Global Neurostimulation Market to Reach $8.8 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a global report on Neurostimulation markets. The global neurostimulation market is projected to reach $8.8 billion by the year 2015, led by rapid advancements in the technology sector, along with rising consumer awareness, and advent of advanced implantable neurostimulation devices. Further, the emergence of new indications for neurostimulation therapy is likely to fuel demand for neurostimulation devices.

Neurostimulation: A Global Strategic Business Report

Neurostimulation is a promising medical technology that involves transmitting small mild electrical pulses with preset amplitude, frequency, and pulse width to the spinal cord or a peripheral nerve that restrains pain. Neurostimulation market continues to remain under-penetrated, despite the emergence of neurostimulators as effective alternatives to drug therapy in numerous psychiatric and neurological disorders. The relatively slower pace of commercialization is largely attributed to the limited awareness among patients and physicians. Rising consumer awareness, entry of new players into the market, and demographic trends are expected to drive the use of neurostimulation devices in the future. New and technologically advanced neurostimulator product introductions serving varied indications represent another key factor propelling the growth of neurostimulation market. Majority of the neurostimulation technologies are in various stages of clinical evaluation, with commercialization expected to involve a period of two to three years in markets with high potential like the US and Europe.

The United States represents the single largest market for neurostimulation with more than 75% share of global sales, as stated by the new market research report on neurostimulation. Rising demand for faster, effective, low-cost, and safer treatment methods, as against drug-based or surgery-based therapies is driving growth in the neurostimulation devices market. Growth is also anticipated owing to factors such as an aging population, and increase in age-related neurological disorders. The increasing availability of clinical data validating the technology’s efficacy, and growing acceptance among patient and physician community is also fuelling market growth. Deep Brain Stimulators (DBS) are primarily used for controlling movement disorders, such as dystonia, essential tremors, and Parkinson's disease. As the brain is associated with a wide range of disorders, DBS presents potential opportunities for the treatment of movement indications (short-term prospects), and cognitive indicatives (long-term prospects). The US market for deep brain stimulators (DBS) is anticipated to reach US$1.2 billion by 2013.

Neurostimulation devices targeting spinal cord, deep brain, and the sacral area are expected to witness rapid growth. Devices targeting spinal cord and sacral nerve are used for the treatment of chronic pain, while devices targeting deep brain area are employed for treatment of essential tremors, cognitive disorders and Parkinson’s disease. The presently available products are simple devices, which offer vast growth opportunities for systems with characteristics such as smaller size, long battery life, and improved feedback mechanism. Advancements in the fields of wireless technology, remote patient monitoring and microprocessor hardware are likely to increase level of complexity as well as utility associated with the devices, thereby expanding the number of indications that can be treated with neurostimulation devices.

The worldwide market for spinal cord stimulators (SCS) represents the leading segment in the global neurostimulation market. SCS therapy entails stimulation of nerves in the spinal cord by inserting electrodes in the epidural space just above the spinal cord. The global market for vagus nerve stimulators (VNS), representing the fastest growing segment in the neurostimulation market, is expected to grow at a compounded annual rate of more than 20% over the analysis period.

The market for neurostimulation devices faces challenges due to a relatively limited base of end-users and considerable patent protection on neurostimulation technology, which makes market penetration difficult. The need for enormous capital for product development as well as extensive research also hampers market growth. In addition, insufficient insurance reimbursement, expensive implantable device, prerequisite surgery and regulatory approvals are emerging as major hurdles for the market.

The global market for neurostimulation is dominated by four major companies, namely Medtronic, Boston Scientific Corporation, St. Jude Medical, and Cyberonics. Medtronic is the largest player enjoying a lion’s share in the neurostimulation market. Medtronic is the only player with operations in the deep brain, sacral nerve, and gastric stimulator markets. The anticipated launch of several innovative neurostimulation technologies in the next two years is likely to intensify competition in the global arena. Other major players profiled in the report include Afferent Corp., Boston Scientific Corp., Cyberkinetics Neurotechnology Systems Inc., Cyberonics Inc., Medtronic Inc., and St. Jude Medical Inc.

The report titled “Neurostimulation: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of value sales for regions including The United States, and Rest of World.

For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Neurostimulation_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press(at)StrategyR(dot)com
Web Site http://www.StrategyR.com/

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