Neuromodulation Devices Hold Huge Potential To Make Treatment For Many Neurological Disorders Safer And More Enduring. North America To Witness The Highest Growth
Neuromodulation Devices Market is expected to exceed the market valuation of more than US$ 11.7 billion by 2027 expanding at a reasonable CAGR of around 8.4% during the forecast period (2021-2027). Neuromodulation devices cure many neurological disorders like headache, depression, epilepsy etc. In fact, Headache disorders are the second and third most occurring disorders in the world. Most people have experienced atleast one headache episode in their lives. Pharmacoresistance and tolerance to common pharmacological therapies are making chronic headaches harder to treat. Also, interaction between different drugs can cause side-effects. Innovative non-invasive neuromodulatroy techniques are in the rise in today’s market. Many studies have been done in this field and they look promising. In fact, a very high-quality study done on episodic migraine using a percutaneious mastoid electrical stimulator showed an absolute difference of 2.87 days/month reduction rate. In another study of non–invasive vagus nerve stimulation (nVNS), those receiving nVNS in the randomized phase had 3.9 fewer attacks than the control group.
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Another example of a neuromodulation device is the RNS System (from NeuroPace) which is a brain-responsive neuromodulation system approved by the US Food and Drug Administration for adults with medically intractable focal onset seizures. This therapy is generally used by patients with surgical resection or ablation due to unfavorable risk benefit profile or patient preference. As per WHO report in 2019, 50 million individuals worldwide, have epilepsy, which makes it one of the most common neurological diseases globally.
In an experiment, the reduction of seizure frequencies was noted using the NeuroPace RNS system. The study show that 67% reduction in seizure frequencies were seen in the first year, followed by a 75% reduction in frequency in the 2nd year and an 82% reduction in 3 and more years. This shows that neuromodulation is an effective technology to control the frequency of seizures. According to WHO 70% of the epilepsy patients can live a seizure free life if properly diagnosed and treated.
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With the sudden rise of covid-19, all major healthcare companies are investing in R&D of respiratory devices. According to a report by Narayana Health 14% of all Covid infected patients will have pneumonia (an inflammation due to infection in one or both lung’s air sacs). Vagus nerve stimulation, which is a type of neurostimulation treatment involves delivering electrical pulses to the vagus nerve to cure the acute respiratory disease. Due to this there is a huge rise in investments in both private and public hospitals for neurology applications to help treat the illness. These devices are currently under the trial process to treat covid patients. If this trial turns out to be successful, then these devices will be found in most hospitals and clinics that are treating the deadly Sars-CoV-2 virus. One clinical trial is being performed by ElectroCore which is providing non-invasive vagus nerve stimulation to treat covid patients. Additionally, there are advancement in technology to enhance these devices with artificial intelligence, which is predicted to boost the market even further.
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Based on technology the neuromodulation devices market is divided into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, transcranial magnetic stimulators, and others. There has been unprecedented growth in the neuromodulation field in the last decade, with novel chronic pain indications, hardware advancements and waveforms. In 2014, approximately 10,000 Neuromodulation devices were implanted in the United States. Spinal cord stimulation (SCS) is used in many refractory chronic pain conditions like complex regional pain syndrome, failed back surgery syndrome, angina pectoris, abdominal pain and ischemic limb pain.
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Based on application, neuromodulation devices market is segmented into pain management, hearing loss, depression, parkinson’s disease, epilepsy, and others. Neuromodulation devices are medical tools used to increase or decrease the activity of the nervous system. This technology can be effective in reducing many nervous system related diseases, pain, hearing, epilepsy etc. According to WHO, there are currently 264 million people suffering from depression (2020) and 50 million people suffering from epilepsy (2019) worldwide. Additionally, the national institutes of health in 2020 published that, 1 in 5 people in the United States suffer from chronic pain.
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Additionally, the report provides detailed initiatives that are being taken in the field of neuromodulation devices, globally. The report provide a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with XX% share. Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Nevro Corporation, St. Jude Medical, Inc., Neurosigma Inc., Neuronetics Inc., LivaNova PLC, Nuvectra, Cyberonics, are some of the prominent players operating in the global neuromodulation devices market. Several M&As along with partnerships have been undertaken by these players to develop a better and long-lasting treatments for neurological diseases.
Neuromodulation Devices Market Segmentation
Market Insight, by Technology
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Transcranial magnetic Stimulators
Market Insight, by Application
- Pain Management
- Hearing Loss
- Parkinson’s Disease
Market Insight, by Region
- North America Neuromodulation Devices Market
- United States
- Rest of North America
- Europe Neuromodulation Devices Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Neuromodulation Devices Market
- Rest of Asia-Pacific
- Rest of World Neuromodulation Devices Market
Top Company Profiles
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic PLC
- Nevro Corporation
- St. Jude Medical, Inc.
- Neurosigma Inc.
- Neuronetics Inc.
- LivaNova PLC