Most people know neuromodulation devices as ones that cure chronic pain. But these devices do a lot more than just that - in fact, their applications are far wider because neuromodulation devices are capable of treating virtually every major disease or its symptom. Given the promising potential that these devices hold, the global neuromodulation devices market will witness a steady growth trajectory. Market experts project that the global neuromodulators devices market will register a CAGR of 14.4% from 2012 through 2018 to reach US$7,072.6 million in 2018. The neuromodulation devices market approximated US$2,758 million in 2011. Some of the most common uses of neuromodulation devices are: Spinal Cord Stimulation (NYSE:SCS), Transcranial Magnetic Stimulation (NYSE:TMS), Deep Brain Stimulation (NYSEARCA:DBS), Peripheral Stimulation, and Vagus Nerve Stimulation (VNS).
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Growth in Chronic and Lifestyle-Related Diseases Stirs Demand for Neuromodulation Devices
The demand for neuromodulation devices is expected to expand at an impressively rapid pace over the next few years chiefly thanks to an increase in the number of chronic, lifestyle-related, and age-related diseases and the resultant unmet needs that prevail among patients.As per the findings of recent market research reports, many aging people are now more vulnerable to diseases such as Alzheimer's and Parkinson's, which can benefit from the use of neuromodulation devices. Medical practitioners treating other diseases such as obesity and depression are expected to make greater use of neuromodulation devices, giving a definite push to the market. These devices also, in many cases, help bypass the need for invasive procedures and full-fledged surgeries - a factor that has boosted the uptake of neuromodulation devices.
Risks and Side Effects Associated with Neuromodulation Devices Could Impede Market Growth
Although neuromodulation devices have undergone a transformation over the recent past and are now more technologically advanced, they do have certain side effects, which deters their widespread adoption in the healthcare industry.
Companies will have to address these drawbacks so as to encourage the healthcare industry to show more confidence in using neuromodulation devices. At the same time, funding for research pertaining to neuromodulation has shown continued growth, which will likely result in new breakthroughs or improvements.
The technological landscape is changing rapidly, and this calls for a very high level of innovation on the part of manufacturers of neuromodulation devices. Another aspect that market players need to contend with is the availability of alternative treatment procedures. All of these hindrances are further compounded by the complex procedures associated with getting an FDA approval for neuromodulation devices. Despite multiple restraints, the global neuromodulation devices market is expected to show a high double-digit CAGR to 2018.
CAGR of APAC Neuromodulation Devices Market to be Marginally Higher Than Global Market's CAGR
The traditional market leader in the global market for neuromodulation devices has been North America. In 2011, the North America neuromodulation devices market was valued at US$1792.7 million. Over the next few years, however, the emergence of Asia Pacific in the global neuromodulation devices market will be exciting. The CAGR of the neuromodulation devices in the Asia Pacific region is pegged at 15% from 2012 to 2018. The growth in developing countries in Latin America and Eastern Europe makes these markets attractive in the foreseeable future.
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