Market growth can be attributed to factors such as rising geriatric population, increasing prevalence of neurological diseases, strong product pipeline offered by the players. In addition, rapid advances in the field of neuromodulation and development of minimally invasive techniques have greatly expanded the market. High cost of treatment and negative social perception is restraining the growth of neuromodulation market.
North America is seen as the dominant player in the neuromodulation market followed by Europe, Asia-Pacific, and rest of the world (RoW) in 2015. In the coming years, the neuromodulation market is expected to witness the highest growth rate in the Asian region, with emphasis on India, China, and Japan. These countries are expected to increase revenues for the manufacturers of devices involved in neuromodulation.
Spinal cord stimulation segment dominated the neuromodulation market in 2015. But its market share will dwindle in the forecasting period due to the highest growth rate of deep brain stimulation. It is expected that deep brain stimulation will grasp nearly 20% market share by the year end of 2021.
Chronic Pain is identified as the largest application segment of the neuromodulation market. Urinary and Fecal Incontinence(UFI) is the second leading segment for neuromodulation market. Refractory epilepsy stands at the third spot with more than X% share in 2015. Parkinson's disease holds the fourth highest share being followed by Gastroparesis. Essential Tremor and Dystonia are the other leading application segment for neuromodulation market.
Further, prudent analysis has been done on the competitor's part, where three major players grab X% of the global market by revenue. Medtronic, Boston Scientific, St Jude Medical, Liva Nova and Nevro are the key influencers with their products in the Neuromodulation market. Merger & acquisitions, partnerships, collaborations and extending distribution networks are few important factors for their dominance.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, application, technology, geographies, companies and competitive landscape.
The report concludes with the profiles of major players in the global neuromodulation such as Medtronic, Boston Scientific, St Jude Medical, Liva Nova and Nevro.
The major market players are evaluated on various parameters such as company overview, product portfolio, and sales analysis of neuromodulation segment from 2010 to 2021. The report also entails major drivers and challenges of neuromodulation market.
Neuromodulation Market: Segmentation
Based on Technology, Neuromodulation market can be segmented as follows:
- Spinal Cord Stimulation - Deep Brain Stimulation - Sacral Nerve Stimulation - Vagus Nerve Stimulation - Other Technologies
Based on Application, Neuromodulation market can be segmented as follows: