Neuromodulation Devices Market to Hit Sales of $10.97 Billion By 2028 | Over 600 million People are Potential Consumers of Neuromodulation Devices | SkyQuest
Global neuromodulation devices market was valued at USD 5.88 billion in 2021, and it is expected to attain a value of USD 10.97 billion by 2028, at a CAGR of 9.3% over the forecast period (2022–2028).
Westford USA, Aug. 24, 2022 (GLOBE NEWSWIRE) — Neuromodulation devices market is witnessing a growing demand for variety of implants, such as brain stimulators, deep brain stimulation (DBS), and spinal cord stimulators. In recent years, these devices have become increasingly popular for the treatment of neurodegenerative diseases, such as chronic pain, epilepsy, Parkinson’s and Alzheimer’s. Growing evidence suggests that these devices can improve symptoms and even slow or stop the progression of these diseases.
SkyQuest estimates that globally more than 30 million people are suffering from some kind of neurological disorders and more than 800 million people are having mental disorders in the global neuromodulation devices market. Every year, these disorders are affecting more than 2,400 people per 100,000 individuals and the number is growing at an alarming rate with each passing year with the aging and geriatric population. As of 2022, 1.8 billion people are above 40 and below 59 years old. On the other hand, over 918 million falls in the age group of 60–79. The later age group is highly susceptible to the neurological disorders such as Parkinson’s and Alzheimer’s. The World Health Organization reports that there are currently about 6 million people living with Alzheimer’s disease worldwide. This number is predicted to grow by about 50% by 2025. One in nine elderly people suffers from this debilitating condition, which often leads to serious financial and social burdens on families and communities.
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SkyQuest has found that people in the primary neurological disorders are the major consumers in the global neuromodulation devices market. In developed countries, primary neurological disorders are less common but more severe than secondary ones. For example, Parkinson’s disease is a primary neurological disorder that affects movement and coordination, while multiple sclerosis is a secondary neurological disorder that occurs as a result of damage.
This report would help in identifying potential growth opportunities, consumer behavior, factors affecting growth momentum, market dynamics, key players, competitive landscape, market forecast, segmental analysis, and demand for neuromodulation devices by age group, among others.
Remote Neuromodulation Devices Market is Gaining Momentum
Remote neuromodulation devices market is gaining momentum as it is becoming popular treatments for a variety of medical conditions such as chronic pain, Parkinson’s disease, or essential tremors who might otherwise have difficulty receiving care from their healthcare provider due to location or being unable to travel to seek care. Though the technology is relatively new, there has been a rapid increase in demand for the devices over the past few years. Recently, Abbott has introduced its remote neuromodulation device in Canada to cater to growing need from 6 million people suffering from chronic pain, around 2 million people with essential tremors, and over 100,000 people having Parkinson’s.
The most common type in the global remote neuromodulation devices market is an implantable stimulator. These devices are small and typically worn underneath the skin on the chest or back. They use electrical impulses to stimulate targeted nerve cells, which can relieve pain, improve function and increase quality of life. One common implantable stimulator is the Medtronic Neurostimulator System (NSS), which is commonly used to treat chronic pain conditions such as lumbar spinal cord compression or diabetic neuropathy.
One of the central reasons for this increased demand is the growing understanding of how remote neuromodulation can help treat a wide range of conditions. The devices are able to targeting specific areas of the brain, and have been shown to be effective in treating a variety of conditions such as depression, anxiety, chronic pain, and more.
Another factor that has contributed to the high demand for remote neuromodulation devices market is their versatility. In many cases, the devices can be used in combination with other treatments like medications or therapy sessions. This makes them an ideal treatment option for patients who are reluctant or unable to take traditional medications or attend therapy sessions.
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Though there are still some limitations associated with remote neuromodulation devices, such as their limited availability and complexity, the neuromodulation devices market is favorable for these devices and their potential benefits.
SkyQuest has published a report on global neuromodulation devices market. The report provides valuable insights on advancement of technology, current trends, opportunities, market dynamics, value chain, and supply chain analysis. Apart from this, the report would help the market participant in understanding key growth areas, what other competitors are doing in terms of research, developments, growth strategies, and marketing.
Key Findings by SkyQuest in Global Neuromodulation Devices Market
- Global neuromodulation devices market is expected to grow at a CAGR of 9.4% during the forecast period, 2022–2028
- Spinal cord stimulation (SCS) and deep brain stimulation (DBS) to continue holding major market share
- SCS is the most common type of neuromodulation device used, and it is being used to treat a wide variety of conditions, including chronic pain, depression, anxiety, and various neurological disorders.
- DBS is being used to treat a variety of neurological disorders, including chronic pain, epilepsy, and Parkinson’s disease.
- There are a number of newer types of neuromodulation devices available in the global neuromodulation devices market that are expected to be popular in the future, including transcranial direct current stimulation (tDCS), vagus nerve stimulation (VNS), and retinal receptor stimulation (RTS).
SkyQuest report on neuromodulation devices has covered all the major developments in the last 3 years and analyzed its impact on the market and market participants in terms of revenue, growth, and revenue forecast. Also, it provides in depth understanding about segmental analysis by value and volume to get better insights about how the market is responding to particular type of products and how manufacturers are making changes in their growth strategies.
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Top Players in Global Neuromodulation Devices Market
- LivaNova PLC (UK)
- Medtronic (Ireland)
- Synapse Biomedical (US)
- Nevro Corporation (US)
- NeuroSigma (US)
- NeuroPace (US)
- BioControl Medical (Israel)
- Bioness (US)
- Soterix Medical (US)
- Integer Holdings Corporation (US)
- Bioinduction (UK)
- GiMer Medical (Taiwan)
- GTX Medical (Netherlands)
- Helius Medical Technologies (US)
- MicroTransponder (US)
- Neuronano (US)
- BlueWind (Israel).
- Boston Scientific Corporation (US)
- Abbott (US)
- Neuronetics (US)
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