Neuromodulation is the process of intervening in the activities of the central nervous system. Neurotechnology is considered as an emerging field of the medical sector, which encompasses medical, chemical and electrical devices. These devices interact with the CNS through several different neurotransmitters. Although originated thousands of years ago, neuromodulation has become an industrial rage in the recent past. Thanks to the technological revolutions, the global neuromodulation market is on its way to a remarkable growth in terms of business opportunities and global demands.
What Drives Global Neurostimulation Devices Market
Neuromodulation is the process of creating reversible alteration of human nervous system. Neurotechnology started evolving during the 60’s. The technology took revolutionary turn with developments in the fields like deep brain stimulation and spinal cord stimulation. From the initial technological advancements, neuromodulation market has come a long way. Wide amount of segmentation in the industry proves that the global market is growing at a rapid rate. Here are the essential drivers for the industry:
Aging Population: Past few decades have recorded a steeping rise in the population of aging people. Growing number of aging people is directly associated with health issues related with nerves and their activity level. Timely intervention in this activity is becoming essential. Elderly suffering from movement disorders, chronic pain, cardiovascular disorders and other age-related issues are driving the industry. Varied applications of the neurostimulation procedures have vital impact on the global market.
Chronic Diseases: Growing incidences of chronic diseases and age-related health conditions is a serious cause of concern. Patients suffering from many of these conditions get a huge sigh of relief from drug infusion and electric stimulation of the nervous system and its response rate. The most common age related issues treated with neuromodulation include Alzheimer’s disease, Parkinson’s disease, epilepsy, spinal cord injury, incontinence, depression, headache, heart failure, etc.
Segmentation in the market is based on the types of procedures, technologies and their applications. These products also have great demand from different countries across the globe. Based on the geographical demand pattern, the industry is segmented into four basic segments, namely, North America, Asia Pacific, Europe and rest of the world. Based on the types of procedures, the market is segmented into internal and external neurostimulation procedures. Both these types are further divided into different sub-segments and categories.
- Internal Procedures (Invasive): There are five types of internal stimulations, namely, spinal cord, deep brain, sacral nerve, gastric electrical and vagus nerve stimulation.
- External Procedures (Non-invasive): There are two types of external stimulations, namely, transcranial magnetic stimulation and transcutaneous electrical nerve stimulation.
According to the marketing research reports for the neuromodulation market, rapid growth in technology, increased ratio of clinical trials, emergence of innovative devices, growing number of aging population and growth in the number of niche companies are driving market. Based on geographical demands, North America is expected to lead the market, which is followed by Europe and Asia Pacific regions. According to the types of procedures, the vagus nerve stimulation segment is expected to record the highest growth, which will be followed by spinal cord stimulation segment.