U.S. Neuromodulation Market Trends and Outlook to 2020: Led by Medtronic, Boston Scientific and St. Jude Medical
Vancouver, BC (PRWEB) August 05, 2014 -- According to a new report series by iData Research (http://www.idataresearch.com), the leading global authority in medical device market research, the U.S. Neuromodulation Device Market is projected to grow at a CAGR of over 10% from 2013 to 2020. This market represents the largest and fastest growing segments within the overall U.S. neurological device market.
The most prominent market within neuromodulation is spinal cord stimulation (SCS). SCS consists of implantation procedures that are done initially as a trial to examine the patient’s response and suitability for treatment. Growth in the SCS market is driven by the increased use of the device and favorable reimbursement, which has attracted significant investments in new technology development.
"SCS devices are expected to improve in terms of patient safety and efficacy, user friendliness and battery life,” says Dr. Zamanian, CEO of iData Research. Public awareness campaigns put forth by the three key competitors within this market, St. Jude Medical, Boston Scientific and Medtronic, have also contributed to penetration within this market.
Boston Scientific launched the most transformational products on the SCS market with the 32 lead Spectra™ and 16 Lead Infinion™. Physicians gravitated towards the use of Spectra™ due to the fact that they could be reimbursed at nearly double the rate and doubled the number of leads of any other competing device on the market. This resulted in their significant gain in SCS market share.
Other Key Findings from the U.S. Neuromodulation Market Report:
Deep Brain Stimulation has a variety of potential applications which are currently being explored. These include disparate areas ranging from the treatment of depression, obesity to chronic pain. As of 2014, Medtronic is the only competitor with an FDA-approved device on the market in the United States. St. Jude Medical and Boston Scientific are conducting clinical trials in the hopes of gaining FDA approval for their DBS products by 2015.
Gastric electric stimulators (GES) are used to treat Gastroparesis. Enterra®, by Medtronic was the only commercially available GES on the market in 2013.
Sacral nerve stimulation (SNS) market has been monopolized by Medtronic, with more than 100,000 SNS devices having been implanted successfully worldwide. The company’s InterStim® SNS system is indicated for overactive bladder disorders, such as urinary incontinence and urinary tension.
Vagus nerve stimulation (VNS) therapy is used to treat refractory epilepsy and depression. In 2013, Cyberonics was the only company in the U.S. Vagus Nerve Stimulation therapy market. The VNS market has been inhibited by restrictions in reimbursement that could encourage physicians to favor alternative treatments.
For More Information:
The 2014 U.S neurological devices market report includes neuromodulation, neurosurgical and neurovascular devices. Receive a free synopsis of the 2014 U.S. Neuromodulation, Neurovascular, Neurosurgical and Monitoring Device Report
About iData Research
iData Research (http://www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Diabetes Drugs, Diabetes Devices, Pharmaceuticals, Anesthesiology, Wound Management, Orthopedics, Cardiovascular, Ophthalmics, Endoscopy, Gynecology, Urology and more.
Caroline Lau, iData Research, http://www.idataresearch.com, +1 604-266-6933 Ext: 215, [email protected]
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