MarketsandMarkets forecasts the global neuromodulation market is projected to reach USD 8.8 billion by 2025 from USD 5.8 billion in 2020, at a CAGR of 8.6% between 2020 and 2025.
Northrook, IL -- (SBWIRE) -- 03/24/2020 -- The growth of this market is driven majorly by the rising prevalence of neurological disorders, increasing research into expanding the applications of neuromodulation, and awareness on neurodegenerative disorders. However, the high cost of neuromodulation procedures and equipment, along with the dearth of a trained workforce, is expected to restrain the growth of neuromodulation market during the forecast period.
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In 2019, Parkinson's disease held the largest share of the deep brain stimulation market, by application.
Based on application, the deep brain stimulation market is segmented into Parkinson's disease, tremor, depression, and other DBS applications. Parkinson's disease accounted for the largest share of this market in 2019. The growth of this segment is attributed to the rising incidence of the disease and growing R&D activity in this area.
The internal neuromodulation segment accounted for the largest share of the neuromodulation market.
Based on technology, the neuromodulation is segmented into internal neuromodulation and external neuromodulation. The internal neuromodulation segment accounted for the largest share of the neuromodulation market in 2019. This can be attributed to the benefits of internal neuromodulation technologies, such as reductions in post-surgical complications and length of hospital stay, as well as long-term cost savings associated with the use of internal neuromodulation devices.
The transcutaneous electrical nerve stimulation segment accounted for the largest share of the external neuromodulation market in 2019.
Based on type, the external neuromodulation market is segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES). TENS accounted for the largest share of this market in 2019. This is mainly due to the higher incidence of chronic disorders, the wide range of applications of these devices, their cost-effectiveness, and the rising demand for non-invasive therapy.
North America to dominate the neuromodulation market during the forecast period
In 2019, North America dominated the neuromodulation market, followed by Europe. The major factors driving the growth of this market include the rising prevalence of chronic diseases, the increasing geriatric population, and the rising number of cases of Lyme and Alzheimer's disease.
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The prominent players in this market include Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), and LivaNova (UK), Synapse Biomedical, Inc. (US), Nevro Corporation (US), NeuroSigma (US), NeuroPace (US), Neuronetics (US), and BioControl Medical (Israel).