According to Fortune Business Insights, the global Neuromodulation Devices Market size is projected to reach USD 9.34 billion by 2026, at CAGR of 9.5% during forecast period; Widespread Prevalence of Chronic Conditions to Fuel the Market in North America
/EIN News/ — Pune, India, June 13, 2022 (GLOBE NEWSWIRE) — The global neuromodulation devices market size is projected to reach USD 9.34 billion by 2026, exhibiting a CAGR of 9.5% during the forecast period. Steady climb in the prevalence of chronic conditions across the globe will be a key factor fueling the growth of this market, observes Fortune Business Insights in its 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”. Chronic conditions or non-communicable diseases (NCDs), such as sleep apnea and epilepsy, can be understood as complications in health that affect the normal functioning of an individual over a prolonged period of time. The World Health Organization (WHO) estimates that NCDs are responsible for nearly 60% of global deaths every year and account for roughly 43% of global burden of disease. According to the WHO, these conditions will account for 73% of deaths worldwide by 2020, with approximately 79% of deaths occurring in emerging economies. Thus, the need for effective therapies is escalating and neurostimulation devices are being seriously considered as a viable treatment for chronic conditions.
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The neuromodulation devices market report states that the value of this market was at USD 4.51 billion in 2018. Along with this, the report shares the following insights:
- In-depth understanding of the market drivers and challenges;
- Detailed study of the various market segments and their influence on the market growth;
- Exhaustive research into the regional prospects of the market; and
- Microscopic analysis of the competitive dynamics shaping the market trends.
- September 2019: Abbott, the US-based healthcare bigwig, received FDA clearance for Proclaim XR, the company’s novel neurostimulation system for treating patients with chronic pain. The system is designed to deliver the company’s BurstDR stimulation waveform in low doses to change pain signals as they travel from the spinal cord to the brain.
- November 2018: The US FDA green lit gammaCore, the New Jersey-based bioelectric medical company electroCore’s non-invasive vagus nerve stimulation device, with a 501 (k) approval. The device is engineered for adjunctive use in the treatment of cluster headache in adult patients.
Report Scope & Segmentation
|Forecast Period||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR||9.5%|
|2026 Value Projection||USD 9.34 Billion|
|Market Size in 2018||USD 4.51 Billion|
|Historical Data for||2015 to 2017|
|No. of Pages||150|
|Segments covered||By Product, By Type, By Application, Geography|
|Growth Drivers||Potential for Treating Depression to Up the Demand for Neurostimulation Devices|
|Widespread Prevalence of Chronic Conditions to Fuel the Market in North America|
|Supportive Regulatory Milieu to Make Competition Fierce|
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The research report on Neuromodulation Devices Market also provides information on the factors impeding market growth, thus helping vendors plan their strategies. It is crucial to be aware of these factors as they help identify growth opportunities in the market. Moreover, FutureWise Market Research analysts offer timely assistance to understand eccentric market parameters in a more comprehensive manner.
Potential for Treating Depression to Up the Demand for Neurostimulation Devices
Depression is one of the most common mental disorders characterized by mood swings and emotional instability. Worldwide, the WHO estimates, around 264 million people are suffering from depression. In extreme cases, depression can give birth to suicidal thoughts and as per the WHO’s statistics, close to 800,000 die from suicide annually. Conventional medication has not had the desired effect in treating this condition. As a result, many psychologists and doctors are increasingly recommending non-invasive, neurostimulation therapies, which are driving the neuromodulation devices market trends. For example, Electroconvulsive Therapy (ECT) is performed on treatment-resistant depression patients, which involves passing an electric current through scalp to induce a mild cerebral seizure while the patient is under general anesthesia. Neuromodulation of this kind is witnessing rising demand as the incidence of depression grows.
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Widespread Prevalence of Chronic Conditions to Fuel the Market in North America
With a market size of USD 2.10 billion in 2018, North America is set to dominate the neuromodulation devices market share in the forthcoming years, mainly on account of high prevalence of chronic diseases in the region. In addition to this, availability and accessibility to advanced treatments will further propel the market in the region.
In Europe, a robust healthcare infrastructure will provide the necessary foundation for this market to grow and expand, with active support from regulatory authorities in the continent. Asia Pacific is expected to register a high CAGR owing to increasing per capita health spending and rising investment in healthcare infrastructure. On the other hand, untapped regions of Latin America, the Middle East, and Africa will present several opportunities for players, the neurostimulation devices market analysis states.
|Segmentation|| By Product Type
| By Application
| By End User
Supportive Regulatory Milieu to Make Competition Fierce
Regulatory bodies such as the US Food and Drug Administration (FDA) are tacitly promoting innovative solutions for treating chronic conditions that are proliferating across the globe. This has given the required stimulus for market players to step up their research activities and develop novel products for patients.
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List of Companies Covered in the Report:
- NeuroPace, Inc.
- electroCore, Inc.
- LivaNova PLC
- ReShape Lifesciences, Inc.
- Inspire Medical Systems, Inc.
- Boston Scientific Corporation
Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Trends
- Market Drivers
- Market Restraints
- Market Opportunities
- Prevalence of Key Disease Indications, Key Countries/ Region
- Technology Advances, Non-invasive Devices
- Recent Product Approvals, Key Regions
- Key Developments: Mergers, Acquisitions, Partnerships, etc.
Global Neuromodulation Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
Market Analysis, Insights and Forecast – By Product Type
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Transcranial Magnetic Stimulators
- Market Analysis, Insights and Forecast – By Type
Market Analysis, Insights and Forecast – By Application
- Pain Management
- Neurological Disorders
- Respiratory Disorders
Market Analysis, Insights and Forecast – By End User
- Specialty Clinics
Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Article originally published at https://www.einpresswire.com/article/576537176/with-9-5-cagr-neuromodulation-devices-market-size-worth-usd-9-34-billion-by-2026
This news story originally appeared at Books - Reality Syndicate Viewers on 20 June 2022