A CAGR of 14.1% through 2018—how does that sound to you? Thought so. That's how the neurostimulation devices market is expected to perform in the estimation of business intelligence company GBI Research.
By 2018, the neurostimulation devices market will be worth US$5.3 billion, with the spinal cord stimulation devices sector accounting for US$3.2 billion of that. The product pipeline currently is split three-ways: deep brain, vagus nerve and the aftorementioned spinal cord stimulation sectors.
In addition to growing demand from an ageing population more likely to suffer from depression, chronic pain and Parkinson's disease, expansion of the neurostimulation device market is also driven by advances within the industry itself. "Expanding research activities and exploration into new applications will drive on technological innovations in the industry, as well as lead to more efficient, more cost-effective and less-invasive therapies," note the authors of the report. The latest research also highlights limited competition and an increase in clinical trials, which suggests a healthy market future, they add.
Medtronic is top of the heap, with a market share of 61% in 2010, followed by St. Jude Medical and Boston Scientific. The trio has a stunning 89% market share.
To purchase the report or request further information, visit GBI Research.