1. Increase in the Aging Population to Fuel Market Growth
Neurological diseases affect around 55% of people, who age 55 and older. They are associated with a high-risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization. Degenerative diseases like dementia and Parkinson’s disease, as well as strokes and headaches frequently, encountered neurological diseases in elderly patients.
Neuromodulation is an intracranial electrical therapy that has the FDA approval for the treatment of most of the neurological diseases like bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population. The proven efficacy and improving acceptance of this technology will lead to the surge in the market size during the forecast period. Other factors that will affect the growth of the market positively, include rising prevalence of neurological disorders to spur market growth, strong product pipeline to propel the market, expanded target applications, and new indications are expected to stimulate the growth of neuromodulation devices and investments and funds.
2. Spinal Cord Stimulation Expected to Lead the Market
The spinal cord stimulation segment is projected to have the leading share of the global internal neuromodulation market. On the contrary, the transcutaneous electrical nerve stimulation (TENS) segment is estimated to record the leading portion of the overall external neuromodulation market.
3. North America Expected to Lead the Market
North America is the most attractive market in the neuromodulation industry and is estimated to be the first preference for new entrants, due to the increasing faith in the technology and end-use in the region. Asia-Pacific is the fastest growing market; hence the established players are focusing on the region.
4. Leading Companies to Watch
The report also examines the role of the leading market players involved in the industry. Some of the key players listed in the study are:
Boston Scientific Corporation
ST . Jude Medical, Inc.
Synapse Biomedical, Inc.
About Neuromodulation Market
The neuromodulation market is expected to grow, at a CAGR of about 14% during the forecast period. Neuromodulators form a subset of neurotransmitter. Unlike neurotransmitters, the release of neuromodulators occurs in a diffused manner. This means that an entire neural tissue may be subjected to the neuromodulator’s action due to exposure. This, in turn, can tune the neural circuitry of an entire brain region; not just that of an individual neuron.
Mordor Intelligence is a market intelligence and advisory firm operating in 14 industry segments, serving over 600 clients worldwide.