Neuromodulation is a relatively new field of medical science that is revolutionizing the treatment of neurological disorders. Neuromodulation is the use of electrical, chemical, or other means to modulate nerve function to improve the symptoms of neurological disorders. It involves the stimulation or inhibition of nerve cells to alter their activity, which can improve physical, cognitive, and emotional functioning.
Neuromodulation encompasses a range of treatments, including deep brain stimulation (DBS), spinal cord stimulation (SCS), and transcranial magnetic stimulation (TMS). DBS involves implanting electrodes into the brain to stimulate specific areas. SCS involves implanting electrodes into the spinal cord to stimulate the nerve fibers that carry sensory information to and from the brain. TMS is a non-invasive procedure that uses magnetic fields to stimulate neurons in the brain.
Neuromodulation has been used to treat a variety of neurological conditions, including Parkinson’s disease, essential tremor, dystonia, epilepsy, depression, chronic pain, and obsessive-compulsive disorder. It is increasingly being studied for other conditions, such as Alzheimer’s, multiple sclerosis, tinnitus, and stroke.
Neuromodulation can be an effective treatment for many neurological disorders, but it is important to remember that it is not a cure. It can help to reduce symptoms, but it cannot stop the progression of the underlying disorder.
Neuromodulation is a rapidly evolving field, and it is important to keep up with the latest research and developments. It is also important to seek out a qualified medical professional when considering neuromodulation as a treatment option.
Market Research Study:
The global neuromodulation market is projected to reach USD 10.4 billion by 2027 from USD 6.0 billion in 2022, at a CAGR of 11.8% during the forecast period. The neuromodulation market is driven by rising prevalence of neurological disorders, expanding applications of neuromodulation, and rising awareness of neurodegenerative disorders.
The top players in this market are Medtronic, Plc (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US). These players lead the market because of their extensive product portfolios. These players have also invested in organic strategies such as product launches and regulatory approvals and inorganic growth strategies such as partnerships, acquisitions, and agreements to maintain their market shares.
Medtronic (Ireland) was the leading player in the neuromodulation market in 2021, with the highest market share of 25–30%. The company’s leading position can be attributed to its wide portfolio of neuromodulation devices and strong geographical presence. The company adopted various inorganic and organic growth strategies to expand its share in the market. Medtronic increased its R D investments in 2021 by 7% compared to 2020. The FDA approval for the Intellis neurostimulator and the Vanta neurostimulator and the acquisition of Stimgenics, LLC (US) have positively impacted the companys penetration in the market
Boston Scientific Corporation (US) is the second-leading player in the neuromodulation market, with a share of 15–20% in 2021. Its wide presence in various regions and robust portfolio of neuromodulation and neurostimulation devices have helped the company gain the second-largest share in the market. Some products have boosted the companys strength in the market, including its spinal cord stimulation (SCS) systems, next-generation WaveWriter Alpha SCS System, and deep brain stimulation (DBS) systems. The company also acquired Vertiflex in 2019 to broaden its product portfolio for pain management.
Abbott Laboratories (US) was the third-largest player in 2021, with a share of 10–15%. The company’s leading position can be attributed to its wide product portfolio. The firm focuses on organic and inorganic growth strategies. It has a strong global presence in more than 160 countries. Increasing RD expenditures, new product launches, and regulatory approvals have strengthened the companys foothold in the market.
Content Source:
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https://www.marketsandmarkets.com/ResearchInsight/neurostimulation-devices-market.asp
