Dublin, June 17, 2022 (GLOBE NEWSWIRE) -- The "Global Neuromodulation Market By Technology (Internal and External), By Biomaterial, By Application, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Neuromodulation Market size is expected to reach $3.8 billion by 2028, rising at a market growth of 6.0% CAGR during the forecast period.
Neuromodulators are a type of neurotransmitter that is a subgroup of neurotransmitters. Neuromodulators, unlike neurotransmitters, are released in a diffused way. This indicates that exposure to the neuromodulator could expose a complete neural tissue to its effects. As a result, the neuronal circuitry of an entire brain region, rather than simply a single neuron, may be tuned.
The growing incidence of various types of neurological illnesses, such as Alzheimer's disease, dementia, stroke, and brain tumors, is driving the expansion of the neuromodulation Market. The increase in the prevalence of brain illnesses and the use of neuromodulation devices in developed nations are both contributing to the expansion of the neuromodulation Market share. Deep brain stimulation (DBS) is a technique for treating epilepsy and Parkinson's disease. The Market for neuromodulation is growing as the prevalence of epilepsy rises. Epilepsy, for example, is a chronic non-communicable brain disorder that affects people of all ages, according to the World Health Organization (WHO) in February 2022. According to the same source, around 50 million people across the world have been diagnosed with epilepsy.
Furthermore, the increase in the geriatric population aided the Market 's expansion. Alzheimer's along with other neurological disorders are more common in the elderly population. According to the Alzheimer's Association, a non-profit organization, approximately 6.2 million Americans aged 65 and older were diagnosed with Alzheimer's dementia in 2021.
COVID-19 Impact Analysis
Since most hospitals are closed owing to continuous lockdowns in numerous countries, the COVID-19 pandemic has had a negative effect on the neuromodulation Market 's growth. COVID-19's spread resulted in severe public health concerns. However, a large number of clinics and hospitals around the world have been reformed in order to improve hospital capacity and deliver better healthcare.
In addition, neuromodulation sales have decreased across multiple regions due to a fall in both new patient and service implant procedures. Plenty of people who otherwise is expected to have gotten tested for their mental illnesses has had to avoid visiting hospitals because of the risk of the infection. In most countries around the world, only patients with severe conditions were allowed to visit hospitals since the hospital beds were all occupied by severely afflicted COVID-19 patients.
Market Growth Factors
Rising Demand for Deep Brain Stimulation
Deep brain stimulation (DBS) uses electrodes coupled to a pulse generator implanted in the patient's body to continuously administer low bipolar or monopolar electric impulses, activating a tiny portion of the brain. DBS is used to treat pain, epilepsy, movement disorders like tremors, Parkinson's disease, dystonia, and psychiatric disorders like Tourette syndrome, obsessive-compulsive disorder, and depression, among others. Manufacturers are now working to improve their existing DBS systems while also designing the next generation of devices. DBS is being targeted to different parts of the brain by researchers, who are testing the treatment on distinct groups of Parkinson's patients.
Rising Incidence of drug resistant chronic conditions
A considerable number of the patient population suffering from chronic illnesses such as chronic back pain, depression, epilepsy, and sleep apnea, among others, is displaying medication and drug resistance. Resistance manifests itself in the form of slow treatment progression and delayed or limited effects. As a result, healthcare professionals are focusing more on neurostimulation techniques for the treatment of chronic illnesses, which is propelling the neuromodulation devices Market forward. Epilepsy, treatment-resistant depression, and other chronic diseases impose a significant financial burden on countries in terms of patient treatment.
Market Restraining Factors
Low Diagnosis and Treatment Rates in Developing Countries
In developing countries, the prevalence of neurological diseases such as epilepsy, depression, and others is increasing at an incredible rate. Despite having a substantially larger frequency, emerging countries have lower diagnostic rates, which limits the number of individuals who require treatment. Lower diagnosis rates in these nations are attributed to a variety of causes, including a lack of public awareness and limited access to diagnostic facilities due to inadequate healthcare infrastructure. Low income is also one of the leading factors which forbid some people from visiting the hospital and getting tests done to arrive at the correct diagnosis.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Approvals and Trials
3.2.3 Product Launches and Product Expansions
3.2.4 Acquisition and Mergers
3.2.5 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
Chapter 4. Global Neuromodulation Market by Technology
4.1 Global Internal Market by Region
4.2 Global External Market by Region
Chapter 5. Global Neuromodulation Market by Biomaterial
5.1 Global Metallic Market by Region
5.2 Global Polymeric Market by Region
5.3 Global Ceramic Market by Region
Chapter 6. Global Neuromodulation Market by Application
6.1 Global Chronic Pain Market by Region
6.2 Global Urinary & Fecal Incontinence Market by Region
6.3 Global Migraine Market by Region
6.4 Global Failed Back Syndrome Market by Region
6.5 Global Parkinson Disease Market by Region
6.6 Global Epilepsy Market by Region
6.7 Global Tremor Market by Region
6.8 Global Depression Market by Region
6.9 Global Others Market by Region
Chapter 7. Global Neuromodulation Market by Region
Chapter 8. Company Profiles
8.1 Medtronic PLC
8.1.1 Company overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
8.1.5.1 Product Launches and Product Expansions:
8.1.5.2 Acquisition and Mergers:
8.2 LivaNova PLC
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Approvals and Trials:
8.3 Boston Scientific Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Geographical Expansions:
8.4 Abbott Laboratories
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Product Launches and Product Expansions:
8.5 Nevro Corporation
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Approvals and Trials:
8.6 NeuroSigma, Inc.
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
8.6.2.1 Partnerships, Collaborations, and Agreements:
8.7 NeuroPace, Inc.
8.7.1 Company Overview
8.7.2 Recent Strategies and Developments:
8.7.2.1 Product Launches and Product Expansions:
8.8 Neuronetics, Inc.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Regional Analysis
8.8.4 Research & Development Expense
8.9 MicroTransponder Inc.
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Approvals and Trials:
8.10. Bioventus Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Regional Analysis
8.10.4 Research & Development Expenses
8.10.5 Recent strategies and developments:
8.10.5.1 Approvals and Trials:
8.10.5.2 Acquisition and Mergers:
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