Neuromodulation Devices Market Overview
The Global neuromodulation devices market is growing with a sound pace. According to a recent study report published by the Market Research Future, the global neuromodulation devices market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a sound growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2027).
Neuromodulation is a technology that acts directly upon the nerves, thereby, causing alterations in the nerve activity. This is achieved by delivering electrical or pharmaceutical agents directly onto the target area. There is a plethora of neuromodulation applications, which includes deep brain stimulation (DBS) treatment for Parkinson’s disease, sacral nerve stimulation for pelvic disorders and incontinence, and spinal cord stimulation for ischemic disorders. Increasing prevalence of neurological disorders like Alzheimer’s and Parkinson’s diseases, and growing geriatric population are the major drivers for the market growth during the forecast period.
According to the Alzheimer’s Association in 2017, 5.5 million Americans live with Alzheimer’s disease and about 5.3 million of this patient population age is 65 years or more. Moreover, according to the World Health Organization, the number of people who age 65 or older is projected to grow from 524 million in 2010 to approximately 1.5 billion by 2050. Moreover, it was estimated that most of the increase in the geriatric population will be witnessed in the developing countries. Additionally, increasing awareness of about neurological disorders will fuel the market growth during the forecast period. However, high cost of the treatment procedures followed by the stringent government policies and low per capita healthcare expenditures in the middle- and low-income countries may restrain the market growth.
Neuromodulation Devices Market Competitive Analysis
Medtronic (Ireland), Accellent (U.S), St. Jude Medical, Inc. (U.S.), Synapse Biomedical Inc. (U.S.), Nevro Corp (U.S.), DynaMD, Boston Scientific Corporation (U.S.), NeuroSigma, Inc.(U.S.), NeuroPace, Inc. (U.S.), Neuronetics, Inc. (U.S.), Soterix Medical Inc. (U.S), and BioControl Medical (Israel) are some of the prominent players at the forefront of competition in the Global Neuromodulation Devices Market and are profiled in MRFR Analysis.
Characterized by the presence of several well-established and small players, the global neuromodulation devices market appears to be highly competitive and fragmented. International players are expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
Medtronic is one of the significant players of the global neuromodulation devices market. The company was founded in 1949 and is headquartered in Ireland. Medtronic’s annual sale in 2015 was USD 20,261 million and reached USD 28,833 million in 2016. Such significant increase in the sales lead to a huge investment in the R&D. In 2016, the company invested 7.7% of its total revenue into the research and development processes.
In October 2016, Medtronic got an approval for its suite of cardiac rhythm and heart failure devices. This advancement gave patients- Medtronic SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds). This helped Medtronic to strengthen its position in the market.
In September 2016, Boston Scientific and EndoChoice Holdings, Inc. announced that the companies have entered into a definitive agreement under which Boston Scientific had agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice became part of the Boston Scientific endoscopy business.
Neuromodulation Devices Market Regional Analysis
On the regional backgrounds the Americas leads the global neuromodulation devices market owing to a well-developed healthcare sector, huge patient population and presence of the developed technologies like U.S. and Canada which have technological backgrounds and rising healthcare expenditure for facilitating the market growth. Europe is second in the market due to huge patient population, rising government support and increasing awareness about the disease. The Asia Pacific region is the fastest growing region due to the developing economies like India and China which have a developing healthcare sector. On the other hand, the Middle East and Africa have the least market share, especially in the African region due to the presence of poor economies and stringent government within the African region. The Middle East region holds the market within this region due to huge healthcare expenditures.
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