Neuromodulation Devices Market Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Posted July 14, 2020 by Aditya450

Neuromodulation devices are implantable medical devices, which introduce therapeutic solutions to some chronic diseases through electric stimulation or medication.

Neuromodulation devices are implantable medical devices, which introduce therapeutic solutions to some chronic diseases through electric stimulation or medication. Based on the type of diseases they help to curb and the type of nerves they are associated with, neuromodulation devices are segmented into five major technologies, namely: spinal cord stimulation devices, deep brain stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices and gastric electric stimulation devices.

The global neuromodulation devices market is estimated to account for US$ 9,298.7 Mn in terms of value in 2020 and is expected to reach US$ 24,768.8 Mn by the end of 2027.

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Increasing prevalence of neurological disorders is expected to propel growth of the global neuromodulation devices market over the forecast period. For instance, according to Alzheimer’s Association, around 5.8 million people in the U.S. aged 65 and older are living with Alzheimer's dementia in 2020.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.North America held dominant position in the global neuromodulation devices market in 2019, accounting for 58.6% share in terms of value, followed by Europe and Asia Pacific, respectively

Side effects and risks associated with the use of neuromodulation devices are expected to hinder growth of the global neuromodulation devices market. Neuromodulation implanting surgery has certain side effects on the body such as allergy and hoarseness. The neuromodulation devices also carry some risks, owing to the electrical impulses generated by it. The device may cause damages to the nearby nerves and blood vessels, as in the case of a VNS pacemaker, it might cause damages to the vagus nerve, carotid artery and jugular veins.

Moreover, availability of alternate treatment procedures such as drugs and other surgeries (e.g. Pallidotomy) is also expected to limit growth of the market.Outsourcing of neuromodulation devices manufacturing is expected to offer lucrative growth opportunities for players in the market. Development of a neuromodulation device involves heavy manufacturing and marketing costs. Market players can opt for outsourcing for manufacturing neuromodulation devices.

Moreover, R&D in neuromodulation is also expected to aid in growth of the market. For instance, in April 2020, researchers from Shandong Jianzhu University, China, proposed an expanded digital hippocampal spurt neural network to simulate the mammalian cognitive system and to perform the neuroregulatory dynamics.The global neuromodulation devices market was valued at US$ 8,106.9 Mn in 2019 and is forecast to reach a value of US$ 24,768.8 Mn by 2027 at a CAGR of 15.0% between 2020 and 2027.

The market has witnessed some product recalls. In December 2019, LivaNova announced to recall its implantable vagus nerve stimulation SenTiva Generator System following reports of 14 reset errors that caused it to stop delivering therapy.The market is also witnessing favorable reimbursement scenario in Europe. For instance, in February 2020, Axonics Modulation Technologies, Inc. received Status 1 reimbursement approval to the Axonics r-SNM System, a next generation rechargeable implantable neurostimulator, from the German Institute for the Hospital Remuneration System.

Medical devices are categorized into one of three classes based on their degree of risk: Class I Class II, and Class III
Majority of neurological devices are classified as class II (moderate risk) or class III (high risk) devices.
Class II devices include neurostimulators, aneurysm clips, and blood clot retrievers
Class III devices include deep brain stimulators and medical devices for the treatment of brain tumors
Global Neuromodulation Devices Market: Competitive Landscape

Major players operating in the global neuromodulation devices market include, Axonics Modulation Technologies, Inc., ShiraTronics, Inc., Bioness, Inc., LivaNova, Neuronetics, Inc., Medtronic plc, St. Jude Medical, Boston Scientific Corporation, Cyberonics, Nevro, Integer Holdings Corporation, and Uroplasty.

Global Neuromodulation Devices Market: Key Developments

Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in March 2020, Neuronetics, Inc., a commercial stage medical technology company developing solutions for the treatment of psychiatric disorders, received Breakthrough Device Designation for its NeuroStar Advanced Therapy System for the treatment of bipolar depression, from the U.S. Food and Drug Administration.

Similarly, in January 2020, Bioness, Inc. received CE Mark approval for its StimRouter Neuromodulation System for the treatment of fecal incontinence, across Europe.

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Issued By Aditya
Country India
Categories Business
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Last Updated July 14, 2020