Transparency Market Research, in a report titled “Neuromodulation Devices Market – Global Industry Size, Market Share, Trends, Analysis, And Forecast 2012 – 2018,” states that the global neuromodulation devices market is anticipated to expand at a strong CAGR of 14.40% from 2012 to 2018, rising from an estimated value of US$2.7 bn in 2011 to over US$7 bn by 2018.
Neuromodulation devices are advanced medical devices that suppress or enhance the activity of the nervous system for the effective treatment of a particular disease. Neuromodulation technologies can be both implantable as well as non-implantable and comprise devices that deliver chemical, electrical, or other agents to modify nerve cell and brain activity.
The global neuromodulation devices market is driven by a number of factors, including major technological advancements, the add-on therapy nature of neuromodulation devices, the surge in healthcare expenditure by consumers, the rising prevalence of lifestyle-associated disorders such as obesity and depression, the increasing prevalence of diseases such as Alzheimer’s and Parkinson’s, the rising incidence of chronic diseases, the surge in unmet medical needs, the growing demand for minimally invasive surgeries, and the increase in external funding for clinical studies. In contrast, strict FDA approval norms and other government restrictions, the risks and side effects associated with the use of neuromodulation devices, and the availability of alternate treatment options threaten to impede the global neuromodulation devices market.
The report studies the overall market for neuromodulation devices by segmenting it on the basis of type of technology, area of application, and geography.
By type of technology, the neuromodulation devices market is divided into deep brain stimulation, vagus nerve stimulation, spinal cord stimulation, sacral nerve stimulation, and gastric electric stimulation. On the basis of area of application, the neuromodulation devices market is categorized into Boston Scientific’s Precision Spinal Cord Stimulation System, St. Jude Medical’s Eon Mini Neurostimulator System, IntraPace’s Abiliti System, Cyberonics’ VNS Therapy System, Medtronic’s Enterra Therapy System, Medtronic’s Spinal Cord and Deep Brain Neurostimulation Systems, Codman & Shurtleff’s Medstream System, and Nevro’s Senza System for Spinal Cord Stimulation.
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The global neuromodulation devices market is geographically divided into Asia Pacific, Europe, North America, and Rest of the World. Accounting for a massive 65.0% share in the overall market, North America emerged as the leader in the neuromodulation devices market in 2011 and was valued at US$1.7 bn. There has been a considerable rise in the demand for neuromodulation devices in the developing economies in Asia Pacific and this surge in demand is anticipated to drive the Asia Pacific neuromodulation devices market at a remarkable CAGR of over 15.0% from 2012 to 2018. A number of emerging economies in Eastern Europe and Latin America are also anticipated to gain prominence in the neuromodulation devices market over the coming years.
The report identifies the leading players operating in the global neuromodulation devices market and reviews them based on attributes such as business strategies, company overview, product portfolio, financial overview, and recent developments. Boston Scientific Group, Nevro, Cervel Neurotech Inc., Codman and Shurtleff, Integra, Uroplasty, IntraPace, Cyberonics, Medtronic, St. Jude Medical, and Neuronetics Inc. are some of the top companies competing in the neuromodulation devices market.