Neuromodulation Devices Market Size worth USD 9.34 billion by 2026
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.
Industry Developments:
- 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.
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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.
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