Albany, NY -- (SBWIRE) -- 06/09/2014 -- 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.
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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 Americanneuromodulation device market was valued at USD 1,792.7 million in 2011. The economic developments in the Asia Pacificregion 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
o Spinal Cord Stimulation Devices
o Deep Brain Stimulation Devices
o Vagus Nerve Stimulation Devices
o Sacral Nerve Stimulation Devices
o Gastric Electric Stimulation Devices
- Neuromodulation Systems for Different Application Areas
o Medtronic's Spinal Cord and Deep Brain Neurostimulation Systems
o St. Jude Medical's Eon Mini Neurostimulator System
o Boston Scientific's Precision Spinal Cord Stimulation System
o Nevro's Senza System for Spinal Cord Stimulation
o Cyberonics' VNS Therapy System
o Codman & Shurtleff's Medstream system
o Medtronic's Enterra™ Therapy System
o IntraPace's abiliti system
- Neuromodulation Devices Market by Geography
o North America
o Asia Pacific
o RoW (Rest of the World)
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