One of the fastest growing markets and a huge hot topic within medical devices at the moment is the rise of Neuromodulation.
This therapy application essentially harnesses the power of the brains' electrical impulses and physicians are able to stimulate and modify nerve activity. Neuromodulation treatments are life changing and can be applied to a plethora of diseases or symptoms from Deep Brain Stimulation (DBS) to treat Parkinson's disease to Vegus Nerve Stimulation (VNS) which can be used to treat clinical depression.
Last year the global Neuromodulation market was valued at $3.65 billion and due to the vast size of the potential treatment population and the opportunities to develop new therapies for a wide variety of neurological and psychological conditions, the market is set to reach almost 70% growth by 2020 and hit $6.2 billion. Phenomenal developments! Of course all the usual names have invested in the technology, including Medtronic’s Neuromodulation business unit which is actually one of their oldest and their third largest divisions; St Jude acquired chronic pain business Spinal Modulation last year, thought to be worth upwards of $175 million.
To date Neuromodulation is just beginning to be routinely applied in treatments for epilepsy, severe migraines, spinal cord injuries, Parkinson’s disease and urinary incontinence, but as technologies continue to develop and awareness increases, the likelihood of Neuromodulation therapies touching people’s lives will grow dramatically.
With this market looking to develop even further until 2020, I would be interested to hear how you see Neuromodulation changing treatment within healthcare.