This report covers an in depth analysis of the neuromodulation devices market across the globe. A detailed analysis of the market size in terms of annual revenue in USD millions is provided for the period 2012 to 2018, keeping 2011 as a base year.
According to a new market report published by Transparency Market Research "Neuromodulation Devices Market – Global Industry Analysis, Size, Share and Forecast, 2012 – 2018," the global neuromodulation devices market was valued at USD 2,758 million in 2011 and is expected to grow at a CAGR of 14.4% from 2012 to 2018, to reach an estimated value of USD 7,072.6 million by 2018.
Browse the full report at http://www.transparencymarketresearch.com/global-neuromodulation-devices-market.html
The market is driven by factors such as the aging world population leading to chronic diseases such as Parkinson’s and Alzheimer’s disorders and technological advancements in the field of neuromodulation devices including the invention of transdermal neuromodulation technology by NMT (Neurowave Medical Technologies). Moreover, the rising prevalence of chronic diseases, increasing demand for minimally invasive surgeries, the availability of external funding to conduct clinical studies to help come up with new and technologically advanced products and the rising healthcare related consumer expenditure have also driven the growth in this market.
The fact that a neuromodulation device could be used as an add-on treatment and so can be used simultaneously with other medications also drives the market forward.
The North American region holds majority of the market share and accounted for a share of 65% in 2011. The North American neuromodulation device market was valued at USD 1,792.7 million in 2011. The economic developments in the Asia Pacific region make it the fastest growing region (CAGR of more than 15% from 2012 to 2018) in the neuromodulation devices market.
The future growth of the market will be ensured by capitalizing on market opportunities such as increasing healthcare related consumer expenditure in emerging economies in the Asia Pacific, Latin American and Eastern European regions. The availability of medical device manufacturing outsourcing options helps in curbing costs and thereby enhances profit margins. Also, the presence of consolidation options in the healthcare industry helps in strengthening the revenue base to conduct R&D exercises for new product development and thus helps in strengthening market share.
Implementation of the Affordable Healthcare for America Act, 2010 which imposes an excise tax of 2.5% on medical devices and the stringent FDA regulations are some of the factors restraining the growth of the market. Risks involved in using a neuromodulation device such as injury to the vagus nerve and nearby blood vessels (carotid artery and jugular vein) in case of a vagus nerve pacemaker also impedes the growth of the market.
Neuromodulation Devices Market by Technology
Spinal Cord Stimulation DevicesDeep Brain Stimulation DevicesVagus Nerve Stimulation DevicesSacral Nerve Stimulation DevicesGastric Electric Stimulation Devices
Neuromodulation Systems for Different Application Areas
Medtronic’s Spinal Cord and Deep Brain Neurostimulation SystemsSt. Jude Medical’s Eon Mini Neurostimulator SystemBoston Scientific’s Precision Spinal Cord Stimulation SystemNevro’s Senza System for Spinal Cord StimulationCyberonics’ VNS Therapy SystemCodman & Shurtleff’s Medstream systemMedtronic’s Enterra™ Therapy SystemIntraPace’s abiliti system
Neuromodulation Devices Market by Geography
North AmericaEuropeAsia PacificRoW (Rest of the World)