Global neuromodulation devices market has experienced a massive growth during the forecast period. The benefits of the devices have enhanced the market growth. The key players of the market are working towards the further development of the market.
New York, USA, Jan. 11, 2021 (GLOBE NEWSWIRE) — The global neuromodulation devices market which generated a revenue of $6,631.8 million in the 2018, is forecasted to grow at a CAGR of 19.7% during the forecast period, according to a recent report by Research Dive. The comprehensive report offers a brief outlook on the current scenario of the industry including other aspects such as growth and restraining factors, dynamics of the market, challenges, and opportunities during and after the pandemic. The report also offers the market figures which makes it easier and more beneficial for the new participants to understand the real-time market.
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Factor Impacting the CAGR Figures Pre and during COVID-19
The report states the real-time CAGR garnered by the market during the critical time of pandemic. The market was expected to grow at a CAGR of 12.8%, while the real-time CAGR is recorded to be 19.7%. The main reason behind this growth is the chances of faster rate of getting cured compared to the normal drugs and medication treatment.
Factors Impacting the Market Size Pre and Post Pandemic
The report reveals that the real-time size of the market has exceeded the pre-Covid-19 estimations. The real-time market size has reached a revenue of $9,332.9 million, while it was expected to reach to $8,476.7 million in a previous analysis. This positive impact can be attributed to the efficiency and accuracy of the device in treating diseases.
Supermarket Distribution Channel Is Predicted Grow Immensely in the Forecast Period
Depending on application, the neuromodulation devices market is segmented into spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, gastric electrical stimulation, transcutaneous electrical nerve stimulation, repetitive transcranial magnetic stimulation, respiratory electrical stimulation and others. Spinal cord stimulation segment was accounted for $1,193.7 million in 2018 and is predicted to grow with a CAGR of 18.9% in the forecast period. The neuromodulation devices are mostly used for the treatment of the spinal cord treatment across the globe is predicted to boost the spinal cord stimulation segment in the forecast period.
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Post Pandemic Insights
The global neuromodulation devices market is going to withstand its demand and growth after the pandemic ends. The demand of this device is expected to remain at the same high in the upcoming years too owing to its beneficial properties to cure respiratory diseases.
The leading players of the neuromodulation devices market include –
- Beijing PINS Medical Co., Ltd.
- Boston Scientific Corporation
- Neuropace Inc.
- Neuronetics, Inc.
- Bioness Inc.
- Nevro Corporation
- Abbott Laboratories
- LivaNova Plc.
- Medtronic Plc.
These companies are focusing on the product development, product launches, mergers, acquisitions, partnerships and other strategies to sustain the market growth after the pandemic. For instance, electroCore conducted a clinical experiment that provides a non-invasive vagus nerve stimulation to treat the respiratory symptoms related to COVID -19.
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