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Neuromodulation Market - Growth, Trends, and Forecasts (2020 - 2025)

  • ID: 5176070
  • Report
  • August 2020
  • Region: Global
  • 111 pages
  • Mordor Intelligence
UP TO OFF
until Dec 31st 2020

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FEATURED COMPANIES

  • Abbott Laboratories
  • LivaNova PLC
  • Medtronic PLC
  • Neuronetics Inc.
  • Neuropace Inc.
  • Neurosigma Inc.
  • MORE
The neuromodulation market is expected to register a CAGR of 11%, over the forecast period. According to the Institute of Health Metric and Evaluation, the prevalence of neurological diseases is around 307,859, 199 in the EU countries. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization. Degenerative diseases, like dementia and Parkinson’s disease, as well as strokes and headaches, are frequently encountered by neurological diseases in elderly patients.

Neuromodulation is an intracranial, electrical neuromodulation therapy that has FDA approval for the treatment for most of the neurological diseases, such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population. The proven efficacy and improving acceptance of this technology are expected to lead to a surge in the market demand, during the forecast period.

Key Market Trends

Spinal Cord Stimulation (SCS) Holds the Largest Market Share in the Internal Neuromodulation Sub-segment

The process of numbing/reducing chronic pain by passing continuous low voltage electric current to the spinal cord is referred to as spinal cord stimulation (SCS). The SCS devices are FDA approved and are the most widely accepted neurostimulation techniques across the world.
  • In 2019, Abbott received a US FDA (Food and Drug Administration) approval for the " Low-dose, Recharge-free Spinal Cord Stimulation System", for the patients with chronic pain. These devices are basically of three types, namely rechargeable, conventional, and radiofrequency systems.
  • SCS is used in neurological problems, such as nerve damage, arachnoiditis, failed-back surgery syndrome, neuropathy, complex regional pain syndrome, and neuritis. Along with the associated benefits and effectiveness, SCS also has some pitfalls, such as overstimulation, intermittent stimulation, lead dispositioning, and device malfunctioning. However, the benefits of the SCS outrank the pitfalls, thus, boosting the segment’s growth over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance

North America dominated the overall neuromodulation market with the United States accounting as the major contributor to the market.
  • The presence of major market players and huge pharmaceutical and biopharmaceutical industries, coupled with the rising investments in the country for the adoption of advanced technologies, is expected to boost the regional growth of the market, over the forecast period.
  • Recently, Axonics introduced its new programmer " r-SNM system" used for programming the external neurostimulator, as well as an implantable neurostimulator. Additionally, the rising concern about the prevalence of neurological disorder and other associated disorders is stimulating the need for the adoption of neuromodulation techniques.
  • Moreover, according to the Parkinson's Foundation, almost 60,000 people in the United States are diagnosed with Parkinson's every year. Hence, the above-mentioned factors are expected to fuel the market growth.
Competitive Landscape

The major market players in the market include Medtronic PLC, Boston Scientific Corporation, Abbott Laboratories, Synapse Biomedical Inc., and Nevro Corporation, among others. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abbott Laboratories
  • LivaNova PLC
  • Medtronic PLC
  • Neuronetics Inc.
  • Neuropace Inc.
  • Neurosigma Inc.
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Neurological Disorders
4.2.2 Increase in the Aging Population
4.2.3 New Indications and Expanded Target Applications
4.3 Market Restraints
4.3.1 Inconsistent Reimbursement Policies
4.3.2 Lack of Trained Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Internal Neuromodulation
5.1.1.1 Spinal Cord Stimulation (SCS)
5.1.1.2 Deep Brain Stimulation (DBS)
5.1.1.3 Vagus Nerve Stimulation (VNS)
5.1.1.4 Sacral Nerve Stimulation (SNS)
5.1.1.5 Gastric Electrical Stimulation (GES)
5.1.2 External Neuromodulation (Non-invasive)
5.1.2.1 Transcutaneous Electrical Nerve Stimulation (TENS)
5.1.2.2 Transcranial Magnetic Stimulation (TMS)
5.1.2.3 Others
5.2 By Application
5.2.1 Parkinson's Disease
5.2.2 Epilepsy
5.2.3 Depression
5.2.4 Dystonia
5.2.5 Pain Management
5.2.6 Other Applications
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Medtronic PLC
6.1.4 Nevro Corporation
6.1.5 Neuropace Inc.
6.1.6 Neurosigma Inc.
6.1.7 Neuronetics Inc.
6.1.8 LivaNova PLC
6.1.9 Nuvectra
6.1.10 Synapse Biomedical Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

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  • Abbott Laboratories
  • Boston Scientific Corporation
  • Medtronic PLC
  • Nevro Corporation
  • Neuropace Inc.
  • Neurosigma Inc.
  • Neuronetics Inc.
  • LivaNova PLC
  • Nuvectra
  • Synapse Biomedical Inc.
Note: Product cover images may vary from those shown

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