According to the new report by RNCOS entitled, “Global Neuromodulation Market 2020,” the Neuromodulation/Neurostimulation industry is set to revolutionize the healthcare domain and to reach US$ 6.5 Billion by 2020. Neuromodulation directly influences the body’s regulation systems by applying electrical signals to target nerves. The therapy provides relief to patients from pain and accompanying side-effects of drugs. The technology used is expected to replace conventional treatments for neurological disorders in the near future.
Furthermore, RNCOS report covers an exhaustive research into different types of Neuromodulation procedures and their applications. Thereafter, based on the type of procedure, the market is segmented into internal and external neurostimulation. In terms of applications, the industry is bifurcated primarily into sacral nerve stimulation, deep brain stimulation and vague nerve stimulation, among others. Geographically, North America dominated the industry covering 41% of the global market last year.
Also, rising incidences of Alzheimer’s and Parkinson syndromes, a growing ageing population, increasing awareness, and expanding applications of neurostimulation devices are key contributors to the industry’s growth. The study provides a detailed description of the market size, segmentation, mergers & acquisitions, industry developments and major hurdles facing the industry. A separate section is devoted to the competitive landscape, including key players and their past five year revenue growth. Another analysis revealed that Medtronic led the market in 2014 whereas Cyberonics witnessed the highest CAGR in the market for the last five years. Other players in the competition include Boston Scientific, Nevro, Dupoy Synthesis and other small players.
To boost the neuromodulation device industry, later part of the report stresses on recommendations proposed by RNCOS’ analysts. The 63 page study will enlighten readers about the latest developments, emerging markets, and potential growth segments in the global neuromodulation industry. The study is expected to generate a deep interest within those investors who are planning to draw significant profit from this industry.