PORTLAND, Oregon, August 31, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, Neuromodulation Market by Technology, Application and Biomaterial - Global Opportunity Analysis and Industry Forecast, 2014 - 2022, projects that the world neuromodulation market is expected to reach $11,717 million by 2022, registering a CAGR of 13.1% from 2016 to 2022. Spinal cord stimulation (SCS) segment is expected to remain the highest, in terms of revenue, throughout the forecast period. North America led the global neuromodulation market in 2015, and is expected to maintain its position throughout the study period.
According to Hemali Narkhede, Manager - Healthcare Research at AMR, Increasing incidence of neurological disorders such as migraine and epilepsy, growing awareness about the use of neuromodulators, strong product line offered by the key players and their increasing focus on the segment, technological advancements in the recently approved devices and efficient clinical outcomes would drive the market growth. However, unfavorable reimbursement scenario and lack of trained professionals hamper the market growth, she further added.
Sample of the Neuromodulation Devices Market Report can be accessed on Website: https://www.alliedmarketresearch.com/neurostimulation-devices-market
Amongst the internal neuromodulation devices, spinal cord stimulation (SCS) is highest generator in the global market, owing to the growing number of product approvals and positive clinical outcomes. Deep brain stimulation (DBS) is projected to be the fastest growing segment with a CAGR of 13.9% from 2016 to 2022, due to increasing prevalence of neurological disorders such as Parkinsons disease (PD), epilepsy & dystonia, and lack of existing treatment options.
External neuromodulators are projected to grow with the fastest CAGR of 14.7%, as they are used externally by the body and hence the risks of implantation can be reduced. Transcutaneous Electrical Nerve Stimulation (TENS) devices occupy over three-fourths share of external neuromodulation devices. Repetitive transcranial magnetic stimulation (RTMS) is expected to be the fastest growing segment owing to the non-invasive technology and clinical evidences of the treatment of neurological disorders such as migraine and depression.
Pain management was the leading application with one-third share of world neuromodulation market due to high incidence of conditions characterized by chronic pain and notable relief offered by its use. Failed Back Syndrome (FBSS), Urinary & Fecal Incontinence, and Migraine were other dominant applications for neurostimulators and are expected to control over two-fifths share together by 2022. Further, devices made of polymeric biomaterials are expected to grow with the fastest rate as they are biocompatible and biodegradable.
Key findings of the study:
- Spinal cord stimulation (SCS) segment generated the highest revenue in 2015, and is projected to grow at a CAGR of 12.1% during the forecast period.
- In the internal neuromodulation devices, deep brain stimulation (DBS) is projected to be the fastest growing segment, registering a CAGR of 13.9% from 2016 to 2022.
- Metallic biomaterial is the major component of neurostimulators.
- Repetitive Transcranial Magnetic Stimulation (RTMS) segment is expected grow at a CAGR of 16.0%.
- By country, the U.S. led the world neuromodulation market.
- Germany accounted for about one-third share of the European neuromodulation market in 2015.
- The neuromodulation market in Malaysia is expected to grow at a CAGR of 18.5% during the study period.
North America accounted for a major share in the world neuromodulation market in 2015, and is expected to maintain this trend throughout the forecast period. This is attributed to the rise in the prevalence of neurological disorders coupled with the rise in elderly population, increasing awareness for the use of neurostimulators, favorable reimbursement rates, presence of innovative technologies, and quest for better quality of life in the North American countries. However, Asia-Pacific is expected to be the fastest growing region owing to presence of ample growth opportunities in terms of unmet medical needs for the treatment of neurological disorders, increasing awareness about mental health, and the rising acceptance of advanced technologies.
The key players in this market have adopted product development & launch as their key strategies to cater to the changing needs of the industry. Furthermore, companies have collaborated with other key players to develop cost-effective and technologically efficient technologies to strengthen their market position. Development of novel products with innovative technologies and acquisition of companies possessing innovative technologies are the top strategies adopted by leading players in the neuromodulation market. The key players profiled in this report include Aleva Neurotherapeutics SA, BioControl Medical, Bioness Inc., Boston Scientific Corporation, EnteroMedics Inc., LivaNova PLC, Medtronic PLC, NeuroPace, Inc., Nevro Corporation, and St. Jude Medical, Inc. Medtronic controlled the highest share in the neuromodulation devices market, followed by Boston Scientific and St. Jude Medical, in 2015.
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