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The global neuromodulation devices market accounted for $6,631.8 million in 2018 and is anticipated to grow at a CAGR of 19.7% during the forecast period.
The neuromodulation devices market will witness a positive growth after the outbreak of the COVID-19 pandemic due to the rise in the occurrence of chronic diseases among the population.
| CAGR Pre COVID-19 | 12.8% |
| CAGR Post COVID-19 | 19.7% |
| Recovery By | |
| Realtime BPS | 695 |
| *Estimated market Size, 2020, Pre COVID | USD 8,476.7 Million |
| **Real Time market Size, 2020, Post COVID | USD 9,332.9 Million |
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
Rise in chronic cases across the globe is predicted to drive the growth of the neuromodulation devices market during the forecast period. The drugs and medication process used as a normal treatment respond very slowly and the outcome is inadequate and might not even be accurate. Due to this, the patients are shifting towards these devices which get them to cure at a faster rate, along with a high success rate of getting cured.
The lack of awareness about the presence of a neuromodulation device is predicted to hinder the market growth in the forecast period. Besides, despite knowing about the devices the patients aren’t able to afford the treatment as the treatment cost through these devices is very high. Therefore, most of the patients prefer medication and drugs to cure themselves, which is predicted to hamper the market growth in the forecast period.
The neuromodulation device market is predicted to grow enormously before the impact of COVID-19; however, the COVID-19 pandemic is expected to boost the market growth in the year 2020. The vagus nerve stimulation is the most used application which is under trials to treat the COVID-19 diseases. Vagus nerve stimulation is a medical treatment that involves curing acute respiratory disease by delivering electrical pulses to the vagus nerve.
The key players are under the process of trials to treat COVID-19 diseases. If the trials become successful, then there are high chances that these devices will be used in most of the hospitals and clinic to treat the deadly COVID-19 disease which will give rise to the market in the forecast period. For instance, electroCore conducted a clinical experiment that provides a non-invasive vagus nerve stimulation to treat the respiratory symptoms related to COVID -19.
There has been a significant increase in the market growth in 2020 and is predicted to have a positive impact on the market. However, as per the analysis by Research Dive, the neuromodulation devices market is expected to have positive growth. The market is estimated to grow due to the increasing prevalence of chronic diseases like depression, epilepsy, spinal problem, and other diseases among the population
Moreover, with the rise in investments in both private and public hospitals for treating through neurology is further predicted to boost the overall market in the forecast period. Moreover, the advancement in technology by using artificial intelligence is further anticipated to create a huge opportunity in the estimated period.
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