Global Neurology Devices Market is forecast to reach $7.2 Billion by 2017, The report also reviews the competitive landscape and a detailed analysis of the pipeline products in each category.
Global Neurology Devices Market is forecast to reach $7.2 Billion by 2017 The global market for neurology devices is forecast to reach $7.2 billion by 2017 with a Compound Annual Growth Rate (CAGR) of 10.4% from 2010-2017. Neurostimulation devices will remain the largest segment in the market with a value of $4.7 billion by 2017. The market is expected to be driven during the period 2010-2017 by the large patient pool suffering from neurological disorders such as epilepsy, Alzheimer’s disease, migraine, Parkinson’s syndrome, and chronic pain. Compelling clinical needs and expanding research activities on the central nervous system (CNS) will also accelerate technological innovations in neurostimulation devices and interventional neurology. Moreover, a lack of satisfaction with the first line of treatment drugs for neurological disorders will lead to increased adoption rates of neurology devices. According to the Parkinson's disease Foundation, Parkinson’s disease affects more than one million people in the US and more than four million people worldwide as of 2010. Out of these three million patients, around one third of patients does not respond to current treatment options and continue to experience seizures. The huge patient population affected by various neurological disorders presents huge growth opportunities for the market in the future. Moreover, there is an increased preference among patients for minimally invasive procedures which cause fewer traumas to tissues and provides a faster recovery period. This trend can be seen across the US and Europe and will boost the neurology device market.
In emerging countries such as Brazil, China and India, the focus is on improving healthcare facilities through the construction of new hospitals. This will provide access to healthcare for a larger population, increasing procedure volumes for minimally invasive surgery. Increasing patient awareness and a high incidence of neurological diseases in the elderly population will lead to an increase in demand for neurology devices. Furthermore, change in lifestyle and increasing income levels of patients across emerging countries is expected to drive the market for neurology devices. Medtronic was the Leading Company in the Global Neurology Devices Market in 2010 In 2010, Medtronic Inc., with a 29% share, was the leader in the global neurology devices market, followed by Boston Scientific Corporation with 14% and St. Jude Medical, Inc with 5%. The global neurology devices market is dominated by established players with the top three players accounting for 51% of the total market share. These major players have been actively launching advanced technological products which have enabled them to strengthen their market presence. For further details, please click or add the below link to your browser: http://www.gbiresearch.com/Report.aspx?ID=Neurology-Device-Market-to-2017-High-Potential-for-Usage-of-Neurostimulation-Devices-in-Multiple-Neurological-Disorders-to-Drive-Market-Growth&Title=Medical_Devices&ReportType=Industry_Report
The market dominance of Medtronic Inc can be attributed to its major presence in the neurostimulation devices market. Recently, Medtronic has collaborated with physicians to develop new deep brain stimulation therapies which are used for movement disorders such as essential tremor, Parkinson’s disease, obsessive-compulsive disorder (OCD) and depression. The market dominance of Boston Scientific Corporation and St. Jude Medical, Inc can be attributed to its presence in the interventional neurology and neurostimulation device segment which hold significant revenue generating potential. These companies are developing extensive marketing strategies making physicians and patients aware of their products, which have enabled these companies to strengthen their market presence by increasing surgeon adoption rates for neurology devices. The US was the Biggest Market for Neurology Devices in 2010 The US was the biggest market for neurology devices, contributing 65% towards the global market in 2010. The value of this share in 2010 was $2.1 billion and this is forecast to grow at a CAGR of 12.1% to reach $4.7 billion by 2017. In the US, neurostimulation devices are going to be the fastest growing category of neurology devices, rising at CAGR of 15.3% to reach $3.5 billion by 2017. The market is expected to be driven by increasing physician adoption and possible FDA approval of neurostimulation devices for new indications. In 2006, according to National Centers for Health Statistics, the US alone had 76.2 million people suffering from chronic pain; 78% of whom were dissatisfied with their pain control medications.
GBI Research’s report, “Neurology Devices Market to 2017 - High Potential for Usage of Neurostimulation Devices in Multiple Neurological Disorders to Drive Market Growth” provides key data, information and analysis on the global neurology devices market. The report provides market landscape, competitive landscape and market trends information on five neurology devices market categories – CSF management, neurosurgical products, neurostimulation devices, interventional neurology, and neurological diagnostic equipment. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape and a detailed analysis of the pipeline products in each category. The report also reviews details about important merger and acquisition deals that have taken place in the neurology devices market during the past four years. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts. For further details, please click or add the below link to your browser: http://www.gbiresearch.com/Report.aspx?ID=Neurology-Device-Market-to-2017-High-Potential-for-Usage-of-Neurostimulation-Devices-in-Multiple-Neurological-Disorders-to-Drive-Market-Growth&Title=Medical_Devices&ReportType=Industry_Report
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