Growing geriatric population base and rising incidences of target diseases such as Alzheimer’s and Parkinson’s are the major drivers for neurostimulation devices market. As per an estimate by the Alzheimer Disease International 36 million people globally had Alzheimer’s or a related dementia. Limited treatment options for diseases such as migraine and epilepsy has led to high unmet medical needs of patients in this segment, and thus is a high impact rendering driver for the neurostimulation devices market.
Spurred use of neuromodulation devices as an add-on therapy, growing demand for minimally invasive surgery and the technological advancements such as Neurowave Medical Technologies transdermal neuromodulation technology and MRI safety enabled neurostimulator by Medtronic, are expected to further augment the growth of the neurostimulation devices. Untapped, rapidly growing markets of Asia and Latin America have presences of abundant unmet needs and thus offer future growth opportunities to the neurostimulation devices market. Manufacturing neurostimulation devices is an expensive manufacturing process the manufacturers thus, are adhering to outsourcing as an attempt to reduce the costs and maximize the overall profit margin. The key manufacturers are Boston Scientific Corporation, Cyberonics, Medtronic Inc. and St. Jude Medical.
Request a sample copy of the neuromodulation devices market report @ http://www.hexaresearch.com/sample/36
The products analyzed in the neurostimulation devices market include gastric electric stimulation device, deep brain stimulation device, vagus nerve stimulation device, spinal cord stimulation device and sacral nerve stimulation device. Spinal cord stimulation devices dominated the neurostimulation devices market in 2012 with over 60.0% revenue share. These devices hold a competitive edge over the other devices as they were the first to be commercialized, and thus have higher penetration rates. High prevalence of chronic pain, cost effectiveness in terms of quality adjusted life years are the major drivers for this segment. Deep brain stimulation devices held the second largest revenue share; these devices are currently going through experimental phase as they are based on nascent technology. These devices are FDA approved for the treatment of dystonia, Parkinson’s, and are awaiting approvals for treatment of obsessive compulsive disorder, refractory epilepsy, and cluster headache. Sacral stimulation devices are expected to grow at the fastest CAGR over the next six years owing to high prevalence of fecal and urinary incontinence.
Key applications of neurostimulation devices are epilepsy, pain management, fecal and urinary incontinence, dystonia, Parkinson’s disease, gastroparesis, and essential tremor. Pain management, throughout the forecast period, is the largest application segment of neurostimulation devices market, owing to the high prevalence of chronic pain disorders globally. Growing adoption rate of neurostimulation devices in the field of pain management as a consequence of the high therapeutic value is also a major driver for this market. The neurostimulation devices for Parkinson’s disease are expected to grow at a rapid rate over the next six years on account of low availability of treatment options and growing global geriatric population base.
Browse related category market reports @
North America dominated the overall neurostimulation devices market during the forecast period. High patient awareness levels, high healthcare expenditure, sophisticated healthcare infrastructure in developed countries such as U.S., led to high growth of this market. Presences of industry friendly organizations such as American Tinnitus Association and North American Neuromodulation Society will boost the market positively. North America was followed by Europe in revenue share in 2012. Faster and relatively easy device approval process by CE, and the presences of large geriatric population base and fast economic development in Western and Eastern European countries, are the major factors contributing towards the growth of the market. Asia Pacific’s market is expected to grow at the fastest CAGR over the forecast period owing to presences of unmet medical needs, rising patient awareness levels and the gradually improving healthcare infrastructure in China and India.
Table of Contents
Chapter 1. Executive Summary
1.1. Neurostimulation Devices – Industry Summary and Critical Success Factors (CSFs)
Chapter 2. Neurostimulation devices Industry Outlook
2.1. Market Segmentation
2.2. Market Size and Growth Prospects
2.3. Neurostimulation devices Market Dynamics
2.4. Key Opportunities Prioritized
2.5. Industry Analysis – Porter’s
2.6. Neurostimulation Devices – Company Market Share Analysis
2.7. Neurostimulation Devices Market PESTEL Analysis, 2012
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Company Name: Hexa Research
Contact Person: Michelle Thoras and Ryan Shaw
Address:Felton Office Plaza, 6265 Highway 9
Country: United States