Neurostimulation Devices Market to Expand with Growing Patient Pool
NEW YORK (GBI Research) - The neurostimulation devices market can expect impressive gains over the next few years, as the global number of individuals with neurological conditions continues to rise, states a new report by healthcare experts GBI Research.
According to the report*, the number of people around the world with disorders including depression, chronic pain, dystonia and Parkinson’s disorder is on the increase, and as a result the popularity of neurostimulation treatment is expected to rise.
GBI Research predicts that the neurostimulation devices market will reach $5,305.5m by 2018, following a climb at a Compound Annual Growth Rate (CAGR) of 14.1% from 2011. The bulk of the market will be taken by the spinal cord stimulation devices sector, which is expected to be worth a total of $3,211.5m by 2018.
Such substantial growth can also be attributed to advances within the industry itself. Expanding research activities and exploration into new applications will drive on technological innovations in the industry, as well as leading to more efficient, more cost-effective and less invasive therapies. The latest research also highlights limited competition and an increase in clinical trials, which suggests a healthy market future.
The current demand for innovative and user-friendly neurostimulation devices has created a hefty pipeline consisting of 144 products, of which the deep brain stimulators portion is the largest, with almost 17% of the total. Second is the vagus nerve stimulators segment with 21 pipeline products, while the currently dominant spinal cord stimulators segment maintains a modest share of 4.9%, with just seven products expected on the horizon.
GBI Research’s analysis shows that Medtronic was the biggest global player in this industry, with a market share of 61% in 2010. St. Jude Medical and Boston Scientific Corporation followed with 15.1% and 12.8% respectively.
These three major manufacturers managed to claw in a massive 89% of the overall market by consistently launching advanced technological products and overshadowing the competition.