Description:
Neuromodulation is the alteration of nerve activity by delivering electrical impulses directly to a target area. Neurological disorders such as epilepsy, Alzheimer disease, cerebrovascular diseases, and Parkinson ' s disease affect the central and peripheral nervous system. Bacterial, viral, and fungal infections can also cause neurological disorders. Growth in the Neuromodulation devices market is attributed to increasing prevalence of neurological disorders due to rapidly rising geriatric population, increasing adoption of neuromodulation devices in developed countries, and growing focus of big players, such as Medtronic and Boston Scientific, on R & D in the segment.
The world neuromodulation devices market is estimated to reach $ 11,717 million by 2022. The market is expected to be driven by the increasing awareness about the safety and efficacy of neuromodulation devices, rising prevalence of neurological disorders and rising number of clinical trials worldwide for the development of innovative technologies in the field of neuromodulators. However, lack of trained healthcare professionals and stringent approval policies restrain the market growth.
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The world neuromodulation devices market is segmented on the basis of product type, technology, application, material and geography. Based on product type, it is categorized into internal and external neuromodulation. Based on technology, Internal neuromodulation is segmented into five major segments, namely, deep brain stimulators, sacral nerve stimulators, spinal cord stimulators, vagus nerve stimulators and other neuromodulation devices. Similarly, based on technology external neuromodulation are classified into transcutaneous electrical nerve stimulation and repetitive transcranial magnetic stimulation. Spinal cord stimulators generated the highest revenue in 2015, whereas the deep brain stimulation market is expected to grow fastest by a CAGR of 13.9 %. By application, the market is segmented into the following nine segments: failed back syndrome, chronic pain management, epilepsy, tremors, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson ' s disease, obsessive-compulsive disorder, migraine, depression and other applications. By biomaterial type, it is divided into metallic biomaterials, ceramic biomaterials and polymeric biomaterials.
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Geographically, it is segmented into North America, Europe, Asia-Pacific and LAMEA. Presently, North America occupies the largest market share, followed by Europe and Asia- Pacific. Asia-Pacific is expected to witness maximum growth during the forecast period.
Key strategies adopted by major players include increasing focus on clinical trials for the development of innovative technologies, expanding the indications of the currently marketed neuromodulation devices and mergers & acquisitions. For instance, Boston
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