The neuromodulation market is segmented on the basis of technology, application, and region. The global neuromodulation market is expected to grow at a CAGR of 11.2% from 2015 to 2020, to reach $6.20 Billion by 2020 from $3.65 Billion in 2015. Factors such as rising geriatric population, increasing prevalence of neurological diseases, strong product pipeline offered by the players, and expanded target applications and new indications are driving the growth of this market. Moreover, expansion in emerging economies is likely to create significant growth opportunities for players operating in the neuromodulation market.
Neuromodulation is a technique that acts directly on nerves or the target area, where the activity of nerves is altered. These alterations are due to the effects produced by electrical stimulation or drug infusion. These devices include small electrodes, which are placed in the brain, spinal cord, or peripheral nerves, and are connected via leads to an implantable pulse generator placed under the skin to generate electrical stimulation in a precise pattern.
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Based on application, the neuromodulation market is segmented into technology-wise applications such as spinal cord stimulation (chronic pain, failed back surgery, ischemia); deep brain stimulation (Parkinson’s disease, tremor, depression, others), sacral nerve stimulation (urine incontinence, fecal incontinence), vagus nerve stimulation (epilepsy, others), gastric electrical stimulation (gastro paresis, obesity), transcutaneous electrical nerve stimulation (treatment resistant depression, others), and transcranial magnetic stimulation (depression, migraine headaches).
The key factors that are expected to spur the growth of this market include rising geriatric population, increasing prevalence of neurological diseases, strong product pipeline offered by players, and expanded target applications and new indications. Moreover, expansion in emerging economies is likely to create significant growth opportunities for players operating in the market. However, factors such as unfavorable reimbursement scenario and lack of trained professionals are likely to pose as deterrents hampering market growth.
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