Neuromodulation Devices Market to exceed US$ 11.7 Billion by 2027 Globally |CAGR: 8.4%| UnivDatos Market Insights
NOIDA, India, July 8, 2021 /PRNewswire/ -- A comprehensive overview of the neuromodulation devices market is recently added by UnivDatos Market Insights to its humongous database. The neuromodulation devices market report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the neuromodulation devices market. The neuromodulation devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the neuromodulation devices market at the global and regional levels. Neuromodulation devices market is expected to grow at a CAGR of 8.4% from 2021-2027 to exceed US$ 11.7 billion by 2027.
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Even during the pandemic demand for neurostimulation devices have witnessed growth as respiratory stimulations like vagus nerve stimulations have a chance to be a valuable treatment for the respiratory disease that has caused the pandemic. 20.4% adults were suffering from chronic pain in the United States in 2019, and 7.4% of them had chronic pain that effected their daily lifestyle. Neuromodulators are promising long term pain management for chronic conditions. By dosing patients with different amplitudes, pulse forms and frequencies of electrical currents, neuromodulators can be beneficial for all kinds of chronic pains. Additionally, unlike side effects from painkiller drugs, neuromodulation is reversible and typically harmless to the nervous system. All these features are increasing the popularity of the neuromodulation device market and successful clinical trials are also boosting people's confidence. Taking all these factors into account, the market is estimated to grow at its highest during the forecasted period.
The neuromodulation devices market is expected to grow after the COVID-19 outbreak as the pandemic is causing a rise in chronic diseases like spinal problem, epilepsy, depression etc. within the population. Even though the market was predicted to grow even before the covid pandemic, this pandemic has only helped the neuromodulation devices market to grow. The vagus nerve stimulation is one of the highest used application to treat covid related respiratory problems. 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). This 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.
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Neuromodulation devices market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily segmented into
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Transcranial magnetic Stimulators
The spinal cord stimulators segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
By Application, the market is primarily segmented into
- Pain Management
- Hearing Loss
- Parkinson's Disease
Amongst application, the pain management segment of the neuromodulation devices market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027.
Neurostimulation Devices Market Geographical Segmentation Includes:
- North America (US, Canada, and Rest of North America)
- Europe (Germany, France, Italy, Spain, UK and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and Rest of APAC)
- Rest of World
Based on the estimation, the North America region dominated the neurostimulation devices market with almost XX% revenue share in 2020. North America also sae the highest CAGR of XX% in the forecast period due to the lifestyle choices and increase in neurological diseases in the region.
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The major players targeting the market includes
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic PLC
- Nevro Corporation
- St. Jude Medical, Inc.
- Neurosigma Inc.
- Neuronetics Inc.
- LivaNova PLC
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the neuromodulation devices market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the neuromodulation devices market?
- Which factors are influencing the neuromodulation devices market over the forecast period?
- What are the global challenges, threats, and risks in the neuromodulation devices market?
- Which factors are propelling and restraining the neuromodulation devices market?
- What are the demanding global regions of the neuromodulation devices market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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