The global neuromodulation devices market is expected to grow significantly from USD 5,120 Million in 2018 to USD 10,200 Million in 2025, at a CAGR of 10.3% from 2019 to 2025. Factors driving the market growth are; rising prevalence of neurological diseases across the globe, government initiative for product approvals and investments, and rising geriatric population across the globe. In addition, growing use in SCS technology, increasing awareness for neuromodulation, and new product launches are further boosting the industry growth.
Neuromodulation devices are advanced medical tools that improve nervous system activities. Research and development activities conducted over the past two decades show that neuromodulation is safe, effective and durable treatment for chronic pain. Furthermore, the market has witnessed technological advancements such as bluetooth technology to spinal cord stimulators which allow doctors and patients to modify the intensity level in real time. However, high capital investments may hamper the market growth to some extent.
Deep Brain Stimulation (DBS) Technology Drives the Market Demand
Deep brain stimulation technology segment is expected to grow at the fastest CAGR during 2019-2025. Deep brain stimulation is a neurosurgical procedure involving the placement of neurostimulator, which sends electrical impulse through implanted electrodes. DBS is an established treatment for people with movement disorders such as Parkinson’s disease, dystonia, essential tremor, and psychiatric conditions including obsessive-compulsive disorder. Moreover, large and small competitors have targeted DBS, which has the potential to address a number of highly prevalent and underserved diseases and disorders.
Neuromodulation Devices Market – Regional insight
North America held the major share of the global neuromodulation devices market in 2018. The growth is attributed to the increasing prevalence of chronic pain, and several government initiatives for product approvals. Moreover, over the past few years technological advancements in medical device and innovative minimally invasive surgical techniques have shown promising growth in the region.
The United States is likely to offer lucrative opportunities
Demographically, the United States is projected to witness a considerable growth in the geriatric population that is a major end user for medical devices. According to the US Census Bureau, the number of adults aged 65 and above is likely to increase significantly by 2021. Besides the increasing number of elderly adults in the country, the average life expectancy has constantly risen over the past decade. Owing to the aforementioned factors, the market is likely to witness significant growth in the region.
The research and analysis are based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
The years used for the assessment are as follows;