The global market for
neurostimulation devices is expected to reach USD 8,791.8 million by 2020,
according to a new study by Grand View Research, Inc. The presence of high
unmet medical needs with limited treatment options in disease segments such as
epilepsy, Parkinson’s disease and migraine is one of the highest impact
rendering driver of the market. Other key drivers for this market include
growing global base of geriatric population, growing use of neuromodulation as
an add on therapy and the introduction of technological advancements such as
the transdermal neuromodulation technology by Neurowave Medical Technologies
and MRI safety enabled devices by Medtronic Inc.
Neuromodulation or the use of
neurostimulation devices for therapeutic purposes is one of most promising
healthcare technologies. The global neurostimulation devices market is expected
to grow at a CAGR of 14.3% from 2013 to 2020 on account of future growth
opportunities such as the presence of untapped markets in rapidly growing Asian
and Latin American economies and the growing number of externally funded
clinical programs working towards the development of new products (e.g. the
National Institute for Health Research funded a research program initiated by
the NIHR/Nottingham Hearing Biomedical Research Unit to develop neuromodulation
devices for the treatment of tinnitus).
The global neurostimulation
devices market was dominated by the spinal cord stimulation product segment in
2012. Its market accounted for over 55% of the total revenue in 2012 owing to
factors such as the presence of relatively larger number of high efficacy
exhibiting U.S. FDA approved products in this segment and the high global
prevalence of chronic pain.
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Further Key findings from the study suggest:
- North America generated the maximum revenue for the market in 2012. Its contribution to the market in terms of revenue was calculated at approximately 65% in 2012. However, the Asia Pacific market is expected to grow at the fastest rate (at a CAGR of over 17% from 2013 to 2020) during the forecast period on account of the presence of high future growth opportunities in countries with rapidly growing economies such as India and China.
- Neurostimulation devices market for pain management dominated the market in terms of revenue in 2012. Its market share was valued at over 65% in 2012.
- Key players of this market include Medtronic Inc., St. Jude Medical, Cyberonics Inc., Integra Life Sciences, Boston Scientific Corporation and others.
For the purpose of this study, Grand View Research has segmented the global neurostimulation devices market on the basis of application and region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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