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/EIN News/ -- Newark, New Castle, USA, Jan. 26, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, the global neuromodulation devices market is expected to clock US$ 12.54 by 2030 and grow at a CAGR of 8.40% during the forecast period. As an increased number of patients are reported with neurological disorders. This exclusive information is published by Growth Plus Reports in its report titled “Neuromodulation Devices Market – Global Outlook & Forecast 2022-2030”
The main drivers of the global market for neuromodulation devices are the high prevalence of neurological disorders, the growing geriatric population, which is more susceptible to these diseases, increased understanding and investments in research and development for neurological diseases, as well as the high incidence of genetic neurological disorders. A great opportunity to boost the neuromodulation device market is the development of devices that can be customized according to the needs and suffering of the patient a lot of medical device companies are working.
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The global neuromodulation devices market has been analyzed from three perspectives: technology, application, and region.
Excerpts from ‘By Technology’
The neuromodulation devices are divided into:
The largest share of the global market for neuromodulation devices belongs to internal neuromodulation devices. Because of growing demand and high efficacy. Within the internal neuromodulation, further categories are Spinal cord stimulation, deep brain stimulation, and stomach electrical stimulation. External neuromodulation is further classified into transcranial magnetic stimulation, respiratory electrical stimulation, and transcutaneous electrical nerve stimulation. Due to an increase in back pain patients, a growing geriatric population, and a growing desire for non-invasive procedures, spinal cord stimulation is anticipated to experience considerable growth during the projected period. other segments including deep brain stimulation and gastric electrical stimulation are also expected to boost the market. As many patients with these disorders are reported.
Excerpts from ‘By Application Segmentation’
The market segments based on the application are segmented into:
Deep brain stimulation commands the largest market share. Because of factors such as an increase in the number of patients suffering from neurological diseases such as Parkinson's disease, tremors, and depression, an increase in the geriatric population which is more prone to developing such diseases, increased R&D activities in this field, and so on. Other segments, such as vagus nerve stimulation, are mostly recommended for elderly patients, as the vagus nerve is responsible for stimulating many muscles. Patients with chronic respiratory disorders have an increased demand for respiratory electrical stimulation.
Excerpts from ‘By Region Segmentation’
The global neuromodulation devices market has been divided into four regions:
North America holds the dominating position in the global market. The primary factor responsible for this is the increased number of patients with neurological disorders despite surgeries being an option for neurological disorders, this region has seen high adoption of neurostimulator devices, improved healthcare awareness, and high technological advancements resulting in new innovative devices. Europe is the second largest stakeholder in this market after North America Because of its aging population, increased number of Parkinson's disease patients, presence of major market players in this region, and high investments by government and private bodies in research and development. Nyxoah, a Belgian organization, raised € 85 million to fund the development of an implant that will be used to treat sleep apnea by electrically activating neurons under the tongue. The Asia Pacific region is also expected to grow during the forecast period due to factors such as increased neurological disorder prevalence, drug limitations for neurological disorder treatment, and increased research and development studies in this area.
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Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the global neuromodulation devices market are:
Table of Content
TOC Continued…
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