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Global Neuromodulation Devices Market Analysis and Outlook Report

The neuromodulation devices market is oligopolistic in nature with the top four companies representing nearly 91% of the overall market, finds Transparency Market Research (TMR) in a new study. The key players in the global neuromodulation devices market are Boston Scientific, Cyberonics, Medtronic, and St. Judes Medical.

There are high entry barriers for new players owing to high capital investment and stringent government regulations. “However, large companies can enter the neuromodulation devices market through mergers and by acquiring smaller companies,” says the author of the report. The most lucrative way for new vendors to enter the global neuromodulation devices market is through the ownership of groundbreaking and innovative technologies, as technological advancement is a major driving force for the market.

The neuromodulation devices market is oligopolistic in nature with the top four companies representing nearly 91% of the overall market, finds Transparency Market Research (TMR) in a new study. The key players in the global neuromodulation devices market are Boston Scientific, Cyberonics, Medtronic, and St. Judes Medical.

There are high entry barriers for new players owing to high capital investment and stringent government regulations. “However, large companies can enter the neuromodulation devices market through mergers and by acquiring smaller companies,” says the author of the report. The most lucrative way for new vendors to enter the global neuromodulation devices market is through the ownership of groundbreaking and innovative technologies, as technological advancement is a major driving force for the market.

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External Funding for Clinical Studies to Augur Well for Sales of Neuromodulation Devices

The rising geriatric population, especially in developed countries such as the U.S., Japan, and Germany are likely to produce notable growth opportunities for the global neuromodulation devices market. This is because of the fact that the aged people are more susceptible to neurological disorders such as Parkinson’s and Alzheimer’s. Neuromodulation devices have proven to be extremely effective in treating Parkinson’s and other chronic illnesses induced by old age.

The growth of the global neuromodulation devices market is backed by external funding to conduct clinical studies. Such initiatives pave the way for the development of technologically updated devices and also reduce the R&D costs pertaining to the development of new products.

Moreover, a rise in the prevalence of chronic diseases common in all age groups, such as migraine and epilepsy has fuelled the demand for neuromodulation devices. “Some of the neurological disorders such as migraine have unmet medical needs, which gives a further push to the growth of the global neuromodulation devices market,” says a TMR analyst.

The minimally invasive characteristic of neuromodulation devices has helped the global neuromodulation devices market tread along a promising growth path. The increasing demand for minimally invasive surgeries can be attributed to fast recovery time and scar-less treatment.

Some other factors playing a crucial role in the growth of the global neuromodulation devices market are increasing healthcare related consumer expenditure, add-on therapy nature of neuromodulation devices, and technological advancements that ensure promising treatment options.

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Side effects Associated with Neuromodulation Devices to Discourage Adoption Amongst Patients

Neuromodulation devices are planted through a surgery, which can have side effects on the body such as allergy or hoarseness. Neuromodulation devices also carry the risk of damaging the surrounding nerves and blood vessels owing to the electrical impulses generated by them. These factors tend to withdraw the interest of the patients in the neuromodulation devices implantation, thereby impeding the growth of the global neuromodulation devices market. In such a case, the availability of alternate treatment procedures such as drugs and other surgeries (e.g. Pallidotomy) hampers the growth of the global neuromodulation devices market.

The neuromodulation devices have to undergo several rigorous clinical trials prior to their approval and availability in the market. This procedure increases the development cost of neuromodulation devices and challenges the vendors operating in the global neuromodulation devices market, thereby discouraging the growth of the market. Also, the rapidly changing technologies pose a threat to the growth of the market. This trend makes the market volatile and acts as a high impact restraining factor for the market as technologies get outdated and redundant at a great pace.

However, the increasing instances of outsourcing the manufacturing of neuromodulation devices are likely to curtail development costs while focusing on the development of safer technologies.

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North America Market Shares to Show Downward Slide Owing to Lag in FDA Approval Process

The global neuromodulation devices market was valued at US$3.155 bn in 2012 and is anticipated to rise to US$7.072 bn in 2018, progressing at a CAGR of 14.4% from 2013 to 2018. In terms of geography, North America was the leading segment by revenue in 2013 and is anticipated to lead the market by the end of 2018 with a dominant share of 60% in the global neuromodulation devices market. However, the regional segment is expected to lose its share due to the strict government regulations mandated in the U.S. and the delays in FDA approval process.

These factors will compel vendors to shift their focus to more conducive markets in the Asia Pacific and European regions. The APAC region will be a promising area of growth in the global neuromodulation devices market.

Based on technology, spinal cord stimulation devices was the leading segment by revenue in 2013 and is expected to retain its leadership till 2018. However, sacral nerve stimulation devices will register the fastest growth owing to growing prevalence of urinary incontinence.

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About Us

Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for several decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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on September 15 at 11:33

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