Neuromodulation is a psychological process used for a neuron to regulate neurons population. Some examples of neuromodulators include serotonin, dopamine, histamine, and others. In terms of neuroscience, the basic application of neuromodulators was restricted to treating pain through electrical stimulation. Groundbreaking innovations in the neuromodulation market have increased applications of these products across the industries. Rising demand and scope of applications are steadily driving the global market for neuromodulators.
Segments in Neuromodulators Market
Global neuromodulation market is segmented on the basis of the types of procedures and their demand across different geographic regions. Procedures in the industry are segmented into two basic segments, which include internal and external neuromodulation. Internal neuromodulation is further segmented into spinal cord stimulation, sacral nerve stimulation, deep brain stimulation, gastric electrical stimulation, and vagus nerve stimulation. External neuromodulation is further sub-segmented into transcranial magnetic stimulation and transcutaneous electrical nerve stimulation. All these sub-segments are further categorized based on the types of diseases and disorders. Geographically, neuromodulation industry is segmented into four regions, which include Asia pacific, North America, Europe, and rest of the world.
Forecasting for Neuromodulators Market
Neuromodulation devices have come a long way from their early day applications. In fact, it is one of the fastest growing medical device sectors. High demand for these devices and noninvasive path of treatment are major driving factors for this rapid growth. With passing time and constantly evolving technology, the global industry for these devices has gained steady growth. The research reports for the industry suggest that the market will continue to grow in the coming decade. Amongst different sub-segments of the industry spinal cord stimulation market is expected to record the strongest demand. Vagus nerve stimulation market is also poised to record significant demand during the forecasting period. Nascent markets, technological advancements, and rising demands are the strongest drivers for these segments. Spinal cord stimulation devices are estimated to hold maximum market shares in future.
Increasing demand from emerging markets and technological advancements in the developed regions are expected to drive the global neuromodulation market. Based on the current market scenario, North America is expected to be the most significant geographic region, which will be followed by Europe and Asia Pacific. According to the market research reports, the industry for neuromodulation devices is expected to maintain steady growth. At the estimated compound annual growth rate, the global market is projected to reach $6.8 billion by the end of the year 2017. Significant demand from emerging markets will trigger the current growth in the global industry.