The global neurostimulation devices market is estimated to reach USD 8.79
billion by 2020, according to a new report published by Grand View Research,
Inc. The growing demand for minimally invasive surgeries is expected to boost
penetration levels over the forecast period. Key benefits associated with these
surgeries include shorter hospital stays and faster patient recovery durations.
As per the WHO, the global prevalence of chronic
diseases is 40 million patients of migraine and 50 million epileptic patients.
The presence of high unmet medical needs in these disease segments will lead to
rapid growth of the neurostimulation devices market. Growing demand of add on
therapy for neuromodulation is expected to drive market growth by widening the
usage base of neurostimulation products.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/neurostimulation-devices-industry
Further key findings from the report
suggest:
·
The advent of technologically advanced internal
substitutes plays an integral role in this market and manufacturers focus on
developing new products to curb problems associated with previous versions. For
instance, minimally invasive transdermal neuromodulation technology was
developed by Neurowave Medical Technologies and MRI safety incorporated devices
were introduced by Medtronic Inc.
·
The market for spinal cord stimulators is
expected to reach USD 4.47 billion by 2020. It is majorly driven by the
presence of high market penetration rates of commercialized products such as
Restore, Precision Plus. The introduction of technological advancements such as
MRI safety enabled products and product innovations enhancing effectiveness of
the products in this segment are expected to fuel future market growth.
·
Deep brain stimulators are expected to grow at a
CAGR over 17.0% from 2014 to 2020. The growth is primarily driven by the
presence of extensive R&D activities pertaining to the development of novel
devices such as Activa by Medtronic, Libra by St. Jude Medical are FDA and CE
approved.
·
The North American neurostimulation devices
market is expected to grow at a CAGR of 12.9% from 2014 to 2020, to reach USD
5.11 billion in 2020 owing to, factors such as the presence of high patient disposable
incomes and patient awareness levels coupled with sophisticated healthcare
infrastructure and high prevalence of target diseases such as epilepsy,
Parkinson’s disease and incontinence.
·
On the other hand, the Asia Pacific
neurostimulation devices industry is expected to grow at a CAGR over 17.0% from
2014 to 2020. Key drivers of this market include the growing economic
developments in emerging markets such as India and China, increasing healthcare
expenditures. Moreover, the presence of unmet medical needs and untapped
opportunities coupled with increasing patient disposable income levels are
expected to serve as high impact rendering drivers.
·
Some prominent players operating in this market
include Medtronic Inc., St. Jude Medical, Cyberonics and Boston Scientific
Corporation. They majorly participate in rigorous R&D exercises to develop
new products enabled with advance technologies.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/medical-devices
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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