New York City, NY, 04 March, 2020/ 24 Market Reports: It is estimated for the neuromodulation market to grow from USD 5.6 billion in 2020 and reach that of USD 8.5 billion by 2025, witnessing the growth at a CAGR of 8.3% during the forecast period of 2020 to 2025. The rising prevalence of neurological disorders, increasing research into expanding the applications of neuromodulation and awareness on neurodegenerative disorders are the factors that are driving the growth of the market during the forecast period.
Parkinson’s disease to account for the major share in the market during the forecast period
Parkinson’s disease, tremor, depression and other DBS applications are the segmentation for the market based on application. In the year 2019, Parkinson’s disease accounted for the highest share in the market and the trend is expected to continue throughout the forecast period. The rising incidence of the disease and growing R&D activity is driving the growth of the market during the forecast period.
Asia Pacific region to grow at the highest rate in the neuromodulation market during the forecast period
During the forecast period, it is estimated for the Asia Pacific region to grow at the highest rate in the neuromodulation market. The high incidence of neurological disorders, increasing public and private investments and ongoing research are the prime factors that are propelling the growth of the market in the Asia Pacific region during the forecast period.
The high cost of procedures is one of the factors that is hindering the growth of the neuromodulation market
However, it is projected that the high cost of neuromodulation procedures and equipment and the dearth of a trained workforce are the factors that are estimated to hamper the growth of the global market during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the neuromodulation market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the neuromodulation market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for neuromodulation market and their future potential during next decade?
- How competitive landscape is evolving in neuromodulation market?
