can operate directly on the nerves and can change nerve activity to the target area by sending an electrical agent to the area. Neuromodulation devices can handle almost all diseases and increase market trends for neuromodulation devices.
As per analysis, “Neuromodulation Devices Market: Current Analysis and Forecast (2021-2027)” some of the key companies that are presently operating in the global neuromodulation devices market include Neurosigma Inc., Boston Scientific Corporation, Livanova Plc, Medtronic Plc, Abbott Laboratories, Neuronetics Inc., Cyberonics, Nevro Corporation, Nuvectra, St. Jude Medical Inc. and among others. It is expected that increasing innovation and investment growth for various public and private organizations will intensify rivalry in the global industry.
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In terms of technology, neuromodulation devices market can be bifurcated as deep brain stimulators, vagus nerve stimulators, spinal cord stimulators, transcranial magnetic stimulators, sacral nerve stimulators and others. Spinal cord stimulators segment holds major share in global market owing to increase in use of spinal cord stimulators to treat the neuropathic pain & spinal injuries. In addition, in terms of application, market can be bifurcated as depression, hearing loss, pain management, epilepsy, Parkinson’s disease and others. The pain management segment is expected to witness higher growth rate due to rise in usage of neuromodulation devices for treating chronic & acute pain during the forecast period.
The neuromodulation devices market is driven by increase in investments in research & development (R&D) for neurological disorders, followed by rise in prevalence of neurological disorders. Apart from this, increase in risks associated with neuromodulation devices may impact the market. Moreover, increase in use of neuromodulation for new indications is a leading opportunity for market.
Based on regional analysis, the North-America dominates the global neuromodulation devices market owing to high prevalence of chronic diseases and increase in availability & accessibility to advanced treatments across the region. The Asia-Pacific and Europe regions are predicted to witness higher growth rate due to rise in investment in healthcare infrastructure coupled with increase in per capita health spending over the forecast period. It is projected that future of the global neuromodulation devices market will be bright on account of increase in number of neuromodulation devices manufacturers and growth in application of Neuromodulation devices to treat diseases during the forecast period.
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Ankur Gupta, Head Marketing & Communications
Ken Research Pvt. Ltd.,
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