Neuromodulation Market

Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), and Livanova (UK) are The Leading Players in the Neuromodulation Market

The neuromodulation market is projected to reach USD 8.8 billion by 2025 from USD 5.8 billion in 2019, at a CAGR of 8.6% between 2020 and 2025. The rising prevalence of neurological disorders, increasing research into expanding the applications of neuromodulation, and awareness on neurodegenerative disorders are the major factors driving the growth of the neuromodulation market. Emerging economies are likely to create significant growth opportunities for players in the market. However, the high cost of neuromodulation procedures and equipment, along with the dearth of a trained workforce, will challenge market growth.

Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), and LivaNova (UK) are the key players operating in this market. Other prominent players are Synapse Biomedical, Inc. (US), Nevro Corporation (US), NeuroSigma (US), NeuroPace (US), Neuronetics (US), and BioControl Medical (Israel).

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Medtronic (Ireland) dominated the global neuromodulation market. The company’s leading position can be attributed to its wide portfolio of neuromodulation devices and a strong geographical footprint. The company operates in the US, Europe, and the Asia Pacific. It serves clinicians, physicians, hospitals, and patients in more than 160 countries. R&D is a key area of focus for Medtronic—it invested USD 2,330 million in 2019, as compared to USD 2,256 million in 2018 and USD 2,193 million in 2017. The company focuses on organic as well as inorganic growth strategies to gain a competitive edge.

Boston Scientific (US) is the second-leading player in the neuromodulation market. Through its Rhythm Management segment, the company provides neuromodulation products such as rechargeable spinal cord stimulators and microstimulators for managing neurological diseases and neuropathic pain. Moreover, Boston Scientific has a strong geographic presence in more than 40 countries globally. The company markets and distributes its products to ~13,000 hospitals, clinics, outpatient facilities, and medical offices in over 100 countries worldwide.

Related Reports:

Neuromodulation Market by Technology- Internal (Deep Brain Stimulation, Vagus Nerve Stimulation), External (Transcranial Magnetic Stimulation), Application (Ischemia, Chronic Pain, Parkinson’s, Depression, Tremor, Epilepsy, Migraine) - Global Forecast to 2025

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Report Code
BT 3571
RI Published ON
2/28/2020
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