(PharmaNewsWire.Com, April 08, 2020 ) The growth of neuromodulation market is driven majorly by the rising prevalence of neurological disorders, increasing research into expanding the applications of neuromodulation, and awareness on neurodegenerative disorders. However, the high cost of neuromodulation procedures and equipment, along with the dearth of a trained workforce, is expected to restrain the growth of this market during the forecast period.
The global neuromodulation market is projected to reach USD 8.8 billion by 2025 from USD 5.8 billion in 2020, at a CAGR of 8.6%.
Get In-Depth Analysis of How COVID-19 is Impacting The Global Epigenetics Market:
1. Covid Impact on Neuromodulation Market, growth/decline in product type/use cases of neuromodulation due to cascaded impact of Covid on Extended Ecosystem.
2. How top 50 companies in Neuromodulation Market are making rapid shifts in their strategies.
Parkinson’s disease held the largest share of the deep brain stimulation market, by application
Based on application, the deep brain stimulation market is segmented into Parkinson’s disease, tremor, depression, and other DBS applications. Parkinson’s disease accounted for the largest share of this market in 2019. The growth of this segment is attributed to the rising incidence of the disease and growing R&D activity in this area.
The Asia Pacific neuromodulation market is expected to grow at the highest CAGR during the forecast period
The Asia Pacific is expected to grow at the highest rate in the market. The major factors driving the growth of this market include the high incidence of neurological disorders, increasing public and private investments, and ongoing research.
Key Market Players:
The prominent players in the neuromodulation market include Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), LivaNova (UK), Synapse Biomedical, Inc. (US), Nevro Corporation (US), NeuroSigma (US), NeuroPace (US), Neuronetics (US), and BioControl Medical (Israel). Major players have focused on product launches, agreements, and partnerships to increase their shares in the global market.
Medtronic is one of the leading players in the market. The company’s leading position can be attributed to its wide portfolio of neuromodulation devices and strong geographical footprint. The company operates in the US, Europe, and the Asia Pacific. It serves clinicians, physicians, hospitals, and patients in more than 160 countries. R&D is a key area of focus for Medtronic—it invested USD 2,330 million in 2019, as compared to USD 2,256 million in 2018 and USD 2,193 million in 2017. The company also focuses on organic as well as inorganic growth strategies to gain a competitive edge.
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