The global neuromodulation market is anticipated to hit more than $5 billion by 2020, according to a WiseGuyReports analysis.
Here are eight observations:
1. An increasing geriatric population and a growing number of neurological disease cases are spurring market growth.
2. Also, development of more minimally invasive techniques will boost the market.
3. The costliness of treatment and some unfavorable social perception will hinder the neuromodulation market growth, however.
4. In 2015, North America led the neuromodulation market, with Europe and the Asia-Pacific region following.
5. India, China and Japan will witness significant growth to 2021, with increased revenues for neuromodulation device manufacturers.
6. The spinal cord stimulation segment captured the largest market share in 2015. However, the deep brain stimulation segment is expected to grow at a faster rate to 2021, accounting for a 20 percent market share by 2021.
7. Chronic pain accounts for the largest application segment of the neuromodulation market.
8. Medtronic, Boston Scientific, St Jude Medical, Liva Nova and Nevro lead the market.