Neuromodulation is an emerging therapy that uses several electromagnetic stimuli such as a magnetic field, an electric current, or a drug instilled directly in the subdural space (intrathecal drug delivery. It is an effective alternative to oral medications as it relieves pain with neuro-stimulation or a spinal drug-delivery system.
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.
Global Neuromodulation Devices Market: Drivers
Approval and launch of new products is expected to propel growth of the global neuromodulation devices market over the forecast period. For instance, in April 2020, Axonics Modulation Technologies, Inc. received the U.S. Food & Drug Administration (FDA) approval for its r-SNM System, a next generation rechargeable implantable neurostimulator.
Global Neuromodulation Devices Market: Opportunities
Increasing funding for R&D in neuromodulation devices is expected to offer lucrative growth opportunities for players in the market. For instance, in March 2020, ShiraTronics, Inc., a private medical device company developing and clinically testing its neuromodulation technology, completed an additional Series A financing of US$ 3 million bringing the Series A financing to a total of US$ 36 million.
Global Neuromodulation Devices Market: Restraints
Rapid changes in the technology are expected to hinder growth of the global neuromodulation devices market. The technologies involved in the working of a neuromodulation device are rapidly changing. Such a nature of the market makes it volatile and acts as a restraining factor for the market as technologies get outdated and redundant very fast.
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. Factors such as increasing prevalence of neurodegenerative diseases, and product launches are expected to support growth of the market over the forecast period.
Spinal Cord Stimulation Devices segment held dominant position in the global neuromodulation devices market in 2019, accounting for 53.0% share in terms of value. Product launches are expected to support growth of the segment over the forecast period. For instance, in August 2017, Boston Scientific Corporation, received approval from U.S. FDA for Precision Spinal Cord Stimulator System, Precision Spectra Spinal Cord Stimulator System, Precision Novi Spinal Cord Stimulator System, Precision Montage MRI Spinal Cord Stimulator System, Precision Montage Spinal Cord Stimulator System, and Spectra WaveWriter Spinal Cord Stimulator System for pain associated with back surgery, low back, and leg pain.
Imaging transcranial direct current stimulation is an inexpensive and effective tool to enhance cognitive and behavioral function. However, it is challenging to determine optimal treatment procedures to accommodate configurations, the complex shapes, and dramatic conductivity differences among various tissues. A review by researchers from University of Iowa, in April 2020, reported that positron emission tomography can be used as highly suitable biomarkers for testing whether imaging transcranial direct current stimulation counteracts cognitive impairments and motor dysfunction in the human brain.
Major players in the market are focused on adopting various marketing strategies to enhance their market share. For instance, in January 2020, Bioness, Inc., a provider of medical devices for the treatment of chronic pain of peripheral nerve origin, attended the 2020 North American Neuromodulation Society's Annual Meeting in Las Vegas, Nevada, U.S.
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
January 2020: Axonics Modulation Technologies, Inc. received the U.S. Food & Drug Administration approval for the company’s second-generation programmer for its r-SNM System
February 2020: Integer Holdings Corporation, an outsource manufacturer for cardiac, neuromodulation, vascular, portable medical, advanced surgical and orthopedics markets, acquired Inomec Ltd., a provider of design, development and production services for medical device companies