San Francisco, Nov. 03, 2015 (GLOBE NEWSWIRE) -- The global neurostimulation devices market is estimated to reach USD 8.79 billion by 2020, according to a new report published by Grand View Research, Inc. The growing demand for minimally invasive surgeries is expected to boost penetration levels over the forecast period. Key benefits associated with these surgeries include shorter hospital stays and faster patient recovery durations.
As per the WHO, the global prevalence of chronic diseases is 40 million patients of migraine and 50 million epileptic patients. The presence of high unmet medical needs in these disease segments will lead to rapid growth of the neurostimulation devices market. Growing demand of add on therapy for neuromodulation is expected to drive market growth by widening the usage base of neurostimulation products.
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The advent of technologically advanced internal substitutes plays an integral role in this market and manufacturers focus on developing new products to curb problems associated with previous versions. For instance, minimally invasive transdermal neuromodulation technology was developed by Neurowave Medical Technologies and MRI safety incorporated devices were introduced by Medtronic Inc.
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The market for spinal cord stimulators is expected to reach USD 4.47 billion by 2020. It is majorly driven by the presence of high market penetration rates of commercialized products such as Restore, Precision Plus. The introduction of technological advancements such as MRI safety enabled products and product innovations enhancing effectiveness of the products in this segment are expected to fuel future market growth.
Deep brain stimulators are expected to grow at a CAGR over 17.0% from 2014 to 2020. The growth is primarily driven by the presence of extensive R&D activities pertaining to the development of novel devices such as Activa by Medtronic, Libra by St. Jude Medical are FDA and CE approved.
The North American neurostimulation devices market is expected to grow at a CAGR of 12.9% from 2014 to 2020, to reach USD 5.11 billion in 2020 owing to, factors such as the presence of high patient disposable incomes and patient awareness levels coupled with sophisticated healthcare infrastructure and high prevalence of target diseases such as epilepsy, Parkinson’s disease and incontinence.
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On the other hand, the Asia Pacific neurostimulation devices industry is expected to grow at a CAGR over 17.0% from 2014 to 2020. Key drivers of this market include the growing economic developments in emerging markets such as India and China, increasing healthcare expenditures. Moreover, the presence of unmet medical needs and untapped opportunities coupled with increasing patient disposable income levels are expected to serve as high impact rendering drivers.
Some prominent players operating in this market include Medtronic Inc., St. Jude Medical, Cyberonics and Boston Scientific Corporation. They majorly participate in rigorous R&D exercises to develop new products enabled with advance technologies.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research