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The global market for neurostimulation devices is expected to reach USD 8,791.8 million by 2020, according to a new study by Grand View Research, Inc. The presence of high unmet medical needs with limited treatment options in disease segments such as epilepsy, Parkinson's disease and migraine is one of the highest impact rendering driver of the market. Other key drivers for this market include growing global base of geriatric population, growing use of neuromodulation as an add on therapy and the introduction of technological advancements such as the transdermal neuromodulation technology by Neurowave Medical Technologies and MRI safety enabled devices by Medtronic Inc. Neuromodulation or the use of neurostimulation devices for therapeutic purposes is one of most promising healthcare technologies. The global neurostimulation devices market is expected to grow at a CAGR of 14.3% from 2013 to 2020 on account of future growth opportunities such as the presence of untapped markets in rapidly growing Asian and Latin American economies and the growing number of externally funded clinical programs working towards the development of new products (e.g. the National Institute for Health Research funded a research program initiated by the NIHR/Nottingham Hearing Biomedical Research Unit to develop neuromodulation devices for the treatment of tinnitus). The global neurostimulation devices market was dominated by the spinal cord stimulation product segment in 2012. Its market accounted for over 55% of the total revenue in 2012 owing to factors such as the presence of relatively larger number of high efficacy exhibiting U.S. FDA approved products in this segment and the high global prevalence of chronic pain. |
