Neuromodulation Devices Market Analysis: Innovations & Competitive Analysis – Forecast To 2028
MRFR Projects a Steady Growth in Worldwide Sales of Neuromodulation Devices Over the Next Nine Years
In 2017, sales of neuromodulation devices remained on the upside and a similar trend is likely to follow in 2018. Neuromodulation has gained significant traction over the past couple of years, which has reflected favourably on the global market for neuromodulation devices. These devices are also finding applications in minimally-invasive surgeries and several neuromodulation therapies. The recent study conducted by Market Research Future (MRFR) claims that global neuromodulation devices sales will remain steady over the next nine years.
Neuromodulation is increasingly being used in healthcare to leverage the power of electrical impulses for therapeutic benefits. While several new areas of use have emerged in recent years, deep brain stimulation (DBS) remains the primary healthcare application of neuromodulation. DBS is a therapeutic technique focused towards resolving chronic and intractable pain. Such pains are quite common among the elderly population; the latest data resealed by United Nations suggest that the number of older persons — those aged 60 years or above — is expected to more than double by 2050. The rising number and proportion of elderly people is almost all the countries in the world is creating diverse healthcare requirements. This, in turn, is expected to support the growth of the global market for neuromodulation devices in the forthcoming years. Other factors that are expected to have a positive impact on the market include increasing incidence of neurological disorder, advances in technology, device miniaturization and arrival of new neuromodulation devices. Moreover, faster approval rate of new neuromodulation technologies is encouraging players to concentrate on their R&D pipelines. However, new entrants will have to overcome formidable challenges in order to compete with established players who collectively account for a controlling stake of the market. Mergers and acquisitions is expected to remain a key trend in the industry as big players focus on expansion and local vendors try to leverage the know-hows of industry leaders. Offering new and novel solutions will be key to achieving a competitive edge in the market.
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Global Neuromodulation Devices Market Analysis: Competitive Landscape
Medtronic (Ireland), St. Jude Medical, Inc. (U.S.), Nevro Corp (U.S.), NeuroSigma, Inc.(U.S.), Neuronetics, Inc. (U.S.), BioControl Medical (Israel), DynaMD, Accellent (U.S), Synapse Biomedical Inc. (U.S.), Boston Scientific Corporation (U.S.), NeuroPace, Inc. (U.S.), and Soterix Medical Inc. (U.S) are some of key market participants profiled in MRFR’s report.
Industry Trends and News
- Medtronic plc recently announced that the company has been shown a green signal by the U.S. FDA in its pursue of introducing a new spine surgery indication “Infuse™ Bone Graft”. After the FDA clearance, the company can now use the technology during additional spine implants procedures such as anterior lumbar interbody fusion (ALIF) and oblique lateral interbody fusion (OLIF 25(TM) and OLIF 51(TM)).
- Synapse Biomedical, the manufacturer of the NeuRx Diaphragm Pacing System® and a specialist in neurostimulation recently announced the it receive the CE Mark approval for its new temporary diaphragm stimulator “TransAeris™ System”.
Global Neuromodulation Devices Market: Segmental Analysis
Based on type, the market has been segmented into time domain and spectral domain. Based on techniques, the market has been segmented into doppler neuromodulation devices, polarization-sensitive neuromodulation devices, and adaptive optics neuromodulation devices. Based on applications the market has been segmented into eyes imaging and diabetic retinopathy.
Regional Outlook
Among regions, North America currently accounts for a noteworthy share of the market and expected to present lucrative growth opportunities for players in 2018 and beyond. Presence of leading healthcare technology companies in the region is major advantage for the market in North America. In addition, high healthcare expenditure and awareness about availability of advanced medical treatment modules is propelling the growth of the market in the
region. North America is followed by Europe and Asia Pacific (APAC) respectively.
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