Report : Neuromodulation Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology (External (Non-Invasive) Neuromodulation, and Internal Neuromodulation); Application (Chronic Pain Management, Failed Back Syndrome, Epilepsy, Tremor, Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease, Obsessive-Compulsive Disorder, and Migraine); End User (Hospitals, Clinics, and Home Healthcare), and Geography
Internal Neuromodulation Segment to Contribute Larger Share to Market during 2020–2027
According to the latest study on “Neuromodulation Market Forecast to 2027 –COVID-19 Impact and Global Analysis – by Technology, Application, and End User,” the market was valued at US$ 7,613.45 million in 2019 and is projected to reach US$ 16,333.98 million by 2027; it is expected to grow at a CAGR of 10.3% during 2020–2027. The report highlights trends prevailing in the global neuromodulation market, and drivers and restraints pertaining to the market growth.
The growth of the neuromodulation market is driven by the factors such as increasing incidence of neurological disorders and growing developments in neuromodulation technology. Further, the rising demand of neurostimulation devices to treat chronic pain offer lucrative opportunities to the global neuromodulation market players. However, the high cost of neuromodulation devices hinders the market growth.
On the basis of technology, the neuromodulation market is bifurcated into external (non-invasive) neuromodulation and internal neuromodulation. In 2019, the internal neuromodulation segment accounted for a larger share of the market. The growth of the market for this segment is attributed to the rising number of product launches and increasing innovations in neuromodulation devices.
Abbott; Boston Scientific Corporation; Medtronic; NeuroPace, Inc.; NeuroSigma, Inc.; NEVRO CORP; Synapse Biomedical Inc.; Soterix Medical Inc; Integer Holdings Corporation; and Magstim are among the key players operating in the neuromodulation market. These companies focus on partnerships, product launches, and collaborations, among other business strategies, to sustain their market positions. For instance, in September 2020, Boston Scientific announced its WaveWriter Alpha portfolio of Spinal Cord Stimulator (SCS) Systems for the European market. The portfolio comprises four MRI conditional and Bluetooth-enabled implantable pulse generators (IPGs). The products from this line feature rechargeable and non-rechargeable options, and an access to waveforms that help cover multiple pain areas.
The report segments the global neuromodulation market as follows:
By End User