- Cost-effective, user-friendly solutions with successful clinical outcomes fuel adoption
MOUNTAIN VIEW, California, April 24, 2013 /PRNewswire/ -- The neurostimulation device market in the United States is poised for rapid growth as increasing patient dissatisfaction with conventional therapies spurs demand for alternative, less-invasive treatment solutions. The country's growing number of aging people and the high incidence of neurological disorders and chronic conditions leads manufacturers to focus on developing safe and effective therapies, further broadening the market's potential.
New analysis from Frost & Sullivan's (http://www.medtech.frost.com) Analysis of the U.S. Neurostimulation Market research finds the market earned revenue of more than $1.89 billion in 2012 and estimates this to reach $2.98 billion in 2018. The research covers spinal cord stimulators (SCS), deep brain stimulators (DBS), vagus nerve stimulators (VNS), and sacral nerve stimulators (SNS).
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"Neurological disorders such as Parkinson's disease, essential tremor, dystonia and epilepsy affect more than 10 million people every year in the United States, necessitating the adoption of neurostimulation equipment," said Frost & Sullivan Healthcare Research Analyst Swathi Allada. "DBS and VNS, in particular, are niche therapeutic segments owing to the huge unmet clinical need, thereby presenting neurostimulation device manufacturers with immense growth opportunities."
Advancements in technology provide surgeons with an array of options to fit patient needs, further expanding the scope of application of neurostimulation. While current neurostimulations are reversible and adjunctive systems, additional R&D to build sophisticated, minimally invasive and non-invasive technologies will create new avenues for revenue generation.
However, the inability of smaller participants to meet the huge capital costs of R&D, along with neurostimulation devices' complex manufacturing processes and tedious product development procedures, curbs market growth. The uncertainty in acquiring reimbursements and regulatory approvals after product release further dissuades potential investors.
Technology innovations with strong clinical data validation and aggressive marketing strategies will enable vendors to receive favorable regulatory and reimbursement approvals, and also garner interest from physicians and clinicians in the country.
"Spreading awareness about the benefits of neurostimulation and collaborating with pharmaceutical companies to develop better-targeted therapies will help tap the patient population and shape future business opportunities," concluded Allada. "Small and emerging suppliers must build niche products with technological and medical advantages to stay competitive."
Overall, increasing indications for existing neurostimulation devices and exploring new disease indications will drive market expansion in the United States.
Analysis of the U.S. Neurostimulation Market is part of the Advanced Medical Technologies Growth Partnership Service program, which also includes: United States Bone Grafts and Bone Graft Substitutes Market, Western European and U.S. Cardiac Rhythm Management Devices Market, U.S. Obesity Surgery Devices Market, and United States Medical Devices Outlook. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the U.S. Neurostimulation Market
SOURCE Frost & Sullivan