A new report is projecting that the global market for neuromodulation devices is set to grow to $7.07 billion in 2018.
The market is expected to grow at a compounded annual growth rate of 14.4 percent from 2012 to 2018, according to Transparency Market Research, which released the report. In 2011, the neuromodulation market globally was worth $2.76 billion. Neuromodulation devices work by delivering mild electrical pulses to the target area within a patient’s body.
Multiple factors are propelling this market forward, the most important being the aging of the world population. Aging brings forth the onset ofchronic diseases like Parkinson’s and Alzheimer’s. Combine with that the technological advancements witnessed in neuromodulation devices including the invention of transdermal neuromodulation technology by NMT (Neurowave Medical Technologies).
As chronic diseases have become more prevalent, there has been a concurrent rise in the demand for minimally invasive surgeries. Funding for clinical studies and increasing healthcare-related consumer expenditure have also driven growth in the neuromodulation market. Another factor for rising demand for this kind of therapy is that neuromodulation devices can be used as an adjunct treatment in combination with other medications.
Some examples of neuromodulation devices are Medtronic’s Deep Brain Stimulation treatment to manage Parkinson’s and its InterStim therapy for urinary control; Uroplasty’s Urgent PC Neuromodulation System, which is an office-based treatment for overactive bladder; EnteroMedics’ VBLOC therapy to treat obesity; and St. Jude Medical’s Eon Mini implantable neurostimulator for chronic pain management.